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Maybe Some Good Will Come From the "Robo-signers" After All

By
Real Estate Agent with Lamacchia Realty, Inc.

If Massachusetts could follow suit with New York, there could be an extra layer added to an obviously abused system.  Even though most of the foreclosures were a result of borrowers being delinquent, it does not excuse the fact that in many cases banks processed them with false documentation.  This reckless behavior not only speeds up the foreclosure process but eliminates the possibility of the borrower to have enough time to do a loan modification or Short Sale.  Both of these options are far more responsible than a foreclosure for all parties involved but without additional judicial steps the chances for them are diminished.  Take a look at the link below to see how New York is taking an additional step to protect their residents.

http://www.dsnews.com/articles/new-york-courts-first-in-country-to-institute-foreclosure-filing-requirement-2010-10-20

Comments (1)

Joe Yates
eXp Realty - Medford, OR

We do need to make sure that the banks are acting within the rules but at the same time we are creating a culture of victims. I was a top producing wholesale lender when this all went down and have a much better perspective than the average industry professional when it comes to how qualified borrowers were and how mortgage originators and banks acted.

The vast majority of foreclosures are due to consumers biting off more than they could chew or a financial crisis after the fact. It is time for the foreclosures to proceed and put this behind us (and our economy).

 

 

Oct 25, 2010 04:58 AM