I am an avid Dave Ramsay fan and occasionally tune into AM 700 to listen to his program. Yesterday I just kept the radio on after Dave’s show was over and the next program on featured the Texas Attorney General, Greg Abbott. He was announcing that due to the influx of complaints filed by homeowners the state was putting a hold on the foreclosure of homes, eviction of persons from a home previously foreclosed on and the sale of foreclosed properties. They are investigating specific institutions where the complaints were coming from.
The Attorney General said the claims of “robo-signing” were rampant and may have resulted in the illegal foreclosure of properties. He also stated if this is found to be true then the compensation would be astronomical for the bank. They would need to compensate the persons evicted and those who purchased the properties from a foreclosure bank. The complaints are in many other states as well.
Here is the email I received from the Texas Association of Realtors shortly after I heard this on the radio:
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October 5, 2010
To: Texas REALTORS®
From: Texas Association of REALTORS® Legal Department
RE: Texas Attorney General halts foreclosures and sales of foreclosed properties
The Texas Attorney General's office has halted all foreclosures, all sales of properties previously foreclosed upon, and all evictions of persons residing in previously foreclosed upon properties, until mortgage companies have completed a review of their processes, including whether employees or agents "robosigned” affidavits and other documents recorded in Texas.
The AG suspension notices were sent to 30 mortgage-loan servicers doing business in Texas.
• AG letter to mortgage companies
List of mortgage companies receiving AG letter
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I think it is important to note that not all foreclosures were done illegally so if you have purchased a foreclosure I wouldn't worry just yet. The state will keep us informed of what is going on and we will be sure to pass that information along to all our current and past buyers.
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