ROBO SIGNING - LENDERS DELAYING FORECLOSURES INTO FEBRUARY 2011?
"JP Morgan is not one of them and they commented that the Christmas holiday freeze on foreclosures would not be imposed since they are not proceeding with foreclosures anyway."
That is music to the ears of many!
Robo sigining foreclosure affidavits and other documents has been in the news for months - forcing lenders to suspend foreclosures in process. Recently many banks reported that their self imposed moratorium on foreclosure prosecution was over and foreclosures were back on track. JP Morgan is not one of them and they commented that the Christmas holiday freeze on foreclosures would not be imposed since they are not proceeding with foreclosures anyway. Here is evidence of a longer wait before this is over.
This week my office received a pleading from attorneys for JP Morgan Chase Bank regarding a trial that is scheduled to occur in January. The motion is reproduced in redacted fashion here:
Although not grammatically a good read, the document does state, "...in some cases employees in their mortgage foreclosure operations may have signed affidavits without loan documents on the basis of file reviews doen by other personnel."
The document also states that the "review" being undertaken by "independent outside counsel" is anticipated to take 30 to 60 days (from December 20, 2010), while claiming that the lender believes the accuracy of the factual loan information in the affidavits to be correct, notwithstanding that the affidavit signor had no personal knowledge of that information. (See my previous blog on this precise issue, which discussed the "so what" theory of false affidavits).
Delays in the foreclosure process may help those that get to live in their homes a bit longer or are making a good faith but frustrating effort to obtain a short sale or modification before the foreclosure express runs them over - but they play havoc with potential buyers of REO properties, the real estate agents involved and the overall absorption of the real estate inventory that is keeping non-distressed property values so depressed.
Copyright 2010 Richard P. Zaretsky, Esq.
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Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.
Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 email: RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com.
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