Robo-signer speaks out
Recent blog posts, have addressed the foreclosure chaos going on resulting from allegations of "robo-signing" surfacing among several large lending firms. Former Bank of America employee, Tam Doan, is speaking out on these allegations. He says he was a former "robo-signer" in southern California. He claims he signed thousands of documents a day without reading the content within those documents; specifically that his unit was responsible for pre-foreclosure procedure and his branch could not move forward with the foreclosure process until those documents were signed. Doan claims that there was not enough time in the day to review each document and that it was company policy to sign these documents depsite not reading them.
These documents were, he said, basically an affirmation that BOA had done everything it could do to help the borrower keep the home and prevent foreclosure. Doan had no idea whether BOA had done everything it could possibly do - he just signed whatever came to his desk.
However, Doan stated that he didn't "robo-sign" all documents that came across his desk. He carefully reviewed and set appraisal values on homes going into foreclosure. He claims that he would set the values at 100% of the debt owed if he did not see proper certification documents in which he was asked to "robo-sign." Allegedly, company policy mandated that he set the values at 85% and Doan was fired for doing this and is now "spilling the beans" on BOA business practices. He claims he feels a level of guilt and responsibility in contributing to the foreclosure crisis and knows that he helped cause a lot of people to lose their homes. To learn more about the article, visit I was a robo-signer.
If you are in the Jacksonville, Florida area and have any questions about foreclosures, please contact Wood, Atter & Wolf, P.A. to set up a consultation.
