Bank of America to Freeze Foreclosure Cases - NYTimes.com
These defective documents cause concern for lenders in states which require foreclosure by judicial action. Michigan allows for foreclosure by judicial action, but the vast majority of residential foreclosures are by advertisement. A very different process which should not be affected by the apparently fraudulent affidavits described in this case.
Michigan has put in place additional processes to slow down a foreclosure by advertisement, but it remains a challenge to stop such a foreclosure since there is no ready process for getting in front of a judge. Although a temporary restraining order may be appropriate in some instances, that is the exception rather than the rule. Instead the best bet is to be proactive and get in touch with an attorney as soon as it becomes obvious that you are having difficulty making your mortgage payments. My rule of thumb is that if you've missed one payment and don't know how you are going to make the next payment, then it is time to speak with an attorney. You may need assistance working with your bank's loss mitigation department or the attorney might suggest other options for you.
Saturday, October 2, 2010
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