Friday, November 12, 2010

More Foreclosure Sloppiness – Title Closing Agents?

I can't help but think that there remains much more sloppiness yet to be discovered related to the housing debacle. We all know about the appraisers, the banks who didn't properly assign the mortgages and the robo-signers at the law firms who are handling the foreclosure cases. Recently, we started hearing about issues with process servers who, in some instances, never served the foreclosure lawsuit upon the homeowner but filed an affidavit with the court attesting to the fact that they had. Everyone along the way was in a rush to get things done and move on to the next file because they were so overwhelmed and the money was easy. With that said, I'm beginning to wonder about the closing agents who closed all of those transactions. Did they really perform all of those title searches? Did they pay off all of those mortgages? Did they update their title searches? Did they follow-up with the banks to make sure they issued Satisfactions of Mortgages for all of those mortgages that were paid off? So many questions so few answers.