In case you missed that headline today, thought I’d repeat it here!
It seems company workers failed to follow the proper legal procedures in filing paperwork demonstrating that the lenders had the right to foreclose.
Remember the post I did about Producing the Note? In there I wrote that “A request to produce the note requires the lender to prove it actually has the authority to foreclose on you. The lender must officially produce the original promissory note, with your signature, in the lawsuit.”
Well, apparently enough of these cases have gone to court to gain attention!
In what’s been dubbed the “robo-signing” scandal, JP Morgan Chase and Co. temporarily halted foreclosure proceedings in judicial foreclosure states.
What else can the banks possibly do wrong – no, don’t answer that..
According to Ohio Secretary of State Jennifer Brunner, a team of eight employees at Chase Home Finance may have improperly notarized thousands of affidavits in foreclosure proceedings, stating that they had reviewed loan files and documents demonstrating a loan’s chain-of-ownership, when they were in fact relying on the work of subordinates.
Wait, they noticed the work of 8 employees? Wouldn’t it be a bummer to be one of those 8??
“For too long, thousands of homes have been taken from consumers without proof that the foreclosing party actually has that right,” Brunner said in a press release. She said lenders are abusing the notary process “to concoct a chain of title they never had.”
On September 17, GMAC also halted proceedings on homeowners in 23 states including Florida, New York, Illinois and Ohio.
The “robo-signing” scandal has attracted the attention of attorneys general in California, Florida, Colorado, Illinois, Iowa, and North Carolina.
This is big. I agree that people shouldn’t be wrongly foreclosed upon, however, we have talked to buyers lately who have not made a mortgage payment in over a year. Thank goodness we don’t run our business like the government or the banks. And, what’s with the term “too big to fail”? They just keep failing again and again.
I’m feeling discouraged. What can you say about all this to cheer me up? thanks…
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