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Banks Mostly Ignoring Robo-Signing ProblemsThe country’s largest lender has already completed its review of over 102,000 foreclosure filings and claims to have found no evidence of wrongdoing whatsoever, having only checked for any owners that were not actually under default. This is a very mixed message however, since the real problem raised by the robo-signers is whether or not the lenders actually own the note and therefore have the right to foreclose. The depositions of However these foreclosures now require judicial review before than can be re-filed, and there are reports that many judges are much more wary this time around. The New York Daily News reported on many cases being tossed out on review for having fake documents and back-dated forms. New York now requires foreclosure attorneys to vouch for the authenticity of the paperwork they submit. Law blogger Matthew Weidner describes Bank of America’s review as “a statement so absurd it defies commentary…Apparently all my clients and every Realtor who will tell you that Bank of America is the absolute worst to deal with are totally wrong.” Despite the dismissive response by the lenders to the “robo-signing” scandal as well as claims for buybacks from investors, class-action lawsuits, and federal investigations, the new “foreclosuregate” is likely to continue well past November elections as connections between the troubled economy and problems in the mortgage industry are clearly excarberating the crisis of the last few years. Mediations Nationwide
Recently Florida’s mediation program came into action, providing a setting where lenders & homeowners can expedite a resolution. Mediations often cut through the months of mis-communication and review that are notorious for loan modifications.The official mediation administrator for the program is the American Arbitration Association, an organization that specializes in conflict management and dispute resolution services. All Florida homeowners have the right to mediation with their lenders that they must enter into or waive before foreclosures can proceed. Borrowers need to have an attorney present for mediation to make sure these rights are respected – our firm will do everything possible to support those mediations - contact us for a free consultation! |
Oct 25
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