It turns out that a lot of mortgage servicers haven’t been taking legal process very seriously. Robo-signers are employees whose jobs are to sign their name to as many affidavits as possible without reading them, and robo-signing is all the rage among mortgage servicers these days.
Instead of acknowledging that the mortgage industry created this economic and legal disaster, Treasury Secretary Timothy Geithner wants to blame the Legal Aid attorneys who discovered it was happening.
Force-placed insurance is an insurance policy your mortgage service picks out when your homeowners insurance policy expires. It can cost up to ten times more than a regular homeowners policy, in part because mortgage servicers are often getting kickbacks and other incentives due to self-dealing.
Nope, not at all. With the growth of foreclosures, due in part to the rise in nontraditional mortgages, equity stripping, and predatory lending generally, the foreclosure purchaser market is booming!