Gmac Lifts Freeze On Maine Foreclosures

GMAC has recently announced the resumption of its activities involving Maine foreclosures

. The lender is one of the banks that have already started to resume foreclosures not just in the state, but also in the entire US. The resumption was mainly prompted by federal courts recent decision to move the foreclosure cases filed by numerous homeowners to state courts.

A US District Judge, D. Brock Hornby, was quoted as saying that the main reason why lenders foreclosure cases should be moved to state courts is quite logical. According to the judge, federal courts may have limited authorities when it comes to state cases. The federal court decision raised the ire of numerous consumers and observers.

An assistant attorney general of Maine, Linda Conti, said she is concerned about the overall integrity of state court processes. She added that the particular lawsuit against GMAC may become a private charge that may seek restitution for five specific Maine-based homeowners who filed complaint against the bank. Attorney Conti said the foreclosure cases may cease to be oriented around general or public interest.

GMACs problems regarding Maine foreclosures started from five homeowners in the state who have firmly decided to file charges against the bank. The complainants said the lawsuits were filed in behalf of every homeowner who became part of Maine foreclosures and who actually lost their properties to the bank.

Federal judges recently allowed GMAC to resume its Maine foreclosures as federal courts decided to stop their involvement in similar state cases. Thus, affected homeowners who have been waiting for federal court decisions must now proceed to state courts if they want to attempt to possibly curtail sales of their foreclosed homes.

Observers note that the development seems to be taken by GMAC as a victory against complaining homeowners. It could be recalled that the bank used to deny having frozen its foreclosures in many states. A few weeks ago, it finally admitted its decision to suspend foreclosure activities in up to 23 states until legal matters get resolved.

The temporary halt clearly answered the question, Why are foreclosures so cheap? Apparently, prices of foreclosed homes in all states rose when the volume of foreclosures significantly dropped due to banks decision to suspend their foreclosures. Why are foreclosures so cheap? Logically, it is because there are too many of those homes in the market. On E-ForeclosureSearch.com, for example, you can purchase one of these foreclosure properties at an incredible price.

by: Dywon Erick Dylon

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