Wobbly Signatures Put Title deed Insurance Companies in Trouble

Wobbly Signatures Put Title deed Insurance Companies in Trouble

The vice president of Preferred Title Group Inc. of Baltimore, Charlene Perry’s work focuses on title deed work related to foreclosures. Perry said that the issue of forged signatures presents a “huge problem” as it could return from the grave to haunt a house owner who had later bought the house if a challenge is thrown. Most of the property buyers opt for title insurance but that does not resolve the matter – the insurer would now have to fund the legal defense.

She said, “I don’t think the consumer at the end of the day is going to lose. But they’re going to lose sleep. They’re going to be on pins and needles – ‘Do I own my home?’”. Perry has been engaged in her work for over quarter of a century.

The financial outcome from these foreclosure illegalities in Maryland as well across the entire country would make the insurance companies dealing with property titles nervous. Perry has herself seen many variations in the signature of supposedly one person. She is apprehensive that her industry “is going to take a huge hit in terms of claims”.

In fall last year the doubts about the legalities of the documents in foreclosures came to the forefront. Till then many housing advocates had been protesting but none had given it due notice. It was the admission of robo-signings that made everybody sit up. In Maryland two mega legal firms’ employees admitted that the signatures did not belong to them. This admittance was followed by two important servicers dropping foreclosure related cases in Maryland.

The court system in 2010 October passed certain emergency rules to eradicate on one hand the irregular practices and on the other empower the judges to haul the offenders to court demanding an explanation if the signatures were awry.

A complaint was filed against Shapiro & Burson by Jose Portillo (42 years) a resident of Fairfax. A notary he had worked as a paralegal for the company for about three years. He decided to file allegations against his previous employer after he and nearly ten of his peers were given the boot last February. He contacted the Civil Justice to provide information that he considered would be helpful in the investigations being carried out.

In the affidavit he submitted, Portillo stated that in his department three fourths of the deeds were handled dubiously. An attorney not in the employment of the firm came to the office to sign deeds in the name of a lawyer.

Karen Anne, has been working on foreclosure1.com studying the foreclosures market, helping buyers on the finer points of foreclosures for sale. Try to visit foreclosure1.com and begin your foreclosure search.

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