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Bernero Campaign Focuses on Residential and Commercial Foreclosures

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By : John Cutts    99 or more times read
During a campaign stop in Lansing, Michigan, gubernatorial Democrat candidate Virg Bernero asked Army National Guard Captain Bill Krieger to talk about his foreclosure problem. The strategy emphasized the focus of Bernero's campaign, that of solving problems related to residential and commercial foreclosures in the state.

The number of properties being sold in foreclosure auctions in Detroit and in other areas of the state has been one of the highest in the whole country. To ease the burden on homeowners, Bernero has earlier called for a moratorium on foreclosures in Michigan for two years. He also stated that rules regarding foreclosures in the area should be changed.

According to Bernero, the rule of allowing banks to foreclose on properties without the need for a court appearance has resulted in huge number of homes in Michigan foreclosure auctions and such rule should be modified. He has also called on Mike Cox, Attorney General of the state, to investigate possible alleged faulty documents being used in processing foreclosures in the state.

Local reports have revealed that at first, Cox has refused to heed Bernero's call for an investigation. The AG has reportedly asserted that commercial foreclosures and residential foreclosures are handled differently in Michigan than in states where complaints about faulty paperwork first started to appear. Later though, Cox decided to join other attorneys general in the U.S. in a nationwide probe on foreclosure practices by lenders.

Proponents of the nationwide investigation have stated that there might be a number of homes being sold in a foreclosure properties auction that should not have ended as foreclosed if only lenders had given borrowers a chance to modify their loans or provided some other alternative course. Meanwhile, Bernero highlighted the foreclosure processing issue during his Lansing stop by asking Krieger to recount his story.

According to Krieger, two payments were taken out of his account by Chase bank in September instead of just one. He then requested the bank to reverse the other payment and although the bank did, he subsequently received three letters stating that his home is under foreclosure.

According to a number of mortgage industry critics, the case of Krieger is just one example of banks and lenders not being able to properly process mortgage payments which can sometimes lead to residential and commercial foreclosures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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