How would you feel if the house you paid for in cash was foreclosed? Picture the house you own (no mortgage) being seized by the bank, all of your possessions removed and the locks changed. You’ve become a victim of foreclosures gone wrong.
Paying cash for something (especially a house) gives you an unbelievable sense of ownership. And to have that feeling stripped away from you in such a manner as a home foreclosure is completely heartbreaking.
The foreclosure process is already hard to endure, but imagine going through it when it’s not your fault. Homeowners experiencing the brutal reality of this situation — are living a nightmare.
This problem has been widespread across lenders like Bank of America, GMAC and JPMorgan Chase. Some banks have voluntarily halted foreclosures to correct the issues in the foreclosure process. While state attorney generals (Florida, Texas, California, Connecticut and others) have asked lenders to stop foreclosures or opened up investigations into their questionable foreclosure practices.
The flaws in the foreclosure process are negatively impacting the lives of real people, who are undeservingly being locked out of their own homes. The foreclosure errors are largely attributed to employees signing off on foreclosures without verifying the accuracy of the paperwork (Is the mortgage current?) and lenders foreclosing on the wrong address.
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