Even in the midst of the country’s struggling economy and the housing crisis, many Boston homeowners are facing the current crisis of foreclosure frauds and robo-signing. FindLaw’s KnowledgeBase sheds light on these problems, which may involve:
- Banks failing to provide appropriate paperwork that clearly shows ownership of a property;
- Claims that documents were notarized but were actually not signed in the presence of a notary; and
- Robo-signing, which refers to the mortgage lender habit of quickly stamping foreclosure paperwork without checking whether the process was legally and fairly completed.
The way that the foreclosure process has been handled in the past months has brought about an investigation by the National Association of Attorneys General. Attorney generals throughout the country, like Massachusetts’s own Martha Coakley, continue to oversee the foreclosure process to make sure homeowners are protected and not losing their homes unlawfully or by mistake.
The crisis has also led several big lenders, like Bank of America, to stop their foreclosure processes for a period of time so that they can reexamine all their foreclosure paperwork. Banks have now been reviewing documents for any errors, making the proper corrections and resubmitting them so that the foreclosure process may continue more smoothly.
The moratorium on foreclosures and the postponement of the process has also greatly affected the sale of foreclosed homes, which in turn has upset the recovery of the housing market. If you have concerns about foreclosures or mortgage lending, seek legal counsel from an experienced Boston real estate attorney or visit the Related Resources below.
Related Resources:
- ‘Robo-Signing’ And Its Effect On Boston Homeowners (FindLaw’s Boston Real Estate Law News Blog)
- Contact a Boston Real Estate Attorney (FindLaw)
- Martha Coakley Freezes MA Foreclosures (FindLaw’s Boston Real Estate Law News Blog)
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