Previously, we have discussed on this blog the suspension of foreclosure proceedings due to possibly faulty affidavits and dishonest court filings. Many would agree its probably a good thing that some banks with dubious filings have decided to take a step back and verify that everything they have filed is true and honest. Of course, this has further slowed down foreclosure proceedings. A greater backlog has been created by the fact that lenders, such as Bank of America, JP Morgan Chase, and GMAC continue to cancel foreclosure auctions.
Bloomberg is reporting that Circuit Judge Jennifer Bailey in Miami-Dade County finds the cancellations “frustrating”. Judge Bailey, who is managing a backlog of 80,000 foreclosures, set up a system in Miami-Dade County to help clear up the backlog. She also chaired a Florida Supreme Court task force in 2009 charged with addressing the large volume of foreclosure cases in the state’s courts.
Her frustration is a result of the fact that banks are cancelling foreclosures on a daily basis. On October 26th, Judge Bailey said that 20 foreclosure auctions were canceled in front of one judge because the affidavits needed to be reviewed.
According to Bank of America, it has completed a review of its foreclosure procedures and it will “shortly” begin resubmitting affidavits in judicial foreclosure cases. GMAC, on the other hand, is still in the process of reviewing cases to determine whether there are problems with its system.
In light of the fact that Attorney Generals in all 50 states, including the US Attorney General’s Office, are investigating lender practices in the foreclosure process, there are definitely legitimate concerns about how honest the banks have been. Certainly, while this slowdown may be frustrating to some, it would be more frustrating for a single homeowner to lose their home due to a lender who decided it was proper to submit false documents. Fraud upon the courts should never be allowed, and the banks should not be permitted to continuously commit fraud upon our courts.
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