Utah joins other states in foreclosure probe
Utah has joined other states in the foreclosure probe against JP Morgan Chase and GMAC as they look into fraud that may have been committed at the banking level in an effort to foreclose on homes where borrowers were delinquent in their payments. Because loan servicing rights are bought and sold all the time, the question of who really has the right to foreclose has been brought-up as well as needed documentation has been lost and then recreated by the foreclosing servicer.
How many, if any homes will this save? It’s hard to tell. In the end, if a borrower is behind more than three payments (regardless of why and any follower of this blog knows my feelings on that) they are still in violation of their loan terms.
Anyhow, it will be interesting to watch.
Despite freezes by BofA and GMAC, foreclosures in Utah march on