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Sally English's Blog

By Sally English | Agent in 30345

Atlanta Robo-Signing Firm Files for Bankruptcy

The Atlanta Journal and Constitution is reporting that grieves Holdings, a Mccalla Raymer law firm spinoff is filing for Bancruptcy protection iunder Chapter 11 of the code.  This was the infamous "ROBO-SIGNING" firm that tormented so many homeowners who lost their homes in foreclosure.

After so many of the homeowners I represented in the foreclosure process lost their homes in what I thought was some rather unethical business practices, it grieves me not one bit to see this group liquidated.

I wonder if these homeowners will ever get the justice they deserved as Foreclosure laws were at a minimum "bent" to meet the expedited business needs of large lenders and investors.

"A Sandy Springs company that processes foreclosure paperwork has filed for bankruptcy and plans to sell its businesses.

Prommis Holdings, which spun off from the Atlanta real estate law firm McCalla Raymer in 2006, restructured outside of bankruptcy in mid-2012. Citing regulatory scrutiny of mortgage companies’ foreclosure practices and customer disputes, Prommis filed for Chapter 11 bankruptcy protection Monday in Delaware, along with 10 affiliates. Three related businesses did not file and will try to sell on their own.  The company owes creditors nearly $74 million, and listed assets between $10 million and $50 million. Major creditors include several law firms with which Prommis did business."

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