Las Vegas Mortgage Call Casey Moseman 702-271-1274

Personal and Professional Service to Get the Best Loan for you

Foreclosures & Robo-signing

Unless you've been on a retreat with no news, TV, radio or media, the robo-signing and foreclosure mess is something you've been hearing about for a while lately.  Mass signing of affidavits stating that foreclosure and mortgage documents were examined to verify the foreclosure process, called robo-signing, seems to indicate that many of those affidavits were not truthful.  The mortgage note and other documents weren't really examined, in fact not even seen, by many of the affidavit signers.

All 50 state Attorneys General grouped together to investigate lenders and banks to see how big the problem is, and if homeowners have been evicted in flawed foreclosures.  If the mortgage documents weren't examined to verify the amount of the debt and the delinquency of the homeowner, some foreclosures may have been illegal.  While some analysts say that it's a tempest in a teapot, as it is highly likely that all of the homeowners were in default and errors were only procedural, it's still a hot issue in every state.

The slap that the Fed Originally came down with against 14 major banks seems to have somewhat loosened.  The settlement talks between the fed and these banks seemed to have stalled.  What was originally noted as principle reductions for homeowners is now looking like that piece will be substantially revised or taken out of the terms completely.  Lenders are pushing more for loan modifications and opposing principle reductions.  Lenders proposed a $5 Billion fund to help those homeowners who were wrongly foreclosed.  Looks as though the states attorneys increased that proposal to $20 Billion.  Howfever, the fed goverment has their hands in half of that $20 billion proposal.

%d bloggers like this: