Bank of America Foreclosure Mess: Fraud or Sloppy Paperwork? Does it Matter?

by Rodney Forbes on October 12, 2010

The uproar over the foreclosure freeze with Bank of America, GMAC and others has turned into a political hot potato. As some politicians are looking for more opportunity to bash banks and their mortgage processes, it seems important to find out what the foreclosure paperwork mess is all about.

As the video above shows, many people want to throw around the word “bank fraud” when it comes to many of their foreclosure files. If someone doesn’t (or can’t) pay on their mortgage and are served foreclosure papers that has a document that wasn’t notarized, is that fraud or just sloppy record keeping?

Either way it’s a black eye to an industry that really can’t afford one right now.
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If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties. You can also call 561-337-4810.

Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc. Rodney has co-authored the book “Should I Short Sale My Home?”. Get your FREE copy at www.SouthFloridaRealEstateReport.com

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