Even despite the recent foreclosure settlement the US Attorney General reached with the nation’s five largest predatory lenders that cost them $26 billion, we are still hearing reports about how Robo signing techniques and robo signers are still being used by mortgage services who were not part of the settlement. The practive of committing mortgage fraud and pushing through wrongful foreclosures using robo signers is truly an institutional problem with the nation’s lenders. Yet, we are still hearing mortgage servicers guilty of these practices say that the massive amounts of wrongful foreclosure involving robo signers has merely been “isolated incidents” or “a slight paperwork inconvience.” This “slight paperwork inconvience” just happened to be what just cost JP Morgan Chase, Bank of America, Ally Financial, Citigroup and Wells Fargo $26 Billion.
If they don’t get caught, and if homeowners don’t stand up to them, these predatory mortgage servicers are more than happy to simply operate as a group of illegal foreclosure factories, without any desire to follow rules created for the sole purpose of protecting homeowners from illegal activities just like these. This has led to thousands of Americans finding themselves out on the street due to a blatant disregard for the law from their mortgage servicers and their robo signers.
For those that have not become acquainted with the term robo signing, it is a technique that predatory lenders employ in order to push foreclosure documents through faster. A robo signer will forge signatures, misrepresent themselves as representatives of other companies, and even sign documents without a notary present. Robo signing techniques have been around for years, despite only recently becoming common knowledge. One robo signer for GMAC (now Ally Financial) confessed that he had signed off on documents for over 10,000 foreclosures every month, without even looking at them.
A good way to determine if you have been the victim of robo signing is to have your home loan documents examined with a securitization audit. Tila Solutions is an audit company that specialized in providing Bloomberg-based securitization audits to homeowners that will let you know if your mortgage has been securitized as well as securitized correctly, and it will identify any instances of robo signing that has taken place. With the evidence that a Bloomberg-based securitization audit will provide, your foreclosure defense attorney will have a much easier time helping you put together a good foreclosure defense or make a stronger case for your Wrongful foreclosure lawsuit or quiet title action. Once your foreclosure defense attorney has used the information provided by your securitization audit, you may see your bank become much more willing to settle with you rather than lose in court.
If you suspect you could be the victim or robo-signing, you should contact Tila Solutions today so you can discover for sure with one of their Bloomberg-based securitization audits. A Tila Solutions Consultant is available by telephone at (702) 508-0335. Or you can visit the Tila Solutions website at robo signers.