A foreclosures expert says that the national investigation into the robo-signing scandal, in which lenders blazed through thousands of foreclosure filings without reading them, is so far not yielding any results that would give people their homes back.
Rick Sharga, CEO of RealtyTrac, a foreclosure tracking firm, said the investigation by state attorneys general will likely result in fines against mortgage servicers and even some criminal prosecution. But the bottom line for homeowners who have lost their homes is the same.
“We’ve seen very little fallout in the way of forseclosures … being overturned,” Sharga said. “There’s not a single case where a home that has already sold has been overturned.”
The 50 states and the District are participating in the investigation into illegally filed foreclosures.
