Trulia Boston, Home Buyer in Boston, MA

What is "robo-signing"?

Asked by Trulia Boston, Boston, MA Tue Feb 12, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Thaddeus Kuz…, Agent, Boston, MA
Tue Feb 12, 2013
BEST ANSWER
Robo-signing is when a bank uses employees to sign court documents.
The problem is that these employees just skim over the paperwork and don' t actually know whether or not the person is truly at the proper point to default....which makes it illegal.
A bank is not suppose to foreclose without an employees personally knowing all of the details.
This is why many banks suspended foreclosures at some point.
0 votes
James Furlong, Agent, Brookline, MA
Thu Feb 14, 2013
"Robo-signing", where people are signing documents like robots. The term became popular in the mortgage foreclosure crisis and often referred to circumstances where employees were signing another person's name and that's where it became fraudulent.
0 votes
Mario Pavli, Agent, Boston, MA
Tue Feb 12, 2013
I also agree Thaddeus and the employees do overlook the paperwork in the process.

Best Of Luck
0 votes
Rafael Herna…, Agent, Roslindale, MA
Tue Feb 12, 2013
I agree with the answer below. This has actually caused much controversy in the past and is one of the reasons many feel the market failed.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more