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Duplex Foreclosures for Sale and Other Foreclosures Under Scrutiny

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By : John Cutts    99 or more times read
The validity of the procedure used by Ally Financial Inc.'s GMAC Mortgage unit has been questioned in several U.S. states, putting thousands of foreclosures, including duplex foreclosures for sale, under scrutiny. In response to the issue, Ohio's attorney general Richard Cordray has requested for a review of foreclosures in the state handled by GMAC.

Cordray has asked for a review of the documents pertaining to properties under Columbus foreclosure listings and other listings in various areas of the state after news broke out that employees from some mortgage firms, including GMAC, have been submitting foreclosure proceeding affidavits without first verifying the contents of the documents personally.

The revelation has put the foreclosure processing method of GMAC under scrutiny, leading some homeowners and market analysts to claim that it is highly possible that some properties under Ohio foreclosure listings are not supposed to be foreclosed in the first place. Some analysts have even speculated that the problem might not only involve a handful of firms but could be an industry-wide issue.

With the state of Ohio suffering from huge supplies of foreclosures, including duplex foreclosures for sale, most housing market observers agree that a review is the most appropriate step to take. Cordray has also stated that there is a need for court oversight to address borrowers' concern and protect the foreclosure process' integrity.

Meanwhile, Ally Financial has announced that it will put on hold post-foreclosure and eviction proceedings in several states, but it will not stop the actual foreclosure proceeding, which means that residences can still end as foreclosed homes for sale while the review is being conducted. The firm has stated that the steps taken were meant to preserve the foreclosure process' integrity.

Company officials have also expressed confidence that errors in processing did not lead to foreclosures that should not have happened. The firm has released a statement revealing that Ally and GMAC will try to address majority of the cases cited for questionable documents by the end of 2010.

Meanwhile, other states that have GMAC-related foreclosures, including duplex foreclosures for sale, have also requested for a review or have asked the firm to put foreclosures on hold; while others have demanded a detailed explanation of how the company conducts its foreclosure proceedings.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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