Monday, October 25, 2010

Indications Bank of America Mortgage Documents are a Wreck

According to WSJ, after preparing less than 1% of the first foreclosure files that it intends to resubmit, Bank of America has found: 10 to 25 out of the first several hundred foreclosure cases it examined starting last Monday. The problems included improper paperwork, lack of signatures and missing files, said people familiar with the results. In certain cases, information about the property and payment history didn't match.
Bottom line: There are enough discrepancies that it will pay for homeowners facing foreclosure to contest and demand to see the paperwork. Further, from what I am told from bankruptcy attorneys, Bank of America paperwork is in much better shape than others.

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