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GAO Report Finds Flaws in Foreclosure Process

A recent report from the Government Accountability Office (GAO) has found that the error rate among banks involved in the foreclosure process was likely much higher than initially estimated. The report, which follows recent decisions by bank regulators to halt an independent review of bank foreclosure practices nationwide, shows that problems in the foreclosure process are likely to have been far more widespread than investigators had assumed at the time they reached a settlement with 15 of the nation’s largest banks to help debtors recover damages they may have wrongfully suffered.

In reaching this settlement, government officials had assumed a 6.5% error rate in the foreclosure process. However, a preliminary review by the GAO finds that one bank alone had a 24% error rate, and others are likely to have had figures more in line with this finding than the initial estimate. Problems such as mismanaged mortgage modifications, the approval of foreclosure documents with false information, and other issues have all contributed to this elevated error rate among banks pursuing foreclosure.

At the law office of Ryan J. Ruehle Attorney at Law, LLC, our dedicated legal staff understands how difficult it can be to face foreclosure on your own, particularly when your bank or lender may have wrongly or illegally pursued foreclosure. That’s why we make it our mission to help homeowners fight back to fight foreclosure. Contact us today at (513) 621-0999 to learn more about what we can do for you.

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