Reid calls on lenders to halt foreclosures in all states

Reid calls on lenders to halt foreclosures in all states

Reid calls on lenders to halt foreclosures in all states

Washington Post Staff Writers
Friday, October 8, 2010; 2:16 PM

Senate Majority Leader Harry Reid (D-Nev.) called on major lenders to halt foreclosures across the country Friday following Bank of America‘s announcement that it will suspend all such proceedings until a review of possible paperwork problems is completed.

Reid, who had sent a letter to major banks asking them to suspend foreclosures in Nevada, extended his concern to include all 50 states.

“I thank Bank of America for doing the right thing by suspending actions on foreclosures while this investigation runs its course,” he said. “I urge other major mortgage servicers to consider expanding the area where they have halted foreclosures to all 50 states as well.”

Reid is the latest Democratic leader to join a growing chorus of lawmakers and state attorneys general who have called for greater scrutiny of the foreclosure process and a nationwide moratorium. Homeowner advocates say that lenders have used dubious paperwork to expedite the eviction of homeowners who are behind on their payments.

Pressure on the banks continues to grow on Capitol Hill, where Sen. Christopher J. Dodd (D-Conn.) said Friday that the banking committee he chairs will hold hearings Nov. 16 to investigate the foreclosure paperwork morass.


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3 Responses to “Reid calls on lenders to halt foreclosures in all states”

  1. Lenders have used dubious paperwork to foreclose against homeowners who are not only behind on their payments but also against homeowners who are current on their payments, against homeowners who own their property outright, and against homeowners whose mortgage is owned and serviced by someone completely different than the entity attempting to foreclose!

    And there are many other scenarios where homeowners NOT AT FAULT are being foreclosed upon! Yet the nation sees this as homeowner’s not paying their mortgage payments. The nation is very, very wrong.

  2. Joseph Dorodo says:

    I have a real estate company, and have owned various real estate focused businesses over the past 20+ years. I know what closing documents look like in Virginia, I know how the default and foreclosure process works.

    So I checked my own mortgage in the land records at the county court house.

    My Deed of Trust (Mortgage) says my loan was originated by XYZ Mortgage company, and funded by MERS, an electronic mortgage tracking system that is SUPPOSED to track where pieces of loans go when they are sliced and diced, then sold into Mortgage Backed Securities on Wall Street.

    At closing, XYZ Mortgage said they sold my loan at the table to ABC Mortgage, gave me payment coupons that we used to make our payments.

    A year or two later, ABC Mortgage sent a letter saying that my loan was sold to EFG Mortgage, and a letter came from EFG Mortgage with coupons.

    Folks, here’s the problem… those sales of my note should have been confirmed by a document filed in the county records, but they were not recorded in the land record for my home.

    ABC and EFG Mortgage companies are what we call “servicing companies” that take in the payments, then forward the proceeds to the note holder.

    The last entity that held my note was MERS on Wall Street.

    I asked MERS to give me a “wet ink” copy of my original note so that I might see when and how the servicing rights were sold.

    I got a letter from MERS saying that my note was “lost, misplaced, or destroyed”. Shortly thereafter, a debt-buying company sent me a letter saying THEY had my note now, and they DON’T WANT PAYMENTS… they want me to pay-off the debt as an unsecured loan.

    But my mortgage is, in fact, a debt that is secured to my home by a Deed of Trust (Mortgage).

    Moreover, I did not receive a letter from EFG Mortgage company telling me they sold the loan, so I am still paying EFG.

    So I have a debt company called Select Loan Services demanding immediate pay-off of my loan, while EFG Mortgage is still taking my loan payments.

    Moreover, Select Loan Services has ruined my credit report with 30/60/90-day late entries.

    So now I have hired an attorney who is charging me big bucks to get Select Loan Services to leave me alone, repair my credit, and pay damages for ruining my credit.


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