Special Report Reveals Banks are still relying on Robo-signers and Questionable Foreclosure Documentation

July 23, 2011 Posted by kingcade

A recent investigation by Reuters revealed that some of America’s leading mortgage lenders and other “loan servicers” are taking the same short-cuts they promised to abolish just one year ago.  The investigation found questionable foreclosure documents being filed with courts and county clerks, along with the continued use of “robo-signers” to speed up the process.  These are the same tactics that last year triggered multiple investigations and placed temporary holds on a number of foreclosures.

In recent months, the investigation revealed that servicers have filed thousands of documents that appear to have been fabricated or improperly altered, or have sworn to false facts.  Reuters also identified at least six robo-signers, individuals who in recent months have each signed thousands of mortgage assignments and legal documents which pinpoint ownership of a property.  The companies that Reuters found that have filed foreclosure documents of questionable validity include: One West, Bank of America, HSBC Bank USA, Wells Fargo and GMAC Mortgage.

Reuters reviewed records of individual county clerk offices in Florida, Massachusetts, New York, North Carolina and South Carolina.  They also examined hundreds of documents from court case files, some obtained online and others provided by attorneys.

To read more on the story visit:

http://news.yahoo.com/special-report-banks-continue-robo-signing-003758223.html

Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

 

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