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Kentucky to Examine Processing of Home and Condo Foreclosures for Sale

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By : John Cutts    99 or more times read
Jack Conway, Attorney General for Kentucky, has announced that the state will be joining 48 other U.S. states in a nationwide investigation of mortgage servicing firms' processing of residential property and condo foreclosures for sale. The nationwide effort means that all but one state in the whole country is participating in the investigation.

With the state suffering from high supplies of foreclosed properties, including Louisville foreclosure homes, KY, the decision to join the investigation did not come as a surprise for most local housing analysts. The nationwide effort will reportedly focus on whether mortgage companies have submitted faulty affidavits and other foreclosure paperwork to state courts.

According to sources from the AG Office, the coordinated effort is an important step towards protecting consumers and making sure that Kentucky foreclosure homes were processed properly and in a manner that is fair to homeowners. They also stated that the scope of the investigation will be decided by the facts that will be uncovered along the way.

A news release from the Kentucky AG Office has stated that the office has received information that some residential and condo foreclosures for sale were processed improperly, with documents related to these foreclosures signed by people who have no knowledge of what the documents' facts are.

Some people who search foreclosure homes documents have alleged that there were affidavits related to foreclosed properties that were signed without notary public presence, constituting a violation of established state laws. Sources from Conway's office have claimed that this practice is a form of deception and unfair practice.

Following news of such practices, attorney generals from all U.S. states, except Alabama, have decided to launch a coordinated investigation to examine the practices of mortgage firms. The AGs will be joined in the nationwide effort by bank and mortgage industry regulators, with the Kentucky Department of Financial Institutions being one of the regulatory boards participating in the investigation.

Although the nationwide effort has received some opposition from those who believe that it will hinder the process of clearing the housing market of residential and condo foreclosures for sale, attorney generals from 49 states believe that there should be a concerted effort to look in on the issue and identify mortgage firms that committed violations.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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