robosigning: Robo - Signing Repromanding! - 04/25/13 11:35 PM
Investopedia described Robo Signing fiasco as, “In the third and fourth quarters of 2010, a robo-signing scandal emerged in the United States involving GMAC Mortgage and a number of major U.S banks. Banks had to halt thousands of foreclosures in numerous states when it became known that the paperwork was illegitimate because the signers had not actually reviewed it.  While some robo-signers were middle managers, others were temporary workers with virtually no understanding of the work they were doing.”  
Florida was one of the states that was hit the hardest with foreclosures and claims against wrongful foreclosures.  Former foreclosure attorney David J. Stern was … (2 comments)

robosigning: Robo-Signing Reparations Begin - 04/10/13 09:15 AM
Much like back in the days of the wild west, when there were those who seemed to take what they wanted without any repercussions, the government chose to step in.  Of course one of the most well-known occurrences was the settlement that the US government made with the Native American community. 
Well, this time it didn’t seem to take as long to step in.  We all can go back just a few years when it was rumored that bank employees were signing foreclosures without reviewing them, proclaiming they were complete and correct, which forced people out of their homes.  This … (1 comments)

robosigning: Which Way Did That Foreclosed Home Go? - 09/03/12 08:46 PM
 
Over the last few months there has been talk about the low inventory of homes for sale in many markets. There have even been suggestions that the government and banks were deliberately holding back inventory and waiting for home prices to increase.  A recent disclosure by Fannie Mae, the government-backed mortgage finance giant, indicated that there might be a reason why more foreclosed properties are not readily available in the market . Reports show that only 23% of Fannie Mae’s foreclosed homes were up for sale in the second quarter which was a decline of 5% from December last year. … (1 comments)

robosigning: Year-end Foreclosure Auctions Soar - 01/23/12 01:01 PM
Chicago-area foreclosure auctions soared at the end of 2011 based on information reported from Bardan Azari at Cherry Picker Investments who represents real estate investors and rehabbers at auctions.
According to data released in December by ILFLS.com, The Illinois Foreclosure Listing Service, the quantity of properties sold at foreclosure auctions in December increased by 81% compared to December 2010 and increased by 13%, compared to November 2011. 
As noted in earlier posts, one of the main reasons for this huge increase in auction activity is banks have resumed foreclosure sales as the robo-signing dust has continued to settle.  As news of … (2 comments)

robosigning: Robo-signing Affirmed in Illinois? - 01/15/12 01:13 PM
Just when you thought it was safe to back into the market and that the courts had taken the appropriate steps to eradicate faulty foreclosure actions, Illinois seemingly throws caution to the wind.
In speaking with Joe Varan, an advocate for homeowhers who have lost their residence unjustly in the foreclosure procuess, he talked about two particular matters and what it means for those who have been so unfortunately harmed by the Illinois court system.
He said Mr. Cruz and Mr. & Mrs. Majerczyk were in foreclosure and like so many they did not appear in court right away to defend … (1 comments)

robosigning: Say Goodbye, Say Hello - 01/05/12 03:11 PM
Yes, 2011 is freshly behind us and it is more than appropriate to say GoodBye to 2011 and whatever it did or didn't bring.  And in the next breathe, it is definitely timely to say Hello 2012.
Much like the well-known ritual of watching the ball drop in Times Square and counting down to Happy New Year, the forthcoming real estate market surely seems to have a lot of familiarity and even well-known rituals.  First and foremost, in many markets, the 2012 real estate market has short sale activity that surely is not going to decline, but will increase in frequency … (2 comments)

robosigning: Second Chance or Second Place? - 11/02/11 05:33 PM
Today might be your lucky day for a second chance instead of coming in second place.  If you are one of 4 million homeowners foreclosed upon in 2009 and 2010, you are being given an additional lifeline.
From the Federal Reserve, you are able to request an independent review of your foreclosure process. AND it is FREE to you. The banks bear the burden of cost.
If you're the gambling type, chances are in your favor that your bank is one of the 14 lenders targeted for enforcement. These include Chase, Bank of America, Wells Fargo, etc. They must undergo these … (2 comments)