subject: We Can Help With Foreclosure Issues. [print this page] So have you ever heard of Robo-signing? Robo-signing happens when a worker of a mortgage service company signs foreclosure documents without checking them first. Without actually reviewing the details of cases, the assumption is made that all the paperwork is in order and the documents are signed much like a robot. We have seen several robo-signing scandals over the last three years.
In 2010 a robo-signing scandal was uncovered in the usa that involved a business called GMAC Mortgage and several of the largest American Banks. These banks include Citi, Wells Fargo, JPMorgan Chase and Ally. This scandal may also be also referred to as Foreclosure-Gate or Foreclosuregate. These firms received extreme scrutiny from the government and media for mishandling a lot of foreclosure cases. Thousands of foreclosures were halted when it was shown that documentation relating to foreclosures were not actually reviewed and for that reason illegitimate.
A few of the foreclosure cases that were being brought before the judges had incomplete or missing paperwork. It was revealed that in many of these cases that particular information within the documents was falsified. It also came to light that a large part of the signing was completed by low-level administrators. Some of it was even performed by temporary employees who in no way sufficiently understood the things they were doing. These under-qualified personnel would sign hundreds and even thousands of foreclosure documents per day. Jeffrey Stephan, an employee of GMAC was among the robo-signer that got into the public eye. In September 2010 Mr. Stephan testified that he had signed many affidavits for Ally Financial without actually reviewing them first. He also admitted that this practice was common in the mortgage industry.
A year later, in July 2011, several reports were released that robo-signing was still being a large issue across America. Robo-signing also went beyond when qualified executives signed mortgage affidavits without checking the documentation. It might mean that someone has forged the signature of any executive, or when a low level worker signs their name with a fake title. It basically boils down to not complying with notary procedures. In the above mentioned examples, people have sworn to the accuracy of documentation they signed, but failed to check the contents of them.
The fantastic thing about the details uncovered in these scandals is the fact that nowadays any foreclosure documentation is scrutinised before being processed. Thanks to the due process clause in 14th amendment, authorities have to go through numerous steps before they could seize your house when you are in financial difficulty. There's also several institutions that can help you through this process. Some of them work on a no win, no fee basis. To learn more, go to http://www.foreclosuredelaygroup.com. You could delay the foreclosure of your house for up to 36 months.
