Last week, the San Francisco Assessor-Recorder office released the results of an audit (Adobe PDF) of about 400 home that were foreclosed on during 2009, 2010, and 2011. The audit found that about 84% of the homes had at least one violation of California foreclosure laws.
The office began the audit last Fall with Aequitas, a mortgage investigation firm, after problems surfaced in mortgage records requested by homeowners facing foreclosure. Assessor-Recorder Phil Ting said,
“When it became clear that property records were severely undermined, a red flag was raised... Those records are supposed to be filed with this office and many were simply missing or had serious inconsistencies..."
It's difficult to impossible for a homeowner to fight foreclosure when mortgage records are inaccurate or incomplete. Ting emphasized the need for state legislation to guarantee compliance with California foreclosure laws by the mortgage industry.
The register of deeds in Guildford County, North Carolina, examined 6,100 mortgage documents last year, and found signature irregularities in 4,500 (xx%). Experts see this as a clear indicator of the illegal practice of "robosigning" documents.
Seems to me it is time to both fine companies and send bankers to prison nationwide. Only then will this madness stop. Demand action from your elected officials.
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Posted by: Angeline | Friday, February 24, 2012 at 03:52 PM
These banks need to implement something that will allow these homeowners to save their credit in the process. Many people who will end up getting foreclosed on may never buy a new home because they have a foreclosure on their credit report. If the banks would allow companies to work with them at lender level in removing these foreclosures forever from their credit this maybe people would be a bit more optimistic with the lenders.
Posted by: Ray Paulk | Sunday, May 27, 2012 at 08:45 PM