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News Link • Housing

Foreclosure-Gate: 92% of Foreclosures in NY Lack Proper Documents

In a three-month investigation, the New York Post—a tabloid owned by Rupert Murdoch and usually better known for its salacious headlines than its investigative journalism—found that in nearly all of the foreclosure proceedings, “banks have attempted to steamroll their way over sometimes-outgunned homeowners,” booting them out of their homes even if they didn't have proper documentation that gave them the right to do so. The Post went through more than 150 Chapter 13 bankruptcy filings from June of last year, pulled a random sample, and: “...unearthed claims riddled with robosigners, suspicious documents and outrageous fees. And in a stunning 37 out of 40 cases, The Post discovered a broken chain of title from the original lender to the company now making claim against a local family for its home and thousands of dollars in questionable fees.

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