Skip to comments.Foreclosure 'robo-signers' appear to be widespread
Posted on 10/12/2010 2:57:13 PM PDT by Fred
Florida foreclosure law firms were using the same "robo-signer"-type practices to repossess homes that tripped up the nation's major lenders, a signal, defense attorneys argue, that should lead to a larger foreclosure moratorium.
Banks that have not pulled back on foreclosure sales and evictions, such as lender CitiMortgage, gave firms power of attorney to sign documents on their behalf. In turn, some firms created assembly-line signing systems to keep up with bank deadlines on foreclosure cases.
(Excerpt) Read more at palmbeachpost.com ...
I am wondering if you are current with your mortageg if you can tell the bank to shove it if it was Robo signed? People are paying off their mortgages but because of robo signing - you may paid it off but the title may still be clouded.
If you're current with your mortgage you wouldn't (normally) be getting forclosed on, so the Robo signing isn't involved at all.
When these banks have managed to foreclose on the wrong house, including some that they did not have the mortgage for or were entirely paid off, it might be appropriate to at least challenge any bank action.
Is any house with a mortgage ever going to have a clean title ?
Is any buyer going to be able to get a mortgage with title insurance ?
But, Cement, what if you are completely current, but need to sell, and your note has been sold by the bank, and the original has gone missing”?
Won’t the potential buyer walk away if he can’t get a clear title.
I always pay my bills...I feel like such a putz!
The Robo signing has to do with the forclosure process... I don't know how it could affect a normal sale.
The original is around somewhere, and one of the things with the bill accepting out of state notarizations was to confirm that there was a chain back to the original. This doesn’t protect fraud, btw, and fraudulent notarizations are still fraudulent.
However, with the market as it is, with interstate transactions and mortgages being sold in blocks, it is necessary to accept them as genuine not only for a bank to foreclose, but for people to be able to sell their homes.
The blanket rejection of the paperwork is all part of Obama’s plan. He thinks he can keep his deadbeats in their houses and they will all go out and vote for him; plus Freepers who hate the eeeevil baaanks will probably also go out and vote for him - the old populist call never fails.
Banks are businesses and they are what they are - money making entities. The Feds skewed the market but the banks went along with the government insanity embodied by Fannie and Freddie. However, where would we be without banks, money-lending and property as security? I guess we’ll find out.
I know. Living within your means makes you a fool.
I know someone who got in so far over their head it would make your head spin. But they've still got everything they had before, except for an extra house or two. It's all mortgaged to the hilt; some of it is owned by their lender, but the lender can't get rid of it, so it still "looks like" it's theirs.
They drive around in a Lexus. I drive around in a Honda.
Some of the money they used to buy the Lexus was borrowed from me. The fancy lifestyle this person was showing off to his circle of friends for the last five or six years was all leverage, all borrowed money.
Too right FRiend.
When America was living the high life on Monopoly money, plenty here on FR were cheering the "economic boom" of the Bush years.
Those who dared to point out that it was all hot air were derided as doomsayers and Dem plants.