Foreclosures in Southwest Florida-STOP Right There!

By
Mortgage and Lending with Christensen Financial Mortgage 385907

Where's "Meatloaf" when you really need him?

Stop right there, I need to know right now, before we go any further...

To foreclose or not to foreclose, that is the question.

Right now it appears that the answer is

NOT!

At least for most of the big boys.

All of this is not yet totally clear, but what I'm hearing is that some executives in banking/financial institutions, who are suppose to review the documents before signing off, and authorizing the beginning of the foreclosure process, just didn't bother to do so. They engaged in what is being referred to as

ROBO signing

That would be; just ignore your obligation, as required by law, in many/most cases, and sign on the dotted line as often, and as quickly as possible.

Please feel free to just ignore any laws or regulations, and the effect that you are having over your fellow man, and just sign away.

It reminds me of the olde saying about voting in Chicago, "vote early, vote often."

I just can't resist pointing out that many of these employers work in institutions which are/will be

EXEMPT

from the national licensing requirements. And why should they be licensed since they feel it's okay to

make their own rules.

Now part of the story I heard, and correct me if I'm wrong, is that some dear employee of Bank of America, what a surprise, admitted that she could not/would not swear to the fact that the documents satisfied foreclosure requirements, as she had not reviewed the documents. She did sign the documents, however stating that she had.

Shame on her and everyone else in the industry who did the same.

Now I'm willin to bet cha that many of these foreclosures did not satisfy foreclosure requirements, because if they all did, as the institutions had stated, then they wouldn't be bringing foreclosures to a grinding halt. 

So what's going to happen? Right now I don't know. There's a lot of speculation, but this one's going to need to play itself out.

Stay tuned.

However, it appears that right now the answer to the question;

to foreclose or not to foreclose

is

STOP Right There!

Comments (8)

Tina D Saporito, Your Dedicated Palm Desert, CA Realtor Since 2005
Ronald Christopher & Associates. Proudly serving Palm Desert, La Quinta, Indio, Rancho Mirage, & Palm Springs. - Palm Desert, CA
Call (760)799-8460. www.JustListedinPalmDesert.com

Nice way to catch attention using Meatloaf! It will be another interesting "wait & see" play-out with all the new information that has been released recently on Foreclosures!

Oct 09, 2010 04:18 AM
Chris Hill
Century 21 New Millennium - California, MD
Your Southern Maryland Real Estate Professional

I know you say shame on the BOA employee for admitting she didnt review everything she signed, but you have to admit that she may be the start of a revolution due to this instance?

Oct 09, 2010 04:19 AM
Brin Realty Associates Team At Bean Group
Bean Group | Brin Realty Associates - Amherst, NH
Amherst NH homes and Southern NH real estate

Sounds kinda like the 1000 page bill that congress voted in and nobody read...seems to be a pattern here..

what's good for the goose...

Oct 09, 2010 04:22 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

Tina,

we've got a ton of these here. i was told on tuesday that fannie pulled around 150 new listings off the market.

am i showing my age quoting Meatloaf, i love that song...it's not really about mortgages you know.

Chris,

actually it's shame on you for doing this, although you may have been pressured into it by your supervisors. it's congratulations for coming forward, and having the courage to do so.

Rene,

it may be a common practice, but when someone does actually read the docs, and there's a problem, then let the fun begin. this can be a huge mess here. break out the modifications.

thanks

jay 

Oct 09, 2010 04:33 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Now this counts as excellent news for those of us doing short sales!  Not so sure how this will be received by the agents who specialize in property management and lending money to the banks...I mean in listing and selling REOs!

Oct 09, 2010 11:26 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

Tony & Suzanne,

you would think so, wouldn't you?

and possibly will get a real effort made on modifications.

thanks

jay

Oct 09, 2010 11:45 AM
Allison Stewart
St.Cloud Homes - Saint Cloud, FL
St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904

JAY seems Paradise By the Dashboard Lights is showing the check engine light!

Oct 10, 2010 12:36 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

Allison,

good one!

but we have faced so many challenges that we are battle tested, we will deal with this, go forward, and continue to be successful.

thanks,

jay

Oct 10, 2010 12:41 AM