Bank Still Robo-signing After Foreclosure Settlement

Wells Fargo May Still Be Practicing Robo-signing Even After the Foreclosure Settlement

robo-signing foreclosure documentsIt appears that Wells Fargo just doesn’t get it.  A little over a year ago, action was taken agains 8 of the largest mortgage loan servicers for “unsafe and unsound” (is that a nice way to say “fraudulent”?) foreclosure practices.  Wells Fargo was one of the  mortgage servicers who were participating in these “unsafe foreclosure actions” otherwise known as the “robo-signing scandal”.

Banks Agree to Pay $25 Billion in Foreclosure Settlement

Just a few weeks ago, a judge ruled in favor of a $25 billion dollar foreclosure settlement against the banks who were participating in these practices.  The banks who agreed to the settlement were Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citibank, and Ally Financial Inc.

The Wells Fargo Foreclosure Factory…

 Wells Fargo’s Foreclosure Factory Signing Docs as VP’s

Search Winston-Salem Foreclosures

As bad as robo-signing is, it’s a fact that many folks have lost their homes over the last few years.  Many of those homes are now bank owned REO’s and are listed on the local Triad MLS.  If you are looking for a foreclosure deal in the Winston-Salem area, look no further.  You can find them at the link below.

Search Winston-Salem Bank Owned REO Foreclosures on the MLS

I’m here to help you with buying Winston-Salem foreclosures whether you’re a first time home buyer, move up buyer or real estate investor.  I promise to work hard for you and keep your best interests first.  Don’t hesitate to contact me when you’re ready to buy a great deal on a Winston-Salem bank owned REO property.  You can call/text me at 336.287.4423.  I’ve helped hundreds of people by foreclosure properties, and I look forward to helping you too!

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How are North Carolina Mortgages Foreclosed?

Is North Carolina a Judicial or Non-judicial Foreclosure State?

Judicial Foreclosure States require court action

Judicial Foreclosure states require court action

There are two different classifications for how a foreclosure is processed by states. One is Judicial, and the other is Non-judicial. There are thirty states that are non-judicial and 20 that are judicial.

What is Non-judicial Foreclosure

Non-judicial foreclosure means that there is no court action for the bank to complete the foreclosure. It does require notice called Sale by the Power of Sale. Most mortgage documents contain wording regarding to the “power of sale”. This “power of sale” states upon default of payment by the borrower, the lender may hire an attorney to foreclose on the property in order to satisfy the defaulted mortgage loan. Once these notices have been made, the bank is allowed for the property to be sold by auction at the local courthouse. North Carolina is a non-judicial state in regards to foreclosure. Because there is no court action, the notice requirements to the defaulted borrower are very stringent.

What is Judicial Foreclosure

Judicial Foreclosure requires court action in most cases.  This is a foreclosure proceeding in which a mortgage lacks the power of sale clause.  Judicial Foreclosure states require the foreclosure to be processed through the state’s courts.  Once the court confirms that the debt is in default, an auction is held for the sale of the property in order to acquire funds to repay the lender.

I’m not a big fan of foreclosure.com, but they do have a good article that explains the NC foreclosure process.  North Carolina Foreclosure Steps

If you are looking for a foreclosure in the Winston-Salem Piedmont Triad Area be sure to sign up for our FREE Foreclosure HOT List to receive all of the freshest foreclosure leads by email!

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Do Banks Need Original Docs to Foreclose? NC Court Decides

Do Banks Need Original Docs to Foreclose? NC Court DecidesMany banks have proceeded with foreclosures without original signatures and documents.  Their actions have caused much debate among law makers and home owners if this process is legal or not.  The North Carolina Supreme Court has heard arguments from attorneys representing Wells Fargo and home owner, Linda Dobson of Magnolia, NC.  The state Supreme Court ruling should be made within the next few months, and the decision could effect home owners and the foreclosure process across the U.S.

NC Courts Decide if Original Docs are Needed for Banks to Foreclose

 

Do you think that photocopies and/or sworn statements are adequate proof of monies owed on a home mortgage?

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Your comments and questions are welcomed below.

 

 

 

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Robo-Signer List at ForeclosureSelf-Defense.com

There has been lots of talk about “robo-signers” signing off on foreclosure documents without reviewing  them which led to homeowners wrongly loosing their homes.  Robo-signers are employees or contractors who worked for mortgage lenders and committed fraudulent activities.  The fraud was committed by signing foreclosure affidavits and assignment of mortgages without proper legal process.  The following link has a long list of alleged robo-signers as well as more detailed info on the act of “robo-signing.”  It is a good resource if you feel you’ve been a victim of “fraudclosure.”

Robo-Signer List and Info

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Winston Salem Recognized as a Top Market for Real Estate Investors

Winston Salem Foreclosures For Sale

Winston Salem: A Top Market for Real Estate Investors

Winston Salem Homes Blog reported today that Inman News announced their ”10 Best Markets for Real Estate Investors” report today, and Winston-Salem was listed as the 10th best market. You can read their entire post at the link below.

Winston Salem, NC: A Top Market for Real Estate Investors

Let us help you increase your real estate investment portfolio with our FREE Foreclosure HOT List.  Click the link below to fill out the request form.

Free Winston Salem Foreclosure HOT List

 

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Winston-Salem Area Foreclosure Filings Increased in January 2011

We still have an over supply of bank-owned REO properties for sale on the local Triad housing market, and it looks like more are on the way.  The Winston-Salem Metropolitan Statistical Area (MSA) had 345 foreclosure filings in January, 2011.  This was an increase of 36.9% from January of 2010.   The number of filings was up 45 percent from December, 2010.  The MSA includes Forsyth, Davie, Stokes and Yadkin counties.  The Greensboro-High Point MSA filings were up 9.3 percent to 484. 

Continue reading

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2011 Predicted to be peak of foreclosure crisis

Many people are hoping for a housing market rebound after the market crash began in 2007.  Foreclosures have been abound the last three years, however it looks like 2011 could be the worst yet. That’s not good news for a housing market that is already flooded with inventory. Many banks have been holding their “shadow” inventory in hopes that the market would rebound.  It looks like a strong rebound may not happen this year because of more foreclosures hitting the market. Continue reading

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Massachusetts Court Rules Against Wells Fargo and U.S. Bancorp in Foreclosure Cases

Wells Fargo and U.S. Bancorp each lost a crucial foreclosure case on Friday. The Supreme Judicial Court upheld a lower court’s ruling invalidating two mortgage foreclosures because the two banks did not prove they owned the mortgages before selling the properties at foreclosure. 

The court ruled in favor of the homeowners by a vote of 6-0.  This could have paramount implications on the nation’s largest banks.  For foreclosure sales in Massachusetts that were initiated without a proper mortgage assignment, this ruling means the former homeowners still own the property.  It also means it most likely will affect improper foreclosures across the country.  

Wells Fargo and U.S. Bancorp Lose Foreclosure Ruling

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Winston Salem Foreclosure near Ardmore (Lockland Terrace)

This home is currently listed for $84,900.  It’s a 3 bedroom, 1.5 bath brick ranch on .31 acre lot.  It has 2 fireplaces, hardwood floors and a basement.  The estimated repairs for a flip would be $20k, and the after repair value is $125,000.  The home is in good enough condition that someone could move in for less than $5000 in repairs.  It’s a nice quiet cul-de-sac street.  It would make a nice residence for an owner occupant or a nice real estate investment for rental or to flip. There is a comp currently under contract listed at $131,000. Call/text me if you have any interest or questions.  336.287.4423.

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North Carolina Foreclosures Up in 2010

The Winston Salem Journal has reported that 2010 is becoming a record year for North Carolina foreclosures.  Several consumer advocacy groups are reporting the NC foreclosure filings could set a record, but eight counties have already broken annual records.  The counties include:  Ashe, Davidson, Davie, Randolph, Surry, Watauga, and Yadkin.   The article says that five others:  Alamance, Forsyth, Guilford, Rockingham, and Stokes will set records before year end.

More NC Homeowners Have Lost Their Home in 2010

That being said, the market needs buyers and real estate investors to buy up these distressed properties to help improve the market.  There are many good foreclosure deals currently on the market for sale.  Don’t hesitate to contact us if you are currently in the market to buy or would like our FREE Foreclosure HOT List.  We can also help if you are facing foreclosure and would like to know your alternatives.  Contact us today @ 336.462.9544 .


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