Home > Avid Law Center, Foreclosure > Investigations surrounding foreclosures on military

Investigations surrounding foreclosures on military

Unfortunately, no one is safe in this mortgage crisis, even those who are putting their lives on the line for their country.

The Huffington Post is reporting nearly 5,000 foreclosures of homes belonging to active-duty service members are under investigation in an attempt to discover if they were carried out improperly, according to data from the Office of the Comptroller of the Currency.

Mortgage servicers have to follow special procedures when foreclosing on homes belonging to active-duty members of the armed forces and their families, under the Service Members Civil Relief Act of 2003. For instance, there are restrictions on so-called default judgments, in which homes are seized after the borrower fails to appear in court, according to the Financial Times.

In addition, New York State Attorney General Eric Schneiderman is also taking a closer look at whether lenders illegally foreclosed on the homes of active-duty members of the military, specifically to determine whether personnel from the 10th Mountain Division at Fort Drum in northern New York were affected.

Bank of America said it is reviewing 2,400 foreclosures of homes belonging to active-duty service members and Wells Fargo said it’s looking at nearly 900 cases. Citigroup is reviewing 700 foreclosures, the bank said.

We at Avid Law Center fully support these ongoing investigations to protect those who fight for our country. If you are a service member who has recently gone through foreclosure, we encourage you to find qualified legal assistance to ensure you have not wrongfully and illegally been lost your home.

  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s