Two foreclosures in PA — a state foreclosure and a federal foreclosure — have led to the discovery of a new kind of problem regarding foreclosure documents. One of the cases’ problems could be so far-reaching in consequence that it could potentially have an effect on thousands of foreclosures in PA.
Both problems apparently stemmed from one law firm—the Goldbeck McCafferty & McKeever or GGM.
According to a lawsuit filed against the firm, GGM allegedly allowed some of its employees who are not lawyers to handle foreclosure documents. In a typical foreclosure filing process, a lawyer needs to be present to do the supervision. For instance, in Wisconsin foreclosures, non-lawyers can submit the files to court as long as a lawyer has read them beforehand. However, during the court hearing of GGM’s case, the law firm partners all admitted that no lawyer was present during the filing of the foreclosure documents. In fact, none of the lawyers even read the documents.
Needless to say, this serious case could have far-reaching effects. There is great possibility that all foreclosures in PA that were filed by GGM could be dismissed since they were not properly handled by lawyers. Even those foreclosures that have already been completed by GGM could still be called upon for review. A potential advantage for foreclosed homeowners is that they could get a refund on the fees that they paid both to GGM and the bank.
Another institution that is being implicated in the case is none other than Bank of America, which handles thousands of Wisconsin foreclosures and national foreclosures every month. According to the lawsuit, Bank of America was the foreclosing bank in the foreclosure cases.
Time will tell how these events will begin to affect other foreclosures in the country.
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