The sub-servicers of the mortgage industry are in the business of foreclosure, not loan workouts; in case you were wondering. GMAC has dressed up in sheep’s clothing by changing its name to Ally Bank; owned by GMAC, LLC. Now, GMAC has even California Attorney General Jerry Brown halting their foreclosures after a deposition of one of GMAC’s employees was leaked to the press. So what’s all the fuss about?
GMAC Mortgage is only one of the many loan servicers nationwide, including J.P. Chase, and Bank of America among others to have banks of employees with alleged limited signing authority as Vice Presidents, Assistant Secretaries of Mortgage Electronic Registration Systems, Inc. that assigned your deed of trust in order to correct the record after your home has been foreclosed. We call them “Robo-Signers” because that’s all they do all day long is sign documents they have no idea as to what the documents are or the consequences of their actions.
How does knowing all this help the homeowner who hasn’t yet lost their American Dream? Have your loan documents reviewed by an attorney who understands the securitization process and whether your home is worth fighting for and whether you can afford to keep it. You need to do this before the home is foreclosed; before any sale date is set. Consider filing under Chapter 13 and dispute the ownership of the Note and the accounting, if your mortgage has been securitized.