David Saks: Widespread Foreclosure Errors Found

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Widespread Foreclosure Errors Found

Widespread Foreclosure Errors Found

About 30 percent of more than 3.9 million households whose properties were foreclosed on in 2009 and 2010 nearly lost their homes due to potential bank errors, government regulators said.

Nearly 1.2 million borrowers faced foreclosure notices even after not having defaulted on their mortgage, being protected under federal laws, or having been in good standing under bank-approved plans to either modify their loan or temporarily delay their payments, according to a report from the Huffington Post. Of those borrowers, more than 244,000 did eventually lose their homes, new government data shows.

The government breaks out the data more fully of those who faced foreclosure due to errors, including:

*  Nearly 700 borrowers who faced foreclosure during 2009 and 2010 never defaulted on their loans.

*  More than 28,000 faced foreclosure who were protected under federal bankruptcy laws.

*  About 1,100 who faced foreclosure had been meeting all the requirements of forbearance plans that their lender had agreed to.

*  About 1,600 borrowers who faced foreclosure were protected by the Servicemembers Civil Relief Act of 2003, which bans foreclosures on active-duty military personnel and their families.

Payments have started being mailed this week to many of those affected, after about a dozen financial institutions agreed to make $3.6 billion in cash payouts to more than 4 million borrowers who potentially faced wrongful foreclosures from 2009 and 2010.

source: Jim Gibbs

David Saks

Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • April 23 2013 10:49AM


Our government just can't get it together but when you think about it when had 500 + people ever agreed on anything

Posted by Charles Stallions Real Estate Services, Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl. (Charles Stallions Real Estate Services Inc) almost 7 years ago

At least 500+ could agree that they were scammed by a lender, Joyce.

Posted by David Saks ((retired)) almost 7 years ago

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