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Setting aside foreclosures raises issues (access required)

Lawyers for lenders, servicers see unintended consequences

The business practices of some mortgage loan servicers have led to some absurd results. Last year, Charlotte-based Bank of America foreclosed on Jason Grodensky’s Fort Lauderdale, Fla. home, even though Grodensky paid cash for the property. And this month a Naples, Fla. couple fighting a foreclosure action brought by Bank of America foreclosed on one of its bank branches. But while cases like this have exposed what attorneys say is a gaping weakness in the way lenders and servicers have made and serviced loans, some are warning of unintended consequences if foreclosures are set aside.

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