Ever heard of robo-signing?
CBS News recently aired a fascinating piece on robo-signing and how it affected consumers. Robo-signing is where people are hired to sign documents that they never read. In most cases, the people signing aren’t qualified to authorize the decisions outlined in these documents. They are simply hired to sign documents as fast as possible.
How can this affect you?
Banks have been foreclosing on individuals and families at such a fast pace, qualified bankers with the experience to judge the merits of the foreclosure, are unable to keep up with the amount of documents being produced. Additionally, some families find their names on foreclosure lists without being notified by banks or after missing only one payment. Without qualified reviews of each mortgage on a case-by-case basis, a break down in customer service occurs: families aren’t contacted to work out payment arrangements, offers for mortgage modifications aren’t given, and a loss of personal touch we come to expect when making financial decisions.
If you find yourself faced with foreclosure, try talking to your bank first. If they cannot or will not work with you, or you simply find yourself with more bills than you can keep up with, contact us for help!
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