Foreclosure filings plunge in November on bank halts

Foreclosure filings plunged in November from the month before as mortgage companies being scrutinized for court processing errors halted activity, according to a RealtyTrac report on Thursday.

Homeowners received 262,339 notices of default, auctions and bank repossessions last month, a drop of 21 percent from October and the steepest decline since RealtyTrac first published the statistics in January 2005.

Revelations that loan services including GMAC Mortgage and Bank of America Corp had identified problems with court foreclosure papers spawned a firestorm of criticism over the companies, which froze processing in some cases. These errors included submission of affidavits that were improperly reviewed en masse by so-called robo-signers.

Read Full Article from Reuters

- Posted: 2010-12-16 09:29:57

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