JEFFERSON CITY, MO. -- Update: Monday, Nov. 1 at 6:15 p.m.
In recent weeks, the newspapers and the airwaves have been filled with stories of the emotional toll foreclosures have taken on homeowners.
Their stress was only made worse by the revelation that the big banks that service home loans may have falsified the documents needed to launch foreclosure proceedings.
"We are looking intensively at the firms' policies, procedures, and internal controls related to foreclosures,” Federal Reserve Chairman Ben Bernanke said.
Iowa Attorney General Tom Miller heads up the investigation undertaken by his counterparts in all 50 states.
"We are very conscious we need to move as quickly as we can,” Miller said.
Missouri Attorney General Chris Koster said his office received nearly a 100 complaints from foreclosed homeowners just during the month of October.
"Almost all of the callers have complained that loan servicers are telling them to send large amounts of documentation to the servicer,” Koster said.
Koster said that often leads to a run-around in which the mortgage holder remains bewilder and loan servicer is never challenged. So Koster has added a foreclosure page to his website. The site now has answers to frequently asked questions, a list of documents homeowners will need, and a form letter to send to lenders to obtain those documents.
"Foreclosures in Missouri do not typically occur under a judge's supervision, but rather, on the courthouse steps,” Koster said. “Because of this, Missourians particularly may have questions as to whether loan servicing organizations are treating them fairly and whether these service organizations actually possess the necessary paperwork to foreclose on their home.”
Koster cautions that the information he is supplying does not constitute legal advice to consumers who, in fact, most likely will need to get their own lawyers.
See the foreclosure help page hereOriginal Story:
Attorney General Chris Koster is providing new information on his website for Missouri residents facing foreclosure.
The website now has answers to frequently asked questions, a list of documents people going through foreclosures need and a form letter to obtain those documents. Koster said Monday an increasing number of Missourians are facing foreclosure problems.
Koster said there have been nearly 100 complaints filed in the last month with the attorney general's office from people going through foreclosures. He estimates the number of complaints over the last two years are eight to 10 times greater than in 2006 and 2007.
The documents can be found at www.ago.mo.gov. Koster also planned news conferences in Kansas City and St. Louis to explain the website.