Just picked up this great article from the Associated Press about some of the “foreclosure experts” who were in charge of signing off on all these documents…INSANITY!
Michelle Conlin, AP Real Estate Writer, On Tuesday October 12, 2010, 9:21 pm EDT
NEW YORK (AP) — In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in “foreclosure expert” jobs with no formal training, a Florida lawyer says.
In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn’t define the word “affidavit.” Others didn’t know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers’ accusations about document fraud. Read the rest of the story…
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The banks are taking longer than 30 days originally quoted to review paperwork, leaving Buyers in limbo….what a mess!
Kristina Jarczyk, Realtor
RE/MAX Destiny
630-460-8150 Direct
http://www.kris4homes.com
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