A robo-signer is an employee of a mortgage servicing company that signs foreclosure documents without reviewing them. In the third and fourth quarters of 2010, a robo-signing scandal emerged in the united states involving gmac Mortgage and a number of major U.S banks.
3. For the unfamiliar, robo signing or robo signers are not actually robots built by the banks to process foreclosure documents, but rather a Robo signers will falsely represent themselves as being a loan officer for the bank when they are not, and they will sign off on legal documents without a notary being.
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2007 I lost my home because Bank of America said my loan was up side down so they force me in two a option to do a short sell to get out on my house mind you the house was brought in 1968 for $15000 an in 2007 they said we own back pay of $425000 on the property so I like a lot people was force to do a short sell cause they were going to put me out I try paying the loan every month it went.
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Investigation – Law firms began withdrawing. documents – Banks suspended foreclosures. – As the mortgage industry grew, bankers began securing the notes in mortgage-backed trusts. Fraudulent Practices come in all shapes and sizes. – Robo-signers.
GMAC Spotlight On ‘Robo-Signer’. Robbie Whelan. Updated Sept. They are called robo-signers, putting their names on thousands of documents tied to mortgages facing foreclosure. Now, under pressure from borrowers, banks are halting foreclosures where the documents are signed by these.
Robo-Signer foreclosure scandal update. 9 years ago. Add Comment. Walsh emphasized that the furor over the discovery of robo-signing is a piece of a larger problem that extends beyond If MERS began as a convenience, it has, in effect, become a corporate cloak: no matter how many times a.