 JUDGE STOPS FORECLOSURES IN UTAHTuesday, June 8, 2010 - Article by: ESSEX MORTGAGE BANK IN SANTA ROSA -
Wow this is breaking news !!! A judge stops Foreclosures in the State of Utah - Some good news if you happen to have a Bank of America owned mortgage and live in the state of Utah. A St. George judge has temporarily put a stop to all foreclosure sales in the state after an attorney claimed the bank and its affiliates weren't properly registered to do business in the state, according to the Salt Lake Tribune. The case, which evolved out of a homeowner-facing-foreclosure lawsuit, involves Bank of America and its wholly-owned subsidiary ReconTrust, a default management company. Per the publication, the Utah Department of Commerce has no record of ReconTrust being registered as a business entity in Utah, and three corporate registration records for Bank of America companies are all listed as expired. The judge issued a preliminary injunction on May 22 baring the companies from carrying out Trustee Sales until a determination is made as to whether they're registered with the Utah Division of Corporations. Of course, Bank of America has argued that it's governed by federal laws and regulations, and not subject to state statutes, but they'll need to prove that. ReconTrust currently lists just under 1,000 foreclosures that it is pursuing in the state of Utah - roughly 22,000 homeowners have fallen behind on payments since mid-2008. Mortgage Electronic Registration Systems (MERS), a mortgage data collection company based out of Reston, Virginia, which is listed as the foreclosing party on thousands of delinquent loans in Utah (on behalf of BofA and others), is also named as a defendant in the case. If the order becomes permanent, Bank of America will be required to register in the state and open offices where distressed homeowners can negotiate with the lender face-to-face. Bank of America is the largest loan servicer in the United States thanks to its acquisition of Countrywide back in 2008. Jeffrey Martino Young at Essex Mortgage Bank in Santa Rosa,Ca.95404 toll free 1-877-870-2676 or http://www.FHASUBMISSIONS.COM |
|
