Quote:
Originally Posted by sebastian_dangerfield
You won't because no one's being trampled. The scandal involved "robo-signers" verifying foreclosure complaints and providing summary judgment affidavits is being misrepresented by the media. It's really a no-harm, no-foul situation. The arrears defaulters owe are all easily verifiable, the fees are minimal and in the end, no bank ever sues on a deficiency anyway, so even if they were slightly off, it wouldn't matter.*
Additionally, if a debtor thinks he's getting screwed in the listing of fees, interest and arrears, all he has to do is file an answer to the complaint and challenge the numbers. If he gets served with papers from the sheriff and neglects to do so, fuck him (He could do it for free... I've seen handwritten answers in court documents).
*There are circumstances where a flipper may be sued, but its rare. And the 1099 discharge of indebtedness tax liability doesn't apply to people losing their primary residences.
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2. It just becomes a delay device, as almost all of the "errors" are possible to correct. And, if there is any inclination toward voiding the mortgages, the borrowers are in a bad position on the equities--why should they be entitled to a windfall because the notary acknowledging a mortgage didn't cross out the pre-printed state/county info on the acknowledgement page? And as to the lender bearing the risk, if that's the case, what's the purpose of a notary?
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