Maine AG Janet Mills Champions Reprieve For Homeowners

Posted by Orb Staff on November 29, 2010 No Comments
Categories : Mortgage Servicing

GMAC will temporarily halt sales on homes that have been foreclosed on in the state of Maine, while Bank of America has agreed not to proceed to judgment on any pending matters in Maine until it has completed an internal review of its foreclosure procedures, according to a Nov. 24 statement from Maine's attorney general, Janet T. Mills.

As part of the agreement with Mills, Bank of America will have to furnish to the attorney general's office the findings of its review, as well as details about its new procedures. The bank says this could happen as soon as December.

The talks between the servicers and Mills stem from reports of the companies' robo-signing practices.

Mills has also expressed frustration with the progress made by Bank of America in regard to the federal government's Home Affordable Modification Program (HAMP). Bank of America has acknowledged that there have been modification processing delays due to backlogs.

‘My office is receiving calls every day from homeowners who complain that the bank lost the paperwork and that they are unable to speak with the same person twice about their loan,’ Mills said in her statement. "My office will continue to insist that the banks devote more resources to loan modifications and to streamlining their modification processes.’

Mills has also encouraged borrowers who are having trouble converting a trial HAMP modification into a permanent modification to contact the state's foreclosure prevention hotline.

SOURCE: Office of Maine Attorney General Janet Mills

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