Am I really in foreclosure?

This had to be the question of the day asked by home owners countrywide this morning. It may have gone something like this. I’ve lost my job. My spouse has lost their job. We haven’t been able to pay any of our bills, including our mortgage for at least the past 12 months. But, Am I really in foreclosure? Many would ask how someone could not know that they’re in foreclosure, given the previously mentioned scenario. Stay tuned. Here’s your answer.



In today’s local news and plastered all over the internet for the past week are reports that banks in Ohio and 22 other U.S. States are being accused of their employees signing foreclosure affidavits without verifying that the information is accurate. In states that require what’s called judicial foreclosure, most of the documents are required to be verified and notarized before the file can be presented to the judge for final foreclosure approval. Apparently these employees were doing what’s termed as "robo-signing" the documents to get them through the process faster. I think it was called the "rubber stamp" technique back in the day. Neither of which are legal, ethical and acceptable.



I think most people on the surface understand that it’s obviously wrong on many levels. But don’t forget it’s also illegal. Remember this, as I previously stated. Most of the documents that require signatures are also required to be notarized. This means that the person that signed the document and the person that notarized the document could be legally be held liable for each "robo-signing" occurrence. Just one of these occurrences in a file would affect the outcome of the file.



If a home owner is currently in foreclosure and one or more of the documents in the file was "robo-signed". The entire file is tainted. Each document in the file would need to be re-verified, signed, double checked and re-notarized. Example. Let’s say a home owner needed a hardship letter to complete the file and potentially enter work out terms and prevent the foreclosure all together. But the person reviewing the file didn’t bother to look for the letter that was there. At this point the file would be kicked out the work out department and "robo-signed" as non-compliant to work out terms. Unfortunately, I’ve seen this one before.



Having realized the massive problem on hand Massachusetts, Illinois, Iowa and Florida in addition to other states have stopped foreclosure proceedings. Taking it a step further, a judge in Florida has already dismissed 61 foreclosure cases already. We can only hope that there will be many more to follow. So now the question stands. Who will come to protect us from the big bad banks this time? The president’s answer to that question is the newly formed Financial Fraud Enforcement Task Force. The what you ask?



The Financial Fraud Enforcement Task Force was created November 2009 in an effort to go after the powers that be that caused our current financial situation and prevent it from happening again. It consists of over 20 federal agencies, U.S. Attorneys offices and state and local agencies. The list is very long.



As home owners I’d say that we hold a certain amount of responsibility to ourselves and our personal business. If you’re a home owner that is headed into foreclosure or already in foreclosure, HIRE AN ATTORNEY. Attorneys do what we don’t or want to do. They deal with this foreclosure business each and everyday. Well at least Monday through Friday. They know what to look for when we don’t. They know what T’s should be crossed and what I’s need to be dotted.



Now keep in mind. I’m not saying turn your life over to an attorney and close your eyes. I’m saying share the required information, ask questions and learn from the process and you move through the process. Remember, you must protect yourself, family and assets. For more information on real estate visit http://www.secretpropertyreport.com