Florida Foreclosure Mess in Orlando
I have always advocated for the buyer to pay for and choose their Florida Title Company rather than go along with the sellers or listing agents “Affiliated” Title Company. The buyer choosing the Title Company is a practice discouraged by listing agents and one that I have been encouraging for years…it just makes sense that for a purchase this important, a buyer needs to have a qualified and competent title agent to scrutinize their title work. It is my experience that shoddy work among title companies is a much-too-common practice. Not that hiring your own title company now, will fix the current Florida Foreclosure mess, but it will help eliminate future problems.
Floridians mistakenly believe that title companies must somehow be competent…not a chance…they are only as good as the person running the title game “Robo-signers” …and the game is being played by whoever can forge the signature the best and sign the fastest.
The Florida Attorney General has begun investigations into the 4 largest “Florida Title Mills” that churn 80% of Florida’s Foreclosures…in Florida, about 1/3 of all sales are foreclosures… Per a paralegal that was deposed, one Florida Title Mill grew from 200 employees to 1,100…IN LESS THAN ONE YEAR…thats a huge payroll to support. Not only are the “Big 4” accused of signing 18,000 documents a week without reading them, they are also accused of submitting fraudulent document to the courts.
A study of foreclosure court documents by Richard Kessler, an attorney in Sarasota, Florida found errors such as missing or improperly handled documents in about three-fourths of the cases. The mistakes may allow former owners and other claimants to contest the legality of pending and previously completed foreclosures.
I am sure that eventually all of this Florida Foreclosure mess will be cleaned up. Hopefully Home buyers will become more aware that dishonest and shoddy title work is prevelant and they do have to the legal right to choose their own Title Company.