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| State Attempts to Clean Up "Sloppy" Foreclosures |
(IRN)-The Illinois Department of Financial and Professional Regulation is trying to fix what it calls sloppy foreclosures. In an effort to clean up the foreclosure process, IDFPR Secretary Brent Adams has released a 9 point plan.
"Sloppy paperwork creates an unacceptable legal and financial risk for homeowners, successful bidders at foreclosure auctions, subsequent owners of foreclosed properties and the industry," Adams said. Adams adds that sloppy paperwork often reopens a foreclosure that has been closed, leaving communities to deal with vacant homes longer than they should have to. He says most points in the plan are common sense, like making sure all documents are signed before submitting them in court.
The release of the nine expectations of filing foreclosure papers without mistakes is in conjunction with IDFPR's ongoing investigation of 20 loan servicers in Illinois.
The 9 point plan:
■ Those who sign affidavits in connection with a foreclosure shall not use signature stamps.
■ Those signing must make sure that numbers accurately add up.
■ Affiants shall be individuals and not entities.
■ Affiants must have the knowledge to submit an affidavit in court.
■ Lenders must have a process to make sure affidavits are true, accurate and complete.
■ Affidavits must be notarized in compliance with the law, in most cases the affidavit must be executed in the presence of a notary.
■ There must not be any spaces left blank on an affidavit and signatures must be dated by hand.
■ When a signature is not legible, the name printed on the affidavit.
■ Unsigned affidavits must not be filed in court.
(Source: Illinois Radio Network) |
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