The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
[Resource: Keeping Banks Honest: Protect Yourself During Foreclosure]
The halt was first initiated as a result of the so-called robosigning controversy in which lenders approved thousands of foreclosure actions against consumers without properly reviewing the cases, and will be in effect until a report on the scandal is completed, the report said. But when it is, bankers will be ready.
“There are going to be very substantial numbers of foreclosures that are going to hit the market, all of which is problematic and obviously has a negative impact on housing values,” Robert Levy, executive director of the Mortgage Bankers Association of New Jersey, told the newspaper.
Millions of consumers nationwide lost their homes to the robosigning practices of major lenders, and many briefly halted foreclosure actions for a short period after the scandal was discovered.
[Related: Why the Home Loan Mod Program is Failing]
December 13, 2023
Mortgages