Foreclosure fee investigation grows to 5 banks

Read this article before you decide whether you should fight your foreclosure in court. By Stephen Elias , Attorney If it’s clear that the foreclosing bank or the loan servicer failed to follow the law and, as a result, you were deprived of an important right, it might be worth it to go to court and contest the foreclosure.

What Banks Can’t Do. If the foreclosure process has already begun, the bank can’t continue if you apply for a loan modification or another form of help providing you apply at least seven days before the foreclosure sale. The bank cannot kick you off of your property without first getting a court order and filing an eviction.

Update October 15, 2010: Wells Fargo says it will not halt foreclosures. there’s growing pressure from Capitol Hill for a Justice Department investigation, and the Ohio Attorney General filed fraud.

What other fees are associated with foerclosures other than the normal fees. Are thses titles free and clear or are there back taxes etc. involved Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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Best Answer: On average, banks lose about $60,000 on a foreclosure in terms of paying lawyers, filing fees in court, property taxes and insurance for the home, administrative and maintenance costs, and lost revenue once the owners stop paying. homeowners, if they get back on track and out of foreclosure, spend an average of $7,200 in late charges, accelerated interest, attorney fees, and other.

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Investigation: 5 Banks Accused of Fraudulent Foreclosures in MA. The investigation involved nearly 200 affidavits from Ally, Bank of America, Citi, Chase, and wells fargo filed with the Registry of Deeds in Worcester and Essex Counties and found that these documents had been expedited and signed without required knowledge of the signer,

Basic Foreclosure Fees & Costs. In the days leading up to a foreclosure sale, homeowners who want to reinstate their mortgages usually face an enormous bill. The costs incurred by the lender to foreclose defaulting borrowers typically add up to tens of thousands of dollars.