Republican Gains May Mean Homeowner Losses.

I am back again as I promised! I wanted to alert you to an issue that I am very concerned about. I am afraid that the new Republican congress will be so friendly to banks that more homeowners than ever before will lose their homes.
Two weeks ago, we in the industry were worried about a bill that made it quietly through congress to the President’s desk that would have allowed banks to use all the bogus signature validations (robo signing)they had as proof in foreclosure cases. Homeowners would be affected because banks would be able to lie about signatures and authorizations but still use these as evidence in court.
This would have turned around many laws that protect you against predatory practices from lenders now. It would also have changed the burden of proof over to the defendant foreclosure victim. These laws now are commonly known by the terms, Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act of 1968 (TILA). There are also other more obscure federal laws and state laws that would be subverted by this.
While each of the political parties share responsibility for this act, it is the Republican Party that is generally more business friendly. They also have successfully been stopping any legislation that they didn’t like. We have seen over the last two years, whenever a single Republican Senator doesn’t like a bill, they stop it cold. This is an indication that ALL Republican Senators agree and since the bill’s sponsor was a Republican Representative, we may presume that this is a Republican idea.
Regardless of what side of the aisle you walk, I urge you to contact your elected officials and tell them what you think about this issue.  If you want a lot more information on buying and selling, you can leave a reply or look me up on Facebook and become a fan.  You may also contact me via my website