New Foreclosure Mess Could Last for Years

A lot of Investigations and Lawsuits will Follow Paperwork Mess.

Several companies were using robo-signers, so now some Banks have delayed the foreclosure process for some homeowners. The sale of Bank Owned properties has also been delayed. These banks include Bank of America, JP Morgan Chase and Ally's GMAC.

A GMAC employee said in a deposition in December 2009, that his team of 13 people signed about 10,000 documents a month without verifying accuracy. That's just one team for one bank.

The lawsuits that have been brought on by homeowners claim that lenders used falsified documents to foreclose on homes. In some cases the banks didn't even hold title to the property.

This is just the beginning of a very big mess. Stay Tuned