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October 08, 2010

PNC, Bank of America Suspend Sales of Foreclosed Homes

Posted on Friday, October 08, 2010 at 05:39 pm ET

Now that PNC has announced the suspension of foreclosure sales, the share of total 2010 sheriff sale properties advertised by lenders using questionable document processing has risen to 24% in the County.

This list includes Bank of America (including BAC Home Loans Servicing and Countrywide), GMAC, JPMorgan Chase, and PNC (including National City).

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October 04, 2010

Impact of Flawed Foreclosure Documents in Allegheny County

Posted on Monday, October 04, 2010 at 01:53 pm ET

Recently, several large mortgage companies, including GMAC, Bank of America, and JPMorgan Chase have admitted following improper procedures in processing numerous foreclosure documents. The list of affected lenders seems to grow by the day. As a result, many national experts expect the foreclosure process to slow.

In order to stay on top of this, we have linked foreclosure records to sheriff sale advertisements to provide a look at the number of properties in Allegheny County advertised for sale by each lender so far in 2010. Needless to say, many of the largest lenders in the County have not been following proper protocol.

17% of properties that have been advertised for sheriff sale in the County so far in 2010 have involved GMAC, Bank of America (including Countrywide and BAC Loan Servicing), and JPMorgan Chase, the lenders currently admitting to using flawed procedures.

Download a list of all plaintiffs involved in a sheriff sale advertisement, and take a look at where sheriff sales have been advertised this year on The PUB.

Please note the list does not reflect consolidations within the lending industry, and many of the names are mortgage servicers affiliated with specific lenders. For example, BAC Home Loan Servicing, one of the most-active plaintiffs in the County was affiliated with now-defunct Countrywide, and has a current relationship with Bank of America.

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