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Posts tagged: Spokane County foreclosures

Washington AG McKenna sues firm for alleged illegal foreclosures

Washington State Attorney General Rob McKenna on Friday filed a consumer protection lawsuit against a Bank of America subsidiary, ReconTrust, based in Simi Valley, Calif., for numerous alleged illegal foreclosures against Washington homeowners.

The company is a foreclosure agent for the bank.

A press release noted that “ReconTrust ignored our warnings, repeatedly broke the law and refused to provide information requested during our investigation,” McKenna said. “ReconTrust’s illegal practices make it difficult, if not impossible, for borrowers who might have a shot at saving their homes to stop those foreclosures.”

Notably, at least 74 Spokane County homes are included in the several thousand potential victims of the alleged bad practices of ReconTrust, according to a database maintained by ReconTrust, listing the homes it's foreclosed on and is currently selling.

To search the full list of recent (2011) foreclosures processed by ReconTrust in Washington, here's the link.

An AG's office spokeswoman said the suit does not allege every ReconTrust foreclosure followed the same pattern.

The release notes, however, that “ReconTrust has failed to comply with the Washington Deed of Trust Act, RCW 61.24, in each and every foreclosure it has conducted since at least June 12, 2008.”

County foreclosure rate eases in February

 
Foreclosure activity in Spokane County fell 20 percent in February compared with January, but the pace remained more than triple that of a year earlier..
Banks repossessed 73 homes in the county, and another 126 were subject to a notice of trustee sale, according to RealtyTrac, which monitors foreclosures nationally.
In January, 249 homes were repossessed or subject to a notice. Only 59 were involved in a foreclosure action in February 2010.
The rate in Kootenai County increased 54 percent compared with January, and 60 percent compared with February 2010. Banks repossessed 41 homes, 108 owners received a notice of default, and 135 a notice of trustee sale.
One in every 1,002 homes in Spokane County was subject to foreclosure, and one in 214 in Kootenai County.
The national rate was one in every 577 homes, RealtyTrac reported.
One in every 298 homes in Idaho was subject to foreclosure, fifth highest in the United States. The rate in Washington was one in every 642, 14th highest.
 

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