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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 10-13-2010, 08:39 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,196,298 times
Reputation: 1999

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The recent stop of foreclosure sales by major lenders and judges is causing a major problem that is getting bigger by the minute. Because of 1. "robo signing" (people signing foreclosure documents and either making them up as needed or signing documents without even looking at what they are signing - as many as 10,000 a month per person! ) 2. plus the process of the note being sold multiple times and not being recorded at each sale/transfer, thereby causing a break in the chain of title.

So who has the right to sell it and did they sign off? Maybe not. Actually, you might be surprised to find that that foreclosure you bought might not actually be yours.

and it's getting worse....

IF you have purchased or are about to purchase a foreclosure home, or if your own home is going to foreclosure, please watch the videos below.

This is TWS Daily, a show on real estate that I watch every day. Watch these two shows to help bring you up to speed on what is happening in more detail. These guys know there stuff and I was informed of what was happening well before it broke to even the news. These guys are great!

Big Risk in Buying an REO - 10.12.10 | Real Estate News for Real Estate and Mortgage Professionals

Think you own that REO you bought? Think again. 10.13.10 | Real Estate News for Real Estate and Mortgage Professionals
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Old 10-13-2010, 12:28 PM
 
3,566 posts, read 3,732,218 times
Reputation: 1364
Quote:
Originally Posted by FlaLadyB View Post
The recent stop of foreclosure sales by major lenders and judges is causing a major problem that is getting bigger by the minute. Because of 1. "robo signing" (people signing foreclosure documents and either making them up as needed or signing documents without even looking at what they are signing - as many as 10,000 a month per person! ) 2. plus the process of the note being sold multiple times and not being recorded at each sale/transfer, thereby causing a break in the chain of title.

So who has the right to sell it and did they sign off? Maybe not. Actually, you might be surprised to find that that foreclosure you bought might not actually be yours.

and it's getting worse....

IF you have purchased or are about to purchase a foreclosure home, or if your own home is going to foreclosure, please watch the videos below.

This is TWS Daily, a show on real estate that I watch every day. Watch these two shows to help bring you up to speed on what is happening in more detail. These guys know there stuff and I was informed of what was happening well before it broke to even the news. These guys are great!

Big Risk in Buying an REO - 10.12.10 | Real Estate News for Real Estate and Mortgage Professionals

Think you own that REO you bought? Think again. 10.13.10 | Real Estate News for Real Estate and Mortgage Professionals
This foreclosure mess has the potential to freeze up the real estate market for years. Agreed? The law of unintended consequences at work. The more politicians dabble in the economy the worse they make it.
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Old 10-13-2010, 12:33 PM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,196,298 times
Reputation: 1999
Yes.. it's already showing. This has the possibility of realllly hurting us more than we already are.
It's going to make everyone think twice about buying a foreclosure when they won't really know if it has a clear title or not. NOT a good thing!
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Old 10-13-2010, 01:45 PM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,196,298 times
Reputation: 1999
oh geez... this just showed up. Family moves back into forclosed home. It was already sold to someone else!

Evicted Family Breaks Into Foreclosed Home
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Old 10-14-2010, 05:43 AM
 
Location: New Jersey/Florida
5,818 posts, read 12,621,877 times
Reputation: 4414
Quote:
Originally Posted by FlaLadyB View Post
oh geez... this just showed up. Family moves back into forclosed home. It was already sold to someone else!

Evicted Family Breaks Into Foreclosed Home
What a shame. They bought a 500K home and they owed 880K on the loan. Now they want to live for free. This particular story I do not feel sorry for the family while I or we struggle to pay our mortgages.
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Old 10-14-2010, 07:31 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,196,298 times
Reputation: 1999
I want to know HOW they got to owe $800,000 on a $500,000 house! Who let them do this in the first place? And no, I don't feel sorry for them either under the circumstances.
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Old 10-14-2010, 08:28 AM
 
Location: New Jersey/Florida
5,818 posts, read 12,621,877 times
Reputation: 4414
Quote:
Originally Posted by FlaLadyB View Post
I want to know HOW they got to owe $800,000 on a $500,000 house! Who let them do this in the first place? And no, I don't feel sorry for them either under the circumstances.
It says they bought before the boom in 2001 at 500k. I guess by the 2005 boom the house was worth upwards of 1 million and they pulled the equity out and spent the money. The article says they owe at least 880K. WHAT DID THEY DO WITH THE MONEY. I don't like the banks but the sheriffs dept. should lock them up for trespassing. This is one of the major reasons that WE all are suffering.
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Old 11-20-2010, 07:38 AM
 
Location: Marietta, GA
857 posts, read 4,878,125 times
Reputation: 845
Quote:
Originally Posted by FlaLadyB View Post
The recent stop of foreclosure sales by major lenders and judges is causing a major problem that is getting bigger by the minute. Because of 1. "robo signing" (people signing foreclosure documents and either making them up as needed or signing documents without even looking at what they are signing - as many as 10,000 a month per person! ) 2. plus the process of the note being sold multiple times and not being recorded at each sale/transfer, thereby causing a break in the chain of title.

So who has the right to sell it and did they sign off? Maybe not. Actually, you might be surprised to find that that foreclosure you bought might not actually be yours.

and it's getting worse....

IF you have purchased or are about to purchase a foreclosure home, or if your own home is going to foreclosure, please watch the videos below.

This is TWS Daily, a show on real estate that I watch every day. Watch these two shows to help bring you up to speed on what is happening in more detail. These guys know there stuff and I was informed of what was happening well before it broke to even the news. These guys are great!

Big Risk in Buying an REO - 10.12.10 | Real Estate News for Real Estate and Mortgage Professionals

Think you own that REO you bought? Think again. 10.13.10 | Real Estate News for Real Estate and Mortgage Professionals
Thanks for posting those videos. They were very informative.

I have purchased several foreclosures in GA and renovated them and sold or rented them. So far (knock wood) I haven't had a problem with title, but I agree that this is going to be a problem going forward. Many people will be skeptical about buying a foreclosure if they think there may be a future problem with the title.

How badly do you think this will affect your market down there? I am thinking of looking for a house in PSL and I wonder if I should wait until this gets resolved. I will DM you with more info.
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Old 11-20-2010, 07:46 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,196,298 times
Reputation: 1999
I would think the Title Companies are working over time to make sure the chain of title is complete right now. I would be looking for some kind of proof that there is actually an original note somewhere and everything was signed.

There is a part of your closing papers that say..not in these words, but the meaning is....if anyones signature is left out by mistake they agree to sign. But that applies to the Buyers and Sellers on record.

If someone, such as the Robo signers we have all been hearing about, signed, or forgot to sign, that might make a difference to someone who was kicked out of their home. They could, and have, used that to go back to court to get their home back or stop the foreclosure.
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Old 11-20-2010, 08:17 AM
 
Location: Hillsboro Beach
1,641 posts, read 1,643,669 times
Reputation: 1561
In my opinion the biggest problem is that the Title Companies used for the foreclosure sale/purchase transactions are the ones with the "Owner of Records" ( Bank) an the buyer has no other option to use the Title services of the seller in that picture. Is the Title department to fix all the mess created by the Mortgage department within the Bank owner for the benefit of the consumer/buyer in timely maner? All that big mess is growing like a snowball with its regarding dominoe's effect in the economy. Good luck to all subsequent years 2011, 2012,2013...and so !!!!
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