NY Times – Borrowers, Beware: The Robo-Signers Aren’t Finished Yet

Hats of a Robo-signer

Borrowers, Beware: The Robo-Signers Aren’t Finished Yet

Remember the robo-signers, those mortgage loan automatons who authenticated thousands of foreclosure documents over the years without verifying the information they were swearing to?

Well, they’re back, in a manner of speaking, at least in Florida. Their dubious documents are being used to hound former borrowers years after their homes went into foreclosure.

Robo-signer redux, as it might be called, has come about because of an aggressive pursuit of former borrowers by debt collectors hired by Fannie Mae, the mortgage finance giant. What Fannie is trying to recoup from these borrowers is the difference between what the borrowers owed on the mortgages when they were foreclosed and the amount Fannie received when it resold the properties.

These monetary amounts — and they can be significant — are known as deficiency judgments. It is legal in most states for lenders to pursue them. (California is one notable exception.) The time limit for debt collectors to go after former borrowers varies from state to state; Florida allows deficiencies to be pursued for 20 years, and borrowers must pay a compounded annual interest rate of 4.5 percent.

The problem, experts say, arises when robo-signed documents enabled banks to foreclose even when they didn’t have legal standing to do so.

Rest here…

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4closureFraud.org

Comments
One Response to “NY Times – Borrowers, Beware: The Robo-Signers Aren’t Finished Yet”
  1. Alabama John says:

    Out of curiosity, I wonder how many defendant (borrower) lawyers have robo-signers of their own since the lenders have shown ALL lawyers how well they have operated in getting what you want?
    Wonder if ANY lawyer took any or some of the famous robo-signers a document to sign someones name to they would do it for anyone beside lenders and how much they charge, by the signature or document? Or, are they sworn to be LOYAL to just one.
    Would be amusing if in court both the lender and borrower had their evidence papers falsified and signed by the same person. Happens with notaries, could happen with robo-signers?

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