Posted by 101livescan on 10/19/10 8:23am
Msg #357261

Eye of the Foreclosure Moratorium

This little lady in Connecticut hired an attorney to help her stave off foreclosure and this is what got the ball rolling toward the Moratorium.

Epic!

Modest Maine home in the spotlight of foreclosure fiasco
Top News
Monday, 18 October 2010 19:32



By Elizabeth Martinez


Miami, FL- The latest foreclosure fiasco caused several major mortgage servicers to suspend foreclosure processes and start a review process due to possible document errors. This fiasco has brought to light the situation of a particular home in Maine that was purchased seven years ago by Nicolle Bradbury for $75,000.


Bradburry was making monthly payments of $474 on the mortgage, but when she lost her job a couple years ago, she stopped making her payments. According to reporter David Streitfeld from New York Times, when Bradburry received the bank’s foreclosure notification, she immediately contacted a legal assistance center for help.


Thomas A. Cox, a lawyer volunteering at the non-profit firm she contacted (Pine Tree Legal Assistance), received her file and backed up by 20 years of working with banks had significant experience with the foreclosure process.


It did not take long for Mr. Cox to realize that there was definitely something wrong in Mrs. Bradburry foreclosure file. His experience allowed him to identified that the foreclosure document produced by GMAC, who was the lender handling the foreclosure, were approved by an employee whose title was “limited signing officer,” an indication to the lawyer that in other words, this signing officer had no knowledge of the real fact behind the case.


It was Mr. Cox who was finally able to get a statement from the “signing office ” where he admitted to have prepared 400 foreclosures a day for GMAC, and also admitted that no one, not even himself had reviewed the files.

This is now the case being referenced as marking the start of this still unfolding foreclosure fiasco. It has become clear that there are many other homeowners who might be facing the same situation as Mrs. Bradburry. The difference for this case is that Mrs. Bradburry decided to get help as soon as she got the foreclosure note from the bank. The case is usually different as most people receive the note, and then just wait around for the bank to evict them. The fact that Mrs. Bradburry Is still living at her house even after it has been two years since her last mortgage payment is clear demonstration that her decision to look for help paid off.


“A lot of people say we just want a free ride,” Mrs. Bradbury said. “That’s not it. I’ve worked since I was 14. I’m not lazy. I’m just trying to keep us together. If we lost the house, my family would have to break up.”


“Had GMAC followed the legal requirements, she would have lost her home a long time ago,” acknowledged Geoffrey S. Lewis, another lawyer handling her case.