Have you heard of Robosigning scandal, does it possibly affect you if you hold the mortgage? Robo signaling is the term that Nairavar, the advocate of consumers and investors in 1999 first identified, points to the automatic generation and signature of documents. In the case of robots scandal, these documents refer to mortgages and foreclosure affidavits and documents.
As a result, many people have confirmed that lenders read appropriate foreclosure documents, that the bank actually owns a mortgage, or even if there is no notary public, they lose their homes, The notary sign is displayed in the document. This is important as it is a requirement on how the system works.
In order to initiate the foreclosure process on defaulting mortgages, the lender shall establish an affidavit proving that the trust (bank) owns the relevant mortgage, that the mortgage has been past due for at least six months, You can create with. In fact, it is essential to establish a clear chain of future claims for each property transfer. If a clear chain can not be established (or broken), the charge may be invalid. Or, in fact, if someone insists on legitimate rights, the property may appear to have a clear title.
Some lenders and trusts are seeking mortgage procedures for mortgages that they actually do not own, and some homeowners actually need whatever institutional owner needs mortgage loans And there is proof that you do not know what you need Paying the necessary money to prevent loss of home.
Prior to 2005, your regional bank or those you applied for mortgages will possess your mortgage for 15 or 30 years. Historically, real estate prices in the United States are dependent on supply and demand, generally tracking inflation rates. However, what is called securitization changed it all. Mortgage is a dangerous asset with risk to own, possibly making money for investors
Securitization means selling your loan to an investment bank like JP Morgan Chase or Bear Stearns. Loans These banks acted as middle men. They packaged your mortgage with hundreds of other people in mortgage backed securities (MBS) and sold those securities to investors. At the end of the US real estate boom in 2005 and 2006, about 70% of the mortgage loan's $ 6.1 trillion has been packaged in bonds and investors (financial term banks) were sold to investors .
Trust is a letter of sale: We hire a servicer to collect monthly loan payments on your mortgage, and other maintenance work. The idea is that if there are no enterprises or investors you do not default, then that risk is spread across multiple investments
Signed, dated and notarized legal documents accompanying the transfer of mortgage should follow the loan in all steps. For each round in which your mortgage is sold you need an additional document indicating that the loan has been sold legitimately. Investors who purchased MBS kept their promise that basic mortgages are in compliance with Basis Writing standards and that appropriate procedures are under way in the context of securitization. But we are now knowing that they are not.
Why is this important? Let's say you can not make a mortgage payment because you can not work because you are sick. Sometimes the servicer knocks: "You have not paid us. To support complaints that the mortgage has not been paid, the servicer proves that the trust actually owns the mortgage You must have an affidavit to do, the servicer will start the seizure proceeding.
To do so, someone at the servicer company pledged an affidavit in front of the notary who ownership of the mortgage was confirmed (owned by the principal of the servicer), the owner of the owner declared the mortgage Payment was repaid. This process is to be done for all foreclosures.
That is a problem. With all foreclosures from the financial recession, "robber signers" from the bank literally signed hundreds of thousands of affidavits violently. This is where the verification process loses reliability.
First, the servicer 's logo signer who signed these affidavits may not truly check everyone to see if the trust owns the mortgage. Secondly, notarization was done electronically rather than guided by the person who confirmed that the information was intended.
In companies such as Citibank and JP Morgan Chase & Company, Brian Blay of Nationwide Title Clearing Inc., which is useful for banking business, signed an average of 5,000 mortgage documents a day. Of course, Mr. Bry sat on his desk and did not sign his name. Nationwide Title employs a computer system that automatically inserts a copy of Bly's signature into thousands of digital files I have not seen. The system also attached an electronic notarization certificate.
Because you are unemployed due to health problems, what does this mean? You do not know who owns your mortgage. This means that your payment could go to the wrong company. And, if you are in trouble and need help such as change of loan, I do not know which company will go to. Worse, if the first sale of your mortgage was never correctly handled and it was never verified at each step sold, the trust legitimately claims to own that mortgage I can not.
In a lawsuit fighting part of more than 4 million foreclosures since 2006, discreet record keeping has been done and doubt about the validity of the documents used to seize the property. Therefore, when the servicer starts a procedure to exercise mortgage at home, does the servicer have the authority to do it? It is not the case where the loan is sold erroneously step by step. We now know that many parties seizing these parties are not entitled to conclude a contract. And the plot becomes dark.
"Logo signature" of affidavits and mortgage assignment certificates and other mortgage delivery documents served to hide the fact that loan servicers can not prove the necessary facts to conduct legal seizure. If it turns out that the signer of the lobby actually signed with a loan without review, they committed fraud by insisting on knowledge of financial problems without personal knowledge. Because foreclosures are based on fraudulent documents, some people have been mistakenly driven out of the house.
The second problem was the lack of original documentation required by the judge of the foreclosure procedure. In JPMorgan Chase & Company from 2005 to November 2008, approximately one-third of the foreclosure files had no mortgage assignment. Servicers often write new issues when the parties seeking reacquisition of property requested the text to do so.
The foreclosure crisis scrutinized this process, arguing that banks lost thousands of promissory notes, and instead presented "copies" to judges. Missing or incomplete paperworking forces the lender to periodically find the document to indicate the court holding the property.
To the extent that these relocations are not "copies" but new documents have been retroactively completed, issues relating to integrity in the creation and transfer of transfers / transfers and, if any, corporate Lehman Brothers and new century in the securitization chain As it is, it no longer exists. Another legal problem of the court is centered on whether it is possible to create a transfer to show inter-bank transfers that occurred several years ago.
Stimulated by Robo's signature and explanation of these practices in the deposit of potentially abusive employees, lawyers in all 50 states in the last month declared that banks and loan servicers used false papers and signatures, Thousands of foreclosures.
Several major banks like Bank of America, GMAC, JPMorgan Chase, Co have stopped all foreclosure and expulsion after these claims emerge barren lending documents in the case of foreclosure. Citigroup complained a lawsuit claiming that another major player failed this but was eliminated using suspicious documents from the federal court.
If you are confronted with foreclosure or trying to evaluate your choice, you need to recognize that there is help there first. Then contact your experienced lawyer approved in your state knowing loan definition, sales sales and other foreclosure options avoided. Or you can contact me at info@all-things-conflict-resolution-and-adr.com.
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