Thursday, September 23, 2010

For those who are interested here is a link and a teaser of what is going on with mortgages as reported by The Washington Post.  You may have to do a very simple registration to access all 3 pages.  You can also 'google' the topic for other information.
Click on Link:   http://tinyurl.com/2ajwk38

Under piles of paperwork, a foreclosure system in chaos

Washington Post Staff Writers
Thursday, September 23, 2010

The nation's overburdened foreclosure system is riddled with faked documents, forged signatures and lenders who take shortcuts reviewing borrower's files, according to court documents and interviews with attorneys, housing advocates and company officials.

The problems, which are so widespread that some judges approving the foreclosures ignore them, are coming to light after Ally Financial, the country's fourth-biggest mortgage lender, halted home evictions in 23 states this week.

In some Florida courts, for instance, many judges automatically approve a foreclosure unless a borrower can point to a specific problem. Homeowners are given five minutes for a presentation. Often, they do not bother to show up.

Also see 'How Foreclosure Works' at: http://tinyurl.com/292szs7