Saturday, December 11, 2010

Its a bird, its a plane,...its a flying horse with some help?

Growing up, I enjoyed Greek mythology.  The monsters, the gods, the heros, it was all very exciting and when it came to pegasus, who didn't want a horse that could fly so you could get away from the nightmare we all called puberty?  Well, Pegasus may be making a new landing soon for lenders and carrying them away from the nightmare life of robosigning.  I said this blog would be of practical use, and this time I am including this as a practical use item for the lenders and their attorneys that will be reading this because I am suing them.  Happy Holidays.

In a recent post from Housing Wire, Pegasystems has launched a new product that will help banks not screw up the foreclosure process.  The biggest problem with foreclosure, is that it is a law, and most people like it when you follow the law.  I know its like a total bummer.  The banks have been doing 75 mph down the freeway and its time they realized its a 20mph school zone.

The software is supposedly designed to help the lender through the pre-default stages in identifying defaulting loans and ensure the process is as efficient and trouble free for the bank as possible (read the preceding as cheap and fast).  The principal for the company was quoted as saying, "Pega’s new pre-foreclosure solution vastly improves the visibility, certainty and efficiency of the overall process and provides unmatched quality controls and integrity.  Servicers can sleep better at night knowing that their documentation is error-free."(emphasis added).

That better night sleep is so important, especially when you have attorneys sitting at the edges of your banker dreams with Jason masks and machetes.  I have to say, with the number of mistakes that have walked through my door, and the foreclosures that I have started over because of errors, this process is a nightmare for the bankers.

Last week, one of my clients, who had a Notice of Default that had significant errors in it, received a new Notice of Default after a letter I sent to the bank and trustee caused the trustee to revise and reissue.  The first NOD had Trustee's fees of just over $1000, the new NOD included over $4000 in fees, mostly due to my letter.  If every mistake were to only cost the banks $3000, the losses would be astronomical.  The funny thing is, the newly issued NOD still isn't 100% accurate.  Maybe I will sign the new letter Jason.

So, if the banks would like to escape some of these nightmares, I would recommend them spending some cash  and flying away on Pegasystems if it will help them conform to state law.  Because if they don't get Pegasus to help them, I am more than willing to help them find out what the law says and how they screwed it up!

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