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An executive at Wells Fargo has admitted that he only verified the dates and nothing else of the foreclosure documents he signed. Per day he would sign an averaged of 150 foreclosure documents. He said he relied on his coworkers to ensure the accuracy of the paperwork. As a result of this three other lenders have put a freeze on the sales of their foreclosures (GMAC Mortgage, Bank of America, and JP Morgan Chase). This has put the sale of on tens of thousands of foreclosures on hold.

If it is found there were mistakes in the foreclosure process, the previous homeowners may have claim to their foreclosed properties.

Although, other banks have put a freeze on the sale of their foreclosures, Wells Fargo is moving forward saying they are confident their paperwork is correct.

To find out more information about buying a Foreclosured home in the Sarasota / Bradenton area, please contact Brett Keyser at Re/Max Alliance 941-308-3787.