SAN FRANCISCO (AP) -- A review of residential mortgage loans that have gone into foreclosure in San Francisco finds that more than 80 percent violated the law in one or more ways.
San Francisco Assessor-Recorder Phil Ting announced that figure on Wednesday. It is based on a study by an outside firm of nearly 400 of the 2,400 foreclosure sales in the city between January 2009 and October 2011.
Among the violations the firm found were missing signatures by the original owners of the loan and lack of affidavits showing lenders had contacted borrowers to discuss their options 30 days before a mortgage default notice was filed.
Ting said while many of the errors were technical and related to paperwork, they show that the state needs to change its real estate regulations.
Ting ordered the review after receiving complaints about mortgage documents.