According to a regulatory filing, Goldman Sachs Group Inc., a mortgage servicing firm that had recently suspected foreclosures “has recently resumed some of those activities.”
Goldman Sachs is the fifth-largest U.S. bank by assets. It acquired Litton Loan Servicing LP in Dec. 2007.
Litton said on Oct. 8 that it was suspending some foreclosures to review its procedures. Attorneys general from 50 states have been conducting a thorough investigation into the entire mortgage industry’s foreclosure practices after discovering some firms used fraudulent information to foreclose on homes.
“At the date of this filing, the firm is not aware of foreclosures where the underlying foreclosure decision was not warranted,” said the company. “As of December 2010, the value of the firm’s mortgage servicing rights was not material and any impact on their value would not be material to the firm.”
Goldman Sachs said it is cooperating with requests from regulators and state attorneys general to continue the investigation process. According to company representatives, the investigation “may result in the imposition of fines or other regulatory action,” the firm said.
Chief Financial Officer David A. Viniar said on Oct. 19 that the company was unlikely to incur large losses because Goldman Sachs played a small role in the loan process of the investigated proceedings. He said at the time that an “extensive review” of Litton’s practices identified “certain process issues” in the foreclosures. The firm adamantly believes that the foreclosures were justified.
A foreclosure is the process by which a lender repossesses a mortgagor’s property if they have defaulted on payments. While receiving a foreclosure notice can be alarming, help is readily available. Speak to a foreclosure attorney near you for more information on how you can fight the foreclosure.
Foreclosure lawyers review their clients’ financial history to determine the best course of action. What most people don’t know is that lenders are more apt to consider alternative resolutions. They do not want to spend any additional money with foreclosure proceedings than they already have. Your foreclosure attorney will speak with lenders and try to work out an agreement that everyone can be satisfied with. Some of the alternatives to foreclosure include refinancing, mortgage modification and short sale.
Rest easy knowing that if you are working with a foreclosure lawyer, your case will end with the best possible outcome. Call today to schedule a consultation with a leading paralegal to get started on you case.
