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Occupy Petaluma to Urge County to Conduct Audit of Foreclosed Properties

Viewed as a way stop foreclosures by highlighting fraudulent activity, including missing signatures and affidavits

 

Vice Mayor Tiffany Renee and members of Occupy Petaluma are meeting with the Sonoma County Recorder-Assessor Tuesday to urge the office to conduct an audit of foreclosed residential properties which they hope will keep local families from losing their homes.

Recently, San Francisco Assessor-Recorder Phil Ting ordered an audit of mortgages of all foreclosed properties in his county. That report, released last week, found that 80 percent of loan applications were missing owners’ signatures or showed that lenders had not contacted borrowers to discuss their options before issuing a notice of default, as required by law.

It also found that information the county recorders’ office had on file differed from what was listed on Mortgage Electronic Registration Systems (MERS) for the majority of the loans reviewed. MERS is a company that maintains a database that tracks the transfer of titles.

Renee said an audit of titles would help provide legal documentation for an ongoing investigation by California Attorney General Kamala Harris into mortgage fraud, and provide more insight into how to tighten loopholes of the industry.

“We want to start that conversation with the assessor and determine if it’s something she can do or would need the Board of Supervisors to give direction on that,” Renee said.

Occupy Petaluma has zeroed in on foreclosures in recent months and worked to set up meetings with local banks to help Petaluma homeowners stay in their homes. Starting last weekend, the group began holding weekly foreclosure vigils at Walnut Park to raise attention to the problem. About 30 people came out to the group’s event on Saturday, according to organizer Tim Nonn.

Related Topics: Foreclosure

Bill Fishman

2:48 pm on Wednesday, February 22, 2012

An audit is a fine way to identify serial abuse by lenders and mortgage service companies; but what will it do to help a person who is 2 months behind and receives a Notice of Default?

If you are facing a possible foreclosure, you need to see lawyer who is an expert in the law that applies to Trust Deeds, home loans, and the foreclosure process -- not an auditor.

Your attorney will look at the facts that relate specifically to YOUR case. She may or may not be involved in the Occupy Movement; but that isn't the point. You need an advocate for YOU.

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