Robosigning is a fairly new word, but apparently the act has been going on for quite some time.
What, exactly, is robosigning?
Lawyers, banks, and others sign foreclosure papers without looking at them, you know, like robots.
“Brooklyn Supreme Court Justice Arthur M. Schack…said some lawyers appearing before him have admitted to signing documents at a rate of ‘hundreds a week and thousands a month, and the notary wasn’t even in the room,” reports Gothamist.
It’s frightening to think there are somany foreclosures to robosign.
Now, we can’t help but wonder what else is signed robotically.
New York has a plan to slow these scribblers down.” Lawyers in New York must make sure that real people sign documents and thoroughly check homeowners’ financial situations before they try to take away people’s homes,” reports Gothamist.
Lawyers must already check the validity of documents, but these new rules are stricter. New York is the first to implement this anti-robosigning action.
I wonder if it extends to banks and if it will catch on in other area. People should know what they are signing, especially when someone’s home is about to be taken out from under them.
Till next time, Downtown B.
Jen Chung, “NY Lawyers Must Verify Human Signed Foreclosure Papers,” Gothamist