Real Estate Pro Articles

Supporting Paperwork for Foreclosed Cheap Houses to Be Submitted

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
The entry of additional foreclosures and cheap houses into the South Carolina market might soon resume as Wells Fargo & Co. is said to be almost done in its preparation for supplemental affidavits for pending foreclosure cases. According to sources, the bank has been preparing additional documents for almost 55,000 pending cases of foreclosures in 23 states, including South Carolina.

The lender has earlier announced that it plans to complete the preparation for the additional paperwork for foreclosed homes in Columbia, SC and for other parts of the state by the middle of November. However, the process has taken longer than expected, but the lender is reportedly almost done with its preparation.

Wells Fargo is only one among several lenders that have revised their procedures with regards to South Carolina foreclosure homes following allegations that foreclosure cases were rushed through the courts with the help of faulty affidavits and the use of robo-signers or employees who sign foreclosure paperwork without reviewing their facts first.

These practices have been blamed for the flood of foreclosed cheap houses entering the market in 2010. At first, Wells Fargo stated that it did not find any problem with its foreclosure documents. However, during the last week of October, the bank announced that it will be submitting supplemental paperwork for more than 50,000 foreclosure-related cases. The move was reportedly made after the lender found instances where the procedure was not adhered to by those working on the cases.

Despite the decision to file additional documents, Wells Fargo has assured people who buy houses in foreclosure that the homes have been foreclosed on properly and no property ended in foreclosure unnecessarily. The 23 states where additional documents will be submitted are judicial areas where foreclosures are done with the approval of court judges.

Testimony from some Wells Fargo employees has revealed that robo-signers were used at the bank's South Carolina unit in Fort Mill. An employee of the lender has earlier testified under oath that she was tasked with signing as many as 500 affidavits a day which made it almost impossible to review the paperwork. This, some critics have asserted, is one of the main causes of the rising number of foreclosed cheap houses in the U.S. market.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles