Sentence examples for foreclose as from inspiring English sources
That has brought to light other problems, including crucial documents that have been lost or improperly transferred — raising questions about the banks' legal standing to foreclose as well as the value of securities backed by these mortgages.
The system allows banks to foreclose as quickly as possible if the modification falls through, but also leads to many unnecessary foreclosures as banks improperly continue with foreclosures on successful modifications.
However, Bank of America's suspension will remain in effect in the 27 other states that do not require a judge's approval to foreclose, as the bank's paperwork review proceeds state by state.
If late fees are considered "additional rent" — and the co-op can prove that the maintenance was not paid as required — the co-op has the same right to foreclose as it would in the case of unpaid maintenance charges.
They just have to be reminded in court that, when they were paid in full for the loans, plus a premium, they relinquished their legal right to foreclose as they are no longer current holders of the notes.
Now, lenders are foreclosing as fast as they can, sometimes without even reviewing the paperwork.
The data suggest that banks and real estate agents in the area do not sell foreclosed properties as rapidly as they do in places like Miami, where home prices soared but then fell quickly.
That vow not to lend where the money is needed the most came a few days after Fannie Mae announced a strategy of selling foreclosed properties as rapidly as possible, and of trying to force banks to share some of its losses.
The settlement is worth $25 billion, a sum which will be distributed to homeowners who were wrongfully foreclosed on as well as those who remain underwater.
Problems identified in the report, issued by the FHFA's inspector general's office, include "inadequate property inspections" by contractors hired to manage the day-to-day maintenance on foreclosed properties, as well as "insufficient controls to detect fraudulent reimbursement" by Fannie and Freddie.
The lender foreclosed as the property's value fell by half.
