After watching this powerful 60 minutes piece, I think the answer is “yes”. The bottom line is if you are facing foreclosure don’t put your head in the sand – seek counsel from a lawyer.
The problem with mortgage documents is so bad that the head of the FDIC is proposing the creation of billion dollar insurance fund to deal with the fiasco. Forged and illegal documents are such a problem that they pose a significant threat to the broader economy.
If you’re at all involved in real estate litigation or foreclosure click here to watch an excellent 60 minutes piece.
The 60 minutes piece linked to above is shocking. People need to go to jail for this. I’m not sure that if I represented banks in foreclosure proceedings (which I don’t – I defend person’s facing foreclosure and do committee work on foreclosure sales) that I’d feel comfortable bringing actions anymore.