I can’t say if that is going to make a “huge” impact on the Future of Foreclosures in the Santa Clarita Valley. However, I have started to get calls again from “middle men” that have a legal office in the back ground, wanting access to my database. Their desire is to call up our past and present short sale sellers and others wanting to see if they will be allowed to do a “chain of title” search.
Within the Deed on a Home, if it moves from one bank (lender) to another, when your loan is sold, there is a track record. They are saying that the “robo signing” broke that chain. Therefore, if your home has not been “transferred” in the correct way, that could equate to you getting a principal reduction or something else.
I was pitched fast over the phone, by the “pitchman” and I have not had a chance to speak with the attorney him/herself.
One of the questions I have, “if the bank did not transfer the deed via title on your home correctly, was that the reason you were unable to make your payment?” Or was the reason your payment was unable to be made, because of something else. Like Job Loss, cutting overtime, death, disease, or divorce? I am not sure we are focusing on the right problem.
I suppose if this can help get the banks motivated in giving principal reductions and approving loan mod’s – I’m all for it. But at what upfront cost to Joe/Jane homeowner?
Just so you know, if you are in our database – you needn’t worry about your personal information being given to anyone else – it is secure within our systems and will never be given, sold or traded to anyone. Even if you wanted me to give your info to another – I would deny you and ask that you do it yourself. (it protects you better that way).