Tag Archives: forclosure

Business/Economics, Idaho, U.S.

Idaho Investigating Foreclosure Fiasco

Officials from 50 states, including Idaho, along with the District of Columbia, announced they were launching investigations into possible foreclosure abuses.  Today, one of the biggest banks involved announced a $4.4 billion profit in the 3rd quarter.

There is growing evidence that bank employees falsified information on foreclosure paperwork.  RealityTrack says more than 2.7 million homes have been lost to foreclosure since 2007.

CHICAGO - JULY 15: A demonstrator protests outside the offices of JPMorgan Chase July 15, 2010 in Chicago, Illinois. He was demonstrating in support of families being evicted from an apartment building because the building has been deemed uninhabitable by the city. Residents claim the building was not maintained after the bank took over the building following a 2008 foreclosure. Residents are required to be out of the building by Saturday. (Photo by Scott Olson/Getty Images)

JP Morgan Chase, Bank of America and Ally Financial/GMAC  have admitted that their paperwork has errors.  Citigroup and Wells Fargo deny they have done anything wrong (www.detnews.com).

On Friday, Bank of America halted foreclosure processes in all 50 states.

Idaho Deputy Attorney General Brett DeLange stated on Tuesday that, “We currently know about this at the national level and we have received complaints, some recent, of specific defects under Idaho law.” (www.idahopress.com).

Business/Economics, Idaho, U.S.

Lies, Lies and More Lies. Snidely the Illegal Forecloser Returns.

When the scandals of arbitrary home foreclosures were revealed, it was reported by some news sources to involve only people who missed payments (money.cnn.com).  Lies!

I have seen several reports where homes were foreclosed with no payments missed. In one example, a man paid cash for his home, no payments to make, and Bank of America foreclosed his home (www.sun-sentinel.com).  A foreclosure attorney admitted that mistakes “happen all the time”, and that they just aren’t reported.

Here’s some info to cause concern.  Those foreclosure fiasco cases are only being reported in states that require a court process to complete.  Almost half of the states do not require a court process, including Idaho (where I live) and California (where most of my relatives live).  The problem is, that the same financial Snidelys that are illegally foreclosing on people, in the states requiring Judicial Process, are also operating in the states with Non Judicial Process.  If you are getting unfairly foreclosed on you can do an internet search under ‘fighting foreclosure’.  You’ll probably have to hire an attorney anyway.

Here’s some data (updated October 12th, 2010) on the number of foreclosed homes for sale in selected Idaho counties.  Ada: 885.  Bonner: 342.  Bonneville: 85.  Twin Falls: 76.  Bannock: 38. (www.foreclosuredataonline.com)

Idaho’s foreclosure numbers may not seem like much, but compare Idaho’s  population of 1.5 million people, to California’s nearly 37 million (U.S. Census Bureau). According to a Bloomberg.com article, Idaho’s foreclosure rate increased 822% in the second quarter of 2010.  How many of those are bogus/illegal?  We’re seeing the return of the melodramatic bad guy, a Snidely who loves to foreclose the homes of little old ladies and ruin families.