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Foreclosure Listings in Austin, TX: Lenders Under Investigation



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By : Clark Raitz    99 or more times read
Most lending companies that handle foreclosure listings in Austin, TX and the rest of the state have informed officials that they are complying with state foreclosure state laws. The investigation of lenders across the country has occurred as a result of many cases of foreclosure practices that do not comply with the law.

Three of the lending companies admitted to potentially having irregularities with their process of handling foreclosure documents. These lenders were JP Morgan Chase and Co., Washington Mutual and EMC Mortgage Corp. It is interesting to note that both Washington Mutual and EMC Mortgage Corp. are subsidiaries of JP Morgan Chase and Co.

The other lenders, who stated that there were no irregularities in their operations, all agreed to put their foreclosures on hold as their policies are reviewed. Foreclosure listings in Houston, Texas were temporary halted in October after Attorney General Greg Abbott wrote to 30 mortgage lenders, asking them to pause all foreclosure activity to make way for the investigations.

These investigations occurred not only as a result of the rising number properties available in foreclosure listings in Houston, Texas, but also because the houses in foreclosure in Sandwich, MA and the rest of the country. A large number of these foreclosures were a result of “robo-signing”. This term was coined after it was discovered that thousands of employees fail to verify the accuracy of foreclosure documents before signing them. Unsurprisingly, lenders responded that there was no activity of “robo-signing” in their companies.

Attorney Abbott is said to have his sights on joining a national investigation, instead of just focusing on lenders that deal with foreclosure listings in Austin, TX. Abbott’s spokesman says that the attorney’s office could not yet comment on any matter that is still under investigation. However, attorney general Tom Miller of Iowa stated that the investigation is currently moving on a “fast track”. He also says that there is a possibility that homeowners whose houses are foreclosed based on wrong document processing might receive some financial compensation.
Original Post: http://www.foreclosuredatabank.com/foreclosures-blog/article/2297/foreclosure-listings-austin-tx-lenders on ForeclosureDataBank.com, your source of bank foreclosure listings.

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