Do You Own Your Home? - You May Not If The Robot Signed Your Docs

By
Real Estate Agent

Recently the National Association of Realtors circulated a story I saw on the wire.

It seems that Robo signing of documents around the United States has led to paperwork discrepancies in real estate transactions.

Female Robot


  • The current owner of the home may not in fact own it, if the documents filed are robo signed. What happens when they want to sell their home or refinance? 


  • At the same time the banks who hold mortgages on homes in default may not legally be able to foreclose on them because of robo signatures.


We have already heard that banks who acquired mortgages and do not have the original signed note may not be able foreclose without it. 

  • There are attorneys who have been savvy to this fact for quite some time.  Many homeowners have managed to win in court and challenge the legality of a foreclosure due to the lack of original documentation.


Did you know a Robot may have signed documents at a closing you attended?
Robots
I had no idea Robo pens existed except for politicians and celebrities. 

This might be funny if the ramifications were not so serious. It's one more debacle to add to an already fragile real estate market.

You can read the article here: ROBO DOCUMENTS

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Rainmaker
184,234
Wanda Thomas
Montana Homestead Brokers, Broker, CRS, GRI, SFR, RN - Billings, MT
Billings Montana Real Estate

I think some of this mess is being cleaned up, what a mess.  The consequences of such poor performance by robots, is very costly to our society.

Sep 21, 2011 04:34 PM #1
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Wanda,  I'm not sure how they can clean it up.  From what I understand they have no idea how far reaching it is.  I guess it remains to be seen.

Sep 22, 2011 03:28 PM #2
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Rainmaker
244,734

Bonnie Vaughan

CNE SFR - Buyers/Sellers - Lackawanna & Surroundin
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