Evidently Robo-signing of mortgage documents is still occuring. For an up-to-date report on this topic go to:  http://www.msnbc.msn.com/id/43801546/ns/business-personal_finance/.

Be sure to make note of a long list of banks, including some of the largest, that have been caught Robo-signing mortgages when they were bought on the resale market. For those of my readers that do not know what this is, or have not heard this is going on; when mortgages were being sold and then purchased in bulk, they either were not signed at all or they were all signed with one person’s name on it, supposedly while working at multiple different banks at the same time.

From what I learned on CBS’s 60 Minutes, these banks were hiring many 16 year olds, paying them $10/hr. to sign someone else’s name on mortgage documents as if that person had reviewed and approved the documents. If you’re in the middle of a short-sale or foreclosure, you want to follow the directions as presented in the Reuters article where to look to see if the signature is valid.   It may be that your bank already settled a lawsuit involving the same and that monies might be due to you.  If you have any questions, be sure to contact your trusted Real Estate Attorney.  If you live in the Orange County, CA or Irvine, CA areas, don’t hesitate to contact me for a couple good Real Estate Attorneys.

Tags: Did banks settle on Robo-signing, Did orange county CA banks robo sign, How do I sale short, I owe more than home worth, Robo-signing, What do I do to short sale, What is a short sale, What is robo-signing, Who do I call to find out about robo-signing settlement

Posted on Monday, July 18th, 2011 at 6:12 pm and is filed under Being Foreclosed On, Foreclosures, Questions and Answers, Real Estate, Selling a Short Sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.