What is robo signing?
The term “robo-signing” has been coined to describe rapid fire signing of foreclosure affidavits without adequately verifying the truth of what the affidavits state. Mortgage servicers who process very high volumes of mortgages in quick succession have been accused of robo-signing to speed up the foreclosure process.
How do you prove robo signing?
Typically, the bank proves these requisite facts by submitting documents and a written statement signed under oath (called an affidavit) by a person, usually a bank employee or representative, who has reviewed the documents and who is supposed to have some personal basis for believing the facts to be true.
Why might a mortgagor agree to a deed in lieu of foreclosure?
A deed in lieu of foreclosure can release you from your mortgage responsibilities and allow you to avoid a foreclosure on your credit report. When you hand over the deed, the lender releases its lien on the property. This allows the lender to recoup some of the losses without forcing you into foreclosure.
How the robo signing scandal ended?
WASHINGTON (MarketWatch) — Federal regulators on Thursday detailed a $9.3 billion settlement with 13 banks over foreclosure abuses stemming from the so-called robo-signing scandal, a deal that government officials say is expected to help more than 3.8 million borrowers.
What are the alternatives to foreclosure?
Alternatives to Foreclosure
- Loan Modifications. Probably the most common alternative to a foreclosure is a mortgage loan modification.
- Forbearance Agreements and Repayment Plans.
- Reverse Mortgages.
- Short Sales and Deeds in Lieu of Foreclosure.
- Mortgage Assumptions.
- Bankruptcy.
Does a deed in lieu hurt your credit?
People can just let the home go to foreclosure, and this will affect their scores for seven years. Or they can do a deed in lieu of foreclosure. With a deed in lieu, you voluntarily give your home to the lender in exchange for the cancellation of your loan. This, too, can create a negative mark on your credit history.
What are the 4 C’s of lending?
Standards may differ from lender to lender, but there are four core components — the four C’s — that lender will evaluate in determining whether they will make a loan: capacity, capital, collateral and credit.
Is reinstatement an alternative to foreclosure?
Mortgage reinstatement provides an option to avoid foreclosure. Instead, you can catch up on your payments and cover any late fees to restore the mortgage by paying the total amount past due.
What is the difference between a signature loan and a personal loan?
How are signature loans different than personal loans? A signature loan is a type of personal loan. It’s different than other kinds of personal loans because it’s unsecured. The only collateral is the borrower’s signature and a promise to pay.
Do your mortgage loan or foreclosure documents contain robo signers?
Mortgage lenders and loan servicers have been caught read handed forging fake signatures on mortgage loan documents and foreclosure documents in order to illegally foreclose on innocent homeowners. Does your mortgage loan or foreclosure documents contain signatures of any known Robo Signers?
What does it mean to be a robo signer?
DEFINITION of Robo-Signer. A robo-signer is an employee of a mortgage servicing company that signs foreclosure documents without reviewing them.
What is a robo-signer on a mortgage?
A robo-signer refers to an employee of a mortgage servicing company that signs paperwork such as foreclosure documents robotically without reviewing them. Rather than actually reviewing the individual details of each case, robo-signers assume the paperwork to be correct and sign it automatically – like robots.
What to do if you spot a robo-signer on your mortgage?
If you spot a known (or unknown) robo-signer on your mortgage, loan, or foreclosure documents we recommend you take immediate action and fight to get the legal remedy that the law entitles you to, and that you deserve, right now! Cullaro, Erin (appointment to Assistant State Attorney General – Ma…)