Tina Fingerman From Tropic Shores Announces New Issues With Foreclosure Fraud And Robo Signing Affecting Spring Hill Real Estate Sales

Tina Fingerman From Tropic Shores Announces New Issues With
Foreclosure Fraud And Robo Signing Affecting Spring Hill Real Estate Sales


(1888PressRelease) Fraudulent Foreclosure Practices and Robo Signing by Big Banks and
Foreclosure Mills are causing major issues in the Hernando County Real Estate Market as well
as other parts of the Country.
Tampa-St. Petersburg-Clearwater, FL (1888PressRelease) - Tropic Shores, Realtor Tina
Fingerman Announces the next big news in Foreclosure Fraud, Robo Signing. Robo Signing and
Fraudulent foreclosure practices by Big Banks and Foreclosure Mills is effecting all aspects of
the real estate market in Hernando County and the rest of the country.

We have all heard about the foreclosure crisis over the past few years, but now it seems to have
taken on a new twist. With all the latest news coming out, it now seems that some of the largest
banks in the country have been practicing in arena of fraudulently foreclosing on property. It is
not clear if the banks themselves had any knowledge of what was happening, but one thing is
clear for sure. Many times over documents that were forged to appear to be signed by the
borrower were used in foreclosure proceedings in order to expedite the foreclosure process and
get the home owner out of their home. The issue is that many banks, including Fannie Mae and
also Freddie Mac have been using what has been dubbed as "foreclosure mills" in order to
expedite the foreclosure process. Foreclosure mills are large Attorney firms that specialize in the
foreclosure process. Well as it turns out, it appears that due to the large volume of foreclosures
that they receive, they were simply filling in the blanks and completing paper work and other
documents that would otherwise have required a borrower's signature. That sounds ok, except for
the fact that they and not the borrower were signing these documents, including any missing or
needed affidavits.

So what does all that mean to the rest of us? Well several things really. First of all, if you are
facing foreclosure, it is important to know that you have some rights. It is also important to know
that some of the documentation being used to foreclose on your property may not be correct. In
these cases, if you can discover this, you may have legal recourse to remain in your home longer
or to even possibly have the foreclosure process dismissed without prejudice. It is probably a
good idea to go over your case with an experienced real estate Attorney who can review your file
and then properly advise you of any improper action and or paper work from the foreclosing
lender. You may or may not have the resources to retain the Attorney, however the consultation
itself in many cases may be free or a reasonable and nominal fee. Even if you do not retain the

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lawyer, you probably will walk away from meeting a little better informed and better equipped to
deal with the bank and legal situation you find yourself in. It is also important to know this if you
are negotiating a Loan Modification with your bank. Particularly since as of right now, most of
the larger banks are putting a moratorium on foreclosing due to investigations into the
foreclosure process and whether or not fraud exists in that process on the part of the bank or its
affiliates. Knowing that in itself can give you a powerful negotiation stand point when trying to
modify your mortgage in the current and still developing environment.

Now, that there is the possibility of fraud in foreclosure practices, what's next? Well in the short
term as mentioned above, there is a moratorium on foreclosures by some of the largest banks in
the country. These banks are conducting investigations into the foreclosure process and are
making sure that everything is up to snuff. Although they tend to play it down, or perhaps even
do this under the impression that they are protecting the consumer from any wrong doing, what
they are really doing is covering their butts. The difficulty of wrongful foreclosure processes
opens up many issues for banks. For one, if a homeowner is foreclosed through a process that
involved any type of fraud, then that home owner may have legitimate recourse against the
foreclosing lender. Also it is now coming to light that in many cases, the foreclosure process was
conducted by a 3rd party servicer. Sounds like no big deal right? Well if you consider that the
3rd party servicer may not have been the legal owner of the actual note, then that party never
truly had the right to foreclose! This issue is huge and wreaking havoc on pending home sales
and even properties that are currently listed as REO's with listing agents who have been hired by
the bank as the seller to market and sell the property. When you consider that foreclosure listing
in Spring Hill Florida currently make up a huge portion of available inventory, the ramifications
to this little mess are huge. Imagine if you are purchasing a home that you really love. You have
spent money on all your inspections and appraisals, and then just before you are ready to close,
bam the bank halts the sale because this is one of those properties that may have been illegally
foreclosed. They will offer a refund of the escrow deposit, but more than likely all of the other
money spent is now lost. In some cases, the bank may offer an extension to the contract but that
just leaves a buyer in limbo since no actual closing time can be established at that time. When
you consider the added stress of a buyer giving notice to a landlord and hiring movers expecting
to move in to the new home, this can cause major issues to a buyer who is on the wrong side of
this transaction. Buyer should make sure that their agent performs all the necessary due diligence
prior to engaging in any transaction where the subject property is a foreclosure sale to avoid
these issues coming up later in the transaction. These current developing events make it more
important than ever to make sure a buyer retains their services of an experiences agent who is
familiar with distressed property and all the issue these sales can raise. It's equally important to
have all the title work and title commitments thoroughly reviewed by a professional Realtor and
possibly even an Attorney to make sure that no exclusions to the title policy exist that would
inhibit the buyer's ability to raise a claim later.

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In light of the current developments, there are stories coming up in different parts of the country
where these practices have caused a break in the chain of title. Because some of these
foreclosures were brought by 3rd party servicers who may not have legally owned the note,
making the foreclosure itself faulted, there are cases now where the foreclosure is being
challenged after the home owner has been evicted. In a recent development in California, a home
owner was foreclosed and evicted. The home was then resold to an investor, who subsequently
remodeled the home and spent over $40,000.00 in repairs. He then re-listed the home and sold it
to another couple. Days before the next closing, the original owners Attorney found flaw with
the entire foreclosure process, and the original owner has now taken back possession of their
home and moved back in. This is causing a huge problem for the individual who purchased the
home and spent money on the rehab. It also caused a huge problem for the original owner who
was improperly evicted and foreclosed upon. Of course it's surely an issue for the new buyer as
well. The litigation of a case like this can take anywhere from months to years, in the meantime
leaving all parties in limbo. There are other similar cases cropping up, and it is expected that
more litigation will occur across the country.

Purchasing a foreclosure in Spring Hill Florida and other areas around the country can be a great
way to save money and buy a home that is undervalued even in today's market place. Potential
buyers should take great care in selecting the right team of Real Estate Professionals when
buying property in Spring Hill FL and other areas, including Realtor, Lender, Title Company,
and in some cases Attorney's. Now more than ever it is important to have the right professionals
represent a buyer. Performing proper due diligence can make the difference between closing and
owning your new dream home or being left out in the cold while all the other parties debate the
issues in civil court. To avoid these issues, buyers should be encouraged to research their Real
Estate agent in Spring Hill very carefully and make proper decisions with regard to
representation.

Never before has the statement of buyer beware been more accurate. Buyers should not be
discouraged from taking the leap and buying a home. With the decline in prices and rates being
at the lowest point since about 1971 there has never been a better time to purchase a home in
Spring Hill. Rather they should be taking more care in the selection of who represents them, and
educate themselves with regard to the potential pitfalls that can be associated with buying
distressed properties. Of course, if you can negotiate a great deal on a home that is owned by a
private person rather than a bank none of the above issues would apply.

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For more information regarding foreclosures and the Real Estate Market visit
http://www.Hernandocountymlssearch.com

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