Monday, May 23, 2011

Foreclosure Problems Under the Radar

With the immigration debate heated and swinging to and fro, another issue has been playing second fiddle.

The issue of how banks treat foreclosures.

The new law allows homeowners who were illegally foreclosed on to go to court to seek payment of damages, penalties of up to $2,000 and legal fees. The Utah Attorney General’s Office asserts that ReconTrust, the foreclosure arm of Bank of America, fails to comply with state law when it institutes foreclosure proceedings under its own name.

BoA will continue to reap their millions of dollars and maintain their position on foreclosures. They believe ReconTrust is governed by federal banking laws and not state law.

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