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Breaking Legal News & Current Events

BoA, Chase, GMAC & Wells Fargo Told to Stop Foreclosures by Mass. AG

Bank of America, JP Morgan Chase, Ally Financial/GMAC and Wells Fargo Bank were all called upon by Massachusetts Attorney General Martha Coakley to suspend foreclosures, foreclosure evictions and foreclosure sales following the revelations last week of the use of "robo-signers" by major lenders to sign unverified foreclosure documents.

On her website, Attorney General Coakley was quoted as saying: "We are concerned that major lenders gave scant attention to compliance with state law governing foreclosures, as shown by their cavalier attitude concerning affidavits filed with courts around the country. We are determined to find out whether and how that lack of care and lack of compliance has impacted foreclosures in Massachusetts where, even though a judge does not review foreclosures, creditors are obligated to show compliance with our state law, including provision of a detailed notice to the borrower."

In her letters to these big lenders, Coakley called on them to immediately halt foreclosures on Massachusetts homeowners until they can demonstrate to her office that foreclosure affidavits used since May 2008 were accurate and complete and provided borrowers with the protections to which they are entitled under the law. Coakley also called on the companies to describe how they intend on rectifying instances of wrongful foreclosure (i.e., where the bank failed to use verified and accurate documentation to foreclose on a home). 

Coakley has demanded this information by October 15, 2010. 

Although Massachusetts is not a true judicial foreclosure state (see related article discussing the difference between judicial and non-judicial foreclosures here) that requires a court order before foreclosing, it does have a new 150 day right to cure law (prior to August 7, 2010 it was a 90 day right to cure law). 

The effect that Coakley's requested moratorium on foreclosures in Massachusetts remains to be seen. Massachusetts homeowners who are facing foreclosure may finally have the benefit of a much needed reprieve from the foreclosure crisis in this country.  

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