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Foreclosures Leading to Bank Break-ins
There have been several reports of homeowners returning to their homes to find them empty, and their belongings gone. Banks have even entered into homes that have been completely paid for, as well as those whose mortgages are current.
March 17, 2011 /Personal Finance PR News/ -- The foreclosure crisis has shown no signs of letting up any time soon. We have all read the reports of mortgage companies fabricating documents to foreclose on homes. These practices have led to several investigations and rule changes designed to protect homeowners. Despite these changes, banks and mortgage companies have recently been accused of additional practices which may violate state and federal laws.
Banks are allowed to enter into a home to protect their investment if it appears the foreclosed or about-to-be-foreclosed property has been abandoned. In fact, many mortgage contracts contain a provision that gives the bank express permission to enter if the mortgage is so many days late, and the home is empty. Banks need to examine the house for signs of occupancy, and if they are present, the bank cannot change the locks or sell property.
There have been several reports of homeowners returning to their homes to find them empty, and their belongings gone. Banks have even entered into homes that have been completely paid for, as well as those whose mortgages are current. The companies that they have hired to complete this work have the discretion to determine if the house is occupied. If the company has a long-standing relationship with the bank or lending institution, they may be pressured to enter a home in order to continue their arrangements.
These problems are again calling attention to the issues that loan servicing companies are experiencing. Because there are often so many levels that need to be examined during a foreclosure, things slip through the cracks. With no one responsible for following up on the decisions made by banks and their agents, many homeowners are not finding out any information until it is too late to do anything about it.
When these home break-ins occur, it can be difficult for homeowners to recover any of their belongings. Often, the homeowner will have to sue the bank to receive compensation for their actions. This can be a time-consuming and costly process, both of which are in short supply for those facing foreclosure.
If you have questions about foreclosure, speak to an experienced attorney in your area as soon as you begin having problems. If you wait too long, you may lose many valuable options that could prevent the foreclosure.
Article provided by Weintraub & Selth, A Professional Corporation
Visit us at www.wsrlaw.net
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