Independent Report Shows 84% of Mortgages Had an Error

Did you just do a double take?  Eighty-four percent? Even I had to look at this report twice, and I know there are errors in almost all the foreclosure files that come across my desk.

An independent audit in San Francisco released their findings stating eighty-four percent of these California foreclosure files had at least one very clear legal violation. Further, the audit reports, more than sixty-six percent of those files included multiple legal violations.

Is there any wonder we’re in the middle of the largest, far-reaching mortgage fraud in our history?  Foreclosures are in epidemic proportions? An expected one million more foreclosures will be filed this year?

Who held the keys to this mess? We’re under the cloak of state regulations and authoritative procedures to protect us – the home buyers. How did these banks and lenders pull off one of the biggest crimes ever recorded?  Who was watching them?

Could there be- GASP!- flaws in the state system? Could state laws and legislation be….shielding the lenders???

Institutions filed foreclosure on homes they held no title to. Many homes had multiple lenders competing for claims to the same title. Homeowners are entitled to know exactly who holds the title – and that the title is the original title, not a copy.

If you’re a homeowner, and are fine with your mortgage, don’t think this doesn’t affect you. Your home value is and has been dropping like a rock because of the mortgage fraud. You are losing all the equity in your home because your neighborhood is full of foreclosed homes.

More supervision over lenders and subsequent mortgage holders is needed, laws and legislation have to be overhauled to protect the consumer.

Certainly, Colorado must fare better than these numbers…right? Your tax dollars aren’t protecting lenders and helping to expediate the foreclosure process and increase foreclosure error rate…right? Wrong.

Here, in Colorado some of those steps are being taken as I write this.

Keith A. Gantenbein, Jr. is a Colorado foreclosure defense attorney located in Denver and servicing all of Colorado. He also handles bankruptcies, mortgage negotiations, lender liability, real estate, civil litigation, contracts and landlord/tenant. If you think you will be facing foreclosure, or are in the foreclosure process, or have had a wrongful foreclosure, contact Keith Gantenbein at (303) 618-2122 for a one-hour consultation where he will discuss your situation and go over all your options with you.

This article is not intended as legal advice. The opinions of this article are solely the opinion of the author.

About theglawfirm1

Gantenbein Law Firm is a Denver, Colorado Tax Law Firm, servicing all of Colorado. Gantenbein Law Firm also specializes in Colorado Real Estate Law, Colorado Foreclosure Defense, Wills & Trusts, and Business Law.
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