Some Mortgage Servicers Are Worse Than Others
The ongoing investigation into mortgage servicers has shown that some of the country’s largest mortgage servicers are worse than others in how they handle home loans.
Loan servicers don’t actually hold the loan, but collect the payments from borrowers and handle the foreclosure process for investors. Servicing rights are highly sought after for where making a loan is a one time source of income, being paid a percentage of every mortgage payment to service and process those payments is an ongoing and very profitable revenue stream.
Bank of America to Lift Foreclosure Freeze in 23 States
Bank of America has announced that it will resume foreclosure proceedings on 102,000 some-odd home in 23 states this coming Monday. However government investigators are still moving forward with their investigations into BofA and others to determine if some people were inappropriately foreclosed on.
And in older, yet related news:
Bank of America seizes home, turns-off utilities and takes the parrot of borrower who wasn’t behind on payments
A 47-year old Pennsylvania woman came home to find Bank of America had seized her home, shut-off her utilities and took her pet parrot. The kicker… She was current on her mortgage. Bank of America’s records were wrong. Shed’s some light on why they are being investigated for improper foreclosures, huh?