The threat of lawsuits is making the mortgage giants cautious, but it's not going to save your home in the long run if you don't pay your mortgage. In fact, it might increase the cost of borrowing (mortgage rates) and push home prices even lower.
GMAC hasn’t found evidence of any improper foreclosures so far, Detroit-based Ally said today in a statement. Any foreclosure sales will get an additional review by a “specialized team” to ensure the rules have been followed, the company said. Ally didn’t name the firms it hired.