“Jeffrey Stephan” foreclosure cases to be dismissed!

“Ally Financial, one of the nation’s largest lenders, said Tuesday that it is withdrawing all of its foreclosures in Maryland that were approved by employee Jeffrey Stephan, the “robo-signer” who admitted he signed off on thousands of files every month with little or no review.”

The use of the word “approved” is perhaps misleading.  It appears that this individual merely executed fraudulent affidavits.  Or rather, affidavits that are not what they purport to be.

In Florida, we have thousands of cases where this individual and others like him signed documents improperly.  A read of the deposition testimony of any one of the numerous “vice-presidents” or “secretaries” (pick a title) of these banks shows that they were employed for the purpose of putting pen to paper, and little or nothing more.  I am curious to see how our Florida Courts continue to treat these cases.  It makes no sense to me why we continue to have thousands of voidable judgments being entered in cases all over the state with the only explanation being that we need to move cases along and clear the docket.  These judgments place a cloud on the title of these properties.  If the properties are not marketable because the title companies refuse to insure them, it is hard to be optimistic about a meaning housing recover any time soon.  These cases must be dismissed and new cases filed not only in Maryland but in all judicial foreclosure states.

Read the entire article here.

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