Poster Child for the Foreclosure Mess: He lost his house without ever having a loan!

By
Real Estate Broker/Owner with Realty Arts

Poster Child for the Foreclosure Mess:  He lost his house without ever having a loan!

North Carolina Attorney General Roy Cooper is getting energized in the hunt for inappropriate activity by the banks in foreclosure proceedings. 

He wants the largest to stand and deliver an explanation of their processes and controls.  "He also says his office is in possession of a deposition in which a BofA employee ' admitted that she routinely signs (foreclosure) affidavits without even reading them.'"  Would that be "robo-signing?"  I think so.

Read more: Cooper: BofA foreclosed on homeowner who paid cash - Triangle Business Journal

How crazy is THAT?  I mentioned it at a breakfast this morning, and wasn't even out on a limb.  For once.

How can Bank of America claim any credible due diligence when they took a house from a guy who borrowed NOTHING?

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919-880-2769 www.RealtyArts.com

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Independent Broker/Owner, Realty Arts

130 Towerview Court,

Cary, NC

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Rainmaker
531,225
Maria Morton
BHG Real Estate - Kansas City Homes - Kansas City, MO
Kansas City Real Estate 816-560-3758

It's funny that banks have such intricate, lengthy procedures yet are unable to process short sales in a timely manner. Did you know that Chase has something they call a "Quality Assurance" department they send their files through?

Yet, with all of their procedures, you can never get one human being who knows exactly what is going on and will actually take responsibility for any of the files.

The way the banks handle foreclosures is similar in that no one person is responsible for any one file. Lots of cooks in the kitchen assure that each dish will be disastrous. Way to go MoneyLenders!

Oct 07, 2010 04:29 PM #1
Rainmaker
766,992
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Maria,

I think a lot of what we do is rooted in some pretty casual behavior.

And, I really dislike the "Open File" way of handling clients, where the lender assigns no one, but the file is available to any representative who answers the phone.  It seems like their only goal is to deny service and get you off the phone.

Oct 07, 2010 04:50 PM #2
Rainer
39,955
Dale Ganfield
Leland, NC

Hi Mike, this story is amazing. The bank obtaining a foreclose ruling on a house when it is owned free and clear.  I guess we all stay tuned to what information is brought to light.

Oct 07, 2010 05:31 PM #3
Rainmaker
766,992
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Dale,

I think the upshot is that the story will be used to portray the ineptitude and sloppiness in the whole proceedings when the bank is asking for relaxed notarization standards.

Oct 07, 2010 07:57 PM #4
Rainer
175,235
Jark Krysinski
REMAX CREST REALTY WESTSIDE - Vancouver, BC
TeamYVR Team Leader, BA,ABR,IRES,IMSD,LLB

Mike thanks for drawing attention to this and sharing the link with us.  It's a truly astounding scandal and I'm not sure if much of the world outside of the US actually heard about this.  There is an incredible media lockup about this and I think people have to start talking to each other.  Cheers for now, have a great rest of the week.  Jark.

Oct 07, 2010 08:51 PM #5
Rainmaker
766,992
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Jark,

I talk to a LOT of people who haven't heard any of the news.  This one makes their jaws drop and faces turn pale.

Oct 07, 2010 09:09 PM #6
Rainmaker
151,805
Denise Roberts
New Colony Properties, LLC - Pinehurst, NC
e-PRO, REALTOR - Specializing in Pinehurst, NC Area

Foreclosure on a note that doesn't exist????  That is one of the craziest things I've ever heard!!!  BIG banks are not the answer to anything, in my opinion.

Oct 08, 2010 11:08 AM #7
Rainmaker
766,992
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Denise,

Agreed.

And minutes ago CNBC announced that Bank of America will be suspending foreclosures in all 50 states.

Oct 08, 2010 11:11 AM #8
Rainmaker
1,250,958
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Mike - I wonder how often this happens and how often it's kept quiet.

Oct 08, 2010 10:12 PM #9
Rainmaker
766,992
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Michelle,

I hope not too often...

Oct 08, 2010 10:43 PM #10
Rainer
134,600
Jim O'Donnell
Raleigh Cary Realty - Fuquay Varina, NC

I heard about this.  That is absolutely nuts.  Someone has to stop this

Oct 13, 2010 02:26 PM #11
Rainmaker
766,992
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Jim,

Agreed.

Oct 13, 2010 04:36 PM #12
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Rainmaker
766,992

Mike Jaquish

919-880-2769 Cary, NC, Real Estate
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