Maine Foreclosure Starts Nationwide Inquiry

 

The state of Maine is as far east as you can go. A state known for its beauty and dramatic coastline is now known for something else. Maine has the distinction of being the state that started the foreclosure crackdown. And it all began in a small, blue-gray home built many years ago.

When Nicolle Bradbury purchased the home, it was a giant step up from the trailer where she had been living. Bradbury bought the home in 2003 for $75,000, took out a mortgage and began making $474 payments each month. Unfortunately, after she lost her job the monthly mortgage payment became difficult to pay.

Finally, Bradbury stopped paying her mortgage. This may sound like a routine foreclosure, similar to millions of other homes lost since the recession started. Fortunately, for Bradbury, she contacted Pine Tree Legal Assistance, a nonprofit group, for help.

Thomas Cox, a retired lawyer who volunteers at Pine Tree Legal, began to look into her case. Cox knew about foreclosures as for years he handled foreclosures for a bank. Now, on the other side of the foreclosure fence, he had an opportunity to help someone save their home from the foreclosure process rather than taking it away.

As he reviewed Bradbury's file he realized something did not look right. He discovered the foreclosure documents from GMAC Mortgage, the lender, were signed by an employee whose title was "limited signing officer". This title, Cox believed, indicated that the GMAC employee knew virtually nothing of Bradbury's case.

While deposing the GMAC employee Cox found out the employee prepared over 400 foreclosures per day for GMAC. The employee went on to say none of the foreclosures he handled had been reviewed by him or anyone else at GMAC Mortgage.

This revealing information set off a freeze on foreclosures nationwide. Across the country, state Attorney's General are now involved and investigating the questionable paperwork and procedures used by mortgage lenders.

Time will tell if Bradbury will be able to stay in her home.

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