What happens to
short sales in Pinellas County as a result of the Robo-Signing debacle? Or just wondering what the fuss is about? If you have a Pinellas short sale you shouldn't be directly affected - though
if your loan is with the three servicers mentioned below, it looks like you may have more time before the Pinellas County Sherrif shows up and orders you to leave. Though make no mistake about it, every month you stay in a home and not making payments, the harder the hit to your credit and the larger your possible future definciency will be.
You may have heard about the "Robo-Signing" debacle and are wondering what it means for those facing foreclosure in Tampa Bay. Thus far, GMAC Mortgage, JP Morgan Chase and most recently, Bank of America, have suspended foreclosures in 23 states where foreclosures are handled by the courts - and that includes Florida.
In a nutshell, many servicers were allegedly approving foreclosure affidavits without reviewing or signing the documents with a notary present, or allegedly had underlings approving files after only 30 second reviews - hence the term "robo-signing".
The office of the Comptroller of the Currency has told the seven largest mortgage servicers (including those above), Citigroup, HSBC Financial Corp, PNC Bank and US Bank (plus the 3 listed above) to review all of their case files. Thus far Wells Fargo stands as the Lone Ranger of the 'biggies' holding to its claim that they handled their files properly.
Trust us, don't make the mistake of interpreting this robo-signing mess as a signal to sit back and do nothing. We've seen time and time again that those that avoid the reality of what's happening get sadly burned in the end - and it's tragic!
If you've lost a job, taken a pay cut or are experiencing other hardships in this economy - trust us, we understand. Our best advice is to get an expert consultation as quickly as possible to assess all of your options and your unique situation.
In addition to our experise as Pinellas Realtors, we have Tampa Bay Foreclosure Prevention Attornies and CPA's that will consult with you for free, too. Contact us Julia and Matt Fishel here or at 727-366-0324 for solutions.
- by Julia Fishel, October 5, 2010