Chicago Relocation

Is “robo-signing” stalling the Chicagoland Foreclosure Market?

October 7, 2010

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If you are dealing with, or interested in, foreclosure property anywhere in Chicago or beyond, please read this article posted in this week’s Chicago Tribune by Mary Ellen Podmolik.  In the article, Podmolik describes the stopping of foreclosure processing in 23 states in an effort to review their systems! One of the major challenges is the bulk processing of documents, called “robo-signing.”

JP Morgan Chase is suspending more than 50,000 foreclosure cases.  Affected borrowers are urged to call the state’s consumer hotline at 866.544.7151. 

This stall could not only affect foreclosures that are “in process,” but slow the process of new filings, as an entire system is examined and overhauled.