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A Standard Procedure for Foreclosed Houses in Amarillo or Anywhere in America

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By : Dywon Marck Taylor    99 or more times read
Recently, mortgage servicing departments of many financial institutions were exposed of hiring floor workers, hair stylists and individuals working on assembly lines for “foreclosure expert” jobs without receiving any formal training. This was in an effort to finish an enormous amount of home foreclosures beginning in 2007, including Foreclosed Houses in Amarillo, TX. These people were asked to sign foreclosure affidavits even without going through the documents, thus they were called “robo-signers.”

In response to this rampant problem among many lending institutions around the nation, the federal banking launched an investigation. As a result, congress is expected to pass a law that would “establish federal standards for foreclosure procedures in order to prevent a repeat of the recent affidavit scandal,” said Federal Reserve governor Dan Tarullo last week in a Senate Banking Committee hearing. Primary causes of the problem are, “shortcomings in staff training, coordination among loan modification and foreclosure staff, and management and oversight of third-party service providers,” said Tarullo. These issues must be resolved during these significant changes to avoid another future scandal like this one.

Although Tarullo emphasized that not every banking institution has similar problems, he said that it is so prevalent that it can be concluded that “structural problems in the mortgage industry” do exist. It is fact that the servicing industry cannot effectively manage the enormous amount of foreclosed homes as well as distressed homes that are flooding the Real Estate market, such those foreclosed houses in Amarillo, Texas. The Senate Banking Committee is now taking Tarullo’s suggestions into consideration.

Meanwhile, Senator Chris Dodd is requesting for “very specific ideas” about the modifications and law that can help solve this issue and do away with the symptoms which the committee should consider in the coming months.

It would be good if we have a nationwide foreclosure standard so that whether you are facing foreclosed houses in Amarillo or buying tax lien homes in California, you are assured that your document is going through the due process.

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