Frederick County Short Sale Blog | Homes for Sale in Frederick Md

Bank of America Freezes Pending Foreclosures

Bank of America seems to be having problems with some paperwork.  On Friday, October 1, 2010 they put a freeze on all pending foreclosures in 23 states while they figure out the truth behind the allegations that document processing firms were allegedly forging papers and signatures on a massive scale during the real estate boom a few years ago. The freeze is taking place in states where courts have jurisdiction over foreclosures, not in the 27 states where foreclosures typically take place without a court order. 

The problem seems to stem from the fact that lenders were completely overwhelmed with the sheer number of delinquencies, so they developed a system to process them on a wholesale basis. This was an attempt to avoid the expense of a full trial and get summary judgments instead.  

The use of "robo-signers" was employed, in which midlevel bank executives would sign thousands of affidavits a month, stating that they had personal knowledge that the facts of the case were as presented. The affidavits were prepared by lawyers who were paid a flat fee, (meaning that volume, not details was the important item).

When defense lawyers started deposing these robo-signers, they realized that they couldn't possibly have detailed knowledge of all the cases. The banks say this is a technicality and they will refile the proper affidavits. The defense lawyers say the practice calls the cases, and the entire process, into question.

BoA is the third major bank to freeze foreclosures after discovering paperwork irregularities. GMAC Mortgage and JPMorgan Chase have said they will amend paperwork only in cases they think were improperly done. So far, that has amounted to only a handful of cases.

This indicates that thousands of foreclosure cases could be in limbo for months.  If homeowners lawyer-up could be years.

 ******

 My question is, why can't they hire some of the unemployed people in the country to properly handle this massive amount of paperwork?

__________________________________

Helpful Tools: 

10 Ways to Make a Small Room Look Larger

RISMEDIA, October 25, 2010--Most people have one: that room in the house that they wish was just a little larger. What many don't realize is that with a little work and some TLC, they could have exactly what they're looking for.

Here, Lowe's offers 10 designer tricks to help you make any room look larger:

1. For the illusion of a larger room, use a color scheme that is light rather than bright or dark. Pastels, neutrals and white are all color possibilities.

2. Use a monochromatic color scheme on the furniture, rugs and walls. Select different shades and textures of your single color.

3. Lighting is a key element in opening up a space. Recessed spot lighting is visually appealing and is perfect for a small space. A torchiere light is great for bouncing light off of the ceiling and back down on the room.Skylights and solar tubes are natural alternatives for adding light to a room.

4. Limit the number of accessories to avoid the cluttered feeling.

5. The floor and the ceiling are the fifth and sixth walls of every room. A light-colored flooring such as light oak or a light-colored carpet will make the room appear brighter and more open. The same applies to the ceiling—use a light color or white to "open up" the space above.

6. Increase the appearance of the size of the room by adding wall mirrors. They not only reflect images, they reflect light and color. Be a little daring! Use mirror tiles to mirror an entire wall. Your room will appear to double in size.

7. Don't place too many pieces of furniture in a small space. A love seat may work better than a full-size sofa depending on the size and shape of the room. Add two medium-sized chairs or two small wood chairs. Place the chairs closer to the wall and then pull them into the area when additional seating is needed.

8. Add paintings or prints to the walls. One large painting works better than a group of small paintings.

9. The visual balance of a room is also important. A large, brightly colored element can overwhelm a room and decrease the appearance of space.

10. A glass table, whether it is a dining, coffee or end table, will keep the appearance of an open and free space.

For more how-to project ideas, visit Lowe's How-To Library at http://www.lowes.com/cd_How+To+Library_615580068_.

__________________________________

Helpful Tools: 

The Highland Group