Will New Thumbprint Law Really Prevent Mortgage Fraud?
Categories: Mortgage Fraud - Foreclosure,In the News,Legislation Updates,Consumer Fraud
The Chicago Sun-Times reported last week that a new law will require Cook County home sellers to submit a thumbprint, along with standard identity documentation, to a notary public beginning June 1. The law is designed to deter fraudulent transactions which frequently involve a forged signature.
As a law firm that has handled numerous mortgage fraud cases, representing individuals whose signatures were forged on various real estate transactions, we applaud the intent of the law, but wonder why this state law is limited only to Cook County transactions.
Furthermore, many cases of mortgage fraud involve a change in the recipient of proceeds from a sale. What is to prevent the criminals from obtaining a thumbprint for a legitimate document, and then scanning a placing that thumbprint onto a forged document? The notary, as well as brokers, inspectors and attorneys may be part of the criminal team.
In our experience, many cases of mortgage fraud involve sellers for whom English is not their native language. In fact, two large cases we are handling involve more than 50 non-native speakers among two ethnic groups. Documents are not explained in their native language and they are duped into signing papers they do not understand. Requiring a thumbprint only will verify that the seller had interaction with those perpetrating the fraud, not that they understood what was being authorized, making it more difficult to extract the victims from among the criminals in these cases.
Mortgage fraud is among the few “growing businesses” in our current economy. It warrants both the warning “buyer beware” and, now, “seller beware.” Before entering into any real estate transaction, or any major financial transaction, be sure you know who you’re dealing with. If you are approached to participate in a real estate deal or to sell your home, even if is by someone you know, recognize this as a warning sign! Criminals often target communities, bringing one member of the community into the fold to either knowingly or unknowingly recruit others.
If you believe you are a victim of mortgage fraud, contact our firm to learn more about your rights.
I am single and 62-years old. I am in the midst of an on-going (since April 2008)foreclosure. All of the mortgage "certified copies" presented to me by the lender have my signature that has been forged and notarized. I was deposed on March 19, 2009 by the title company and ALL of the documents presented to me as "exhibits" also contained my "forged and notarized" signature. The property is located in Ocala, Marion County, Florida. I presently live in Homestead, Miami-Dade County, Florida.
An attorney friend of mine has been assisting me in this matter. He has said, "regardless of the forgeries, you did receive monies to purchase the home." Due to Florida being a "recourse" State, he believes the best course of action is to "hope" that a deficiency judgment is not entered against me by the lender.
My opinion differs. I believe, because the lender does not have ANY legally binding documents with MY signature, the entire mortgage should be null and void. I do not know, nor can the lender prove, that the forged documents do indeed contain the original terms of the mortgage.
Do you feel that I have any recourse?
In conclusion, as I vacated this property more than a year ago, it continues to slip into disrepair and has become a blight to the neighborhood. I do not wish to move back into the property. However, I do feel that I deserve some compensation from the lender.
I would appreciate your thoughts on this matter and any course of action that should be taken.
Sincerely,
Brenda Grady
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Ms. Grady, There may be other options. Please contact our firm directly. You can find contact information at our primary Website, www.jpmlaw.net.
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I hope the new law would really enhance and solve the mortgage fraud that happening..
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wasnt this new law also being pushed through in japan?
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no one really knows if this thing works\
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