Foreclosures on Hold Due to Bank Fraud | West Palm Beach Florida
This may help you it has been sent through one of the local investment clubs in Broward county. They are reaping what they sowed against real estate investors trying to clean up there mess.
Breaking News: Old Republic Title Insurance (Attorneys Title Insurance Fund Inc) has prohibited its agents from issuing title insurance on JP Morgan Chase/ Ally Mortgage REO’s. Recently JP Morgan Chase has been accused of wholesale fraud and forgery in the prosecution of their mortgage foreclosures, rendering title questionable.
Here is the memo issued today:
TO: ALL FLORIDA FUND MEMBERS – Mon 10/4/2010 11:26 AM
FROM: Underwriting Department
Re: Ally Mortgage/GMAC and JP Morgan/Chase Foreclosures
Recently, officials at GMAC Mortgage, a division of Ally Financial, Inc., JP Morgan/Chase, and most recently Bank of America announced that they are halting evictions of foreclosed borrowers and are halting REO sales in 23 states, including Florida. In fact, several agents have reported receiving written cancellation of pending transactions involving these lenders.
Accordingly, Old Republic policies may not be issued insuring REO sales after completion of foreclosure by these two lenders.
There is no prohibition on writing title insurance on short sales or following a deed-in-lieu of foreclosure involving these lenders or any prohibition against insuring titles where a mortgage foreclosure by Ally Bank/GMAC, JP Morgan Chase or Bank of America appears in the back chain of title.
We are continuing to monitor this situation and expect to be able to resume insuring REO sales by these lenders as soon as the objectionable issues have been resolved.
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This message was sent by Alex Johnson (attorneyalexanderjohnson@gmail.com) fromBroward Real Estate Investors Network.
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