After reviewing foreclosure affidavits involving homes in 23 judicial states, the company claims it “has found no evidence to date of any inappropriate foreclosures.”
Although GMAC suspended foreclosure actions and REO sales on September 20th after evidence surfaced that members of the company’s servicing staff were signing off on thousands of foreclosures a month without checking the paperwork for accuracy or following proper procedures as mandated by state laws. The company decided to freeze all foreclosure activities in order to review case files from those states, GMAC believes that any foreclosure delays resulting from the temporary suspension “to be resolved within the next few weeks and certainly before year end, without serious consequence.” [click to continue…]
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