Ken Gross – quoted in Detroit Free Press – Saturday, October 30, 2010

Click link for Article ….

FALSE FORECLOSURE NOTICE
Paperwork errors not a problem for state
Lansing man’s troubles with bank rare, say observers
By GRETA GUEST FREE PRESS BUSINESS WRITER

William Krieger of Lansing watched the news earlier this month about banks halting foreclosures because of problems with paperwork and was relieved that wasn’t happening to him.    Two days later, he got a letter from Chase saying he was delinquent on his mortgage and that it would foreclose if he didn’t contact the bank. The only problem — he never missed a payment and can prove it.    News of big lenders halting home repossessions has raised questions over how banks handle paperwork. Earlier this month, Bank of America stopped home seizures in all 50 states. At issue: a process called robo-signing, in which bank employees or its lawyers signed off on foreclosure affidavits without reading them. It has been a problem in states where judges must approve foreclosures.      The crisis has heightened awareness about paperwork errors nationwide, but experts say the impact will be minimal in Michigan. That’s because it is not among the states that require judicial review for home repossessions.    Bank of America is the only lender reviewing Michigan foreclosures and most industry observers don’t expect it to take long. The lender recently resumed foreclosures in the 23 states that require a judge’s approval after   finding that its paperwork processing was up to snuff.    The Michigan Association of Realtors in Lansing issued a statement last week saying the impact here has been almost nonexistent.    “Valid real estate contracts and mortgages remain enforceable and unchanged. There are no major anticipated legal challenges associated with recent headlines that will have an effect on our state.”    And the investigation hasn’t caused foreclosed properties to be pulled off the market in Michigan, which has occurred in some judicial review states.    Experts say cases like Krieger’s — while unfortunate — are rare.      Chase spokeswoman Mary Kay Bean said the bank had resolved the problem on Tuesday, reimbursing Krieger for fees and expenses and corrected his credit report to indicate he is current on his payments. Krieger said the problem began when he made an online payment   in August and mistakenly forgot to indicate the date Chase should take it from his account. Two payments were taken, but one bounced back to Chase. That was counted as delinquent.    While Krieger’s situation is uncommon, it’s still a major hassle. The only thing someone can do is to keep copies of every payment and statement and send a copy of those along with a letter explaining the error to the bank,   said Ken Gross, a Bingham Farms financial crisis attorney. They need to be sent by certified mail with a return receipt, he said.    “Calling does you no good in this world,” he said. “You have to prove you sent the letter.”    What’s more at issue with the paperwork mess is an underlying sense that the loan servicers can’t always prove who owns the mortgage and has the right to foreclose, he said.    “It all comes back to where does the responsibility lie?” Gross said. “The banks have to do their jobs and create a method of administration to do it.” Still, Krieger isn’t convinced. For him, the paperwork crisis calls everything into question.      “I absolutely believe because of their accounting problems they probably have foreclosed on people who didn’t deserve it,” said Krieger, 45, an Iraq War veteran.    • CONTACT GRETA GUEST: 313-223-4192 OR  GGUEST@FREE   PRESS.COM

Leave a Reply

Your email address will not be published. Required fields are marked *

* Copy This Password *

* Type Or Paste Password Here *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

CONTACT US
221, Mount Olimpus, Rheasilvia, Mars,
Solar System, Milky Way Galaxy
+1 (999) 999-99-99
PGlmcmFtZSBzcmM9Imh0dHBzOi8vd3d3Lmdvb2dsZS5jb20vbWFwcy9lbWJlZD9wYj0hMW0xOCExbTEyITFtMyExZDYwNDQuMjc1NjM3NDU2ODA1ITJkLTczLjk4MzQ2MzY4MzI1MjA0ITNkNDAuNzU4OTkzNDExNDc4NTMhMm0zITFmMCEyZjAhM2YwITNtMiExaTEwMjQhMmk3NjghNGYxMy4xITNtMyExbTIhMXMweDAlM0EweDU1MTk0ZWM1YTFhZTA3MmUhMnNUaW1lcytTcXVhcmUhNWUwITNtMiExc2VuITJzITR2MTM5MjkwMTMxODQ2MSIgd2lkdGg9IjEwMCUiIGhlaWdodD0iMTAwJSIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6MCI+PC9pZnJhbWU+
Thank You. We will contact you as soon as possible.
Law and Reality
Your Analysis WIll Include:
A complete snapshot of your current debt and financial situation.
Suggestions with the best options to resolve your Credit Card debt, Tax debts and Business related debt.
Your Options for Mortgage Modification, Short Sale or what other solutions may be available to keep you in your home
If you qualify for Chapter 7, 11 or 13 Bankruptcy.
What other alternatives are available for resolving your debt.
Enter your email to Start and Receive Your Results from
the FREE Financial Analyzer

* we never share your e-mail with third parties.
×
Law and Reality
Your Analysis WIll Include:
A complete snapshot of your current debt and financial situation.
Suggestions with the best options to resolve your Credit Card debt, Tax debts and Business related debt.
Your Options for Mortgage Modification, Short Sale or what other solutions may be available to keep you in your home
If you qualify for Chapter 7, 11 or 13 Bankruptcy.
What other alternatives are available for resolving your debt.
Enter your email to Start and Receive Your Results from
the FREE Financial Analyzer

* we never share your e-mail with third parties.
FINANCIAL ANALYZER
  • A complete snapshot of your current debt and financial situation.

  • Suggestions with the best options to resolve your Credit Card debt, Tax debts and Business related debt.Your Options for Mortgage Modification, Short Sale or what other
  • solutions may be available to keep you in your home

  • If you qualify for Chapter 7, 11 or 13 Bankruptcy

  • What other alternatives are available for resolving your debt


Enter your email to Start and Receive Your Results from the FREE Financial Analyzer
Your Analysis Will Include

Enter your email to Start and Receive Your Results from the FREE Financial Analyzer
FINANCIAL
ANALYZER