SG again..........Invasive Tactic in Foreclosures Draws Scrutiny - REO Property Preservation Forum
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post #1 of 37 (permalink) Old 09-10-2013, 12:40 PM Thread Starter
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SG again..........Invasive Tactic in Foreclosures Draws Scrutiny

Barry Tatum returned to his home in Chicago in December to find that his front and back doors had been torn from their hinges, leaving his possessions exposed to the frigid winds that whipped through his neighborhood.
Terrified that he had been robbed, Mr. Tatum, who had fallen behind on his Bank of America mortgage, raced inside only to discover an unlikely source of the break-in, he said: a subcontractor for a property management firm hired by the bank. A letter from the subcontractor informed Mr. Tatum that the bank had the right to enter and secure the property, according to a copy reviewed by The New York Times.



“It’s the most depressing thing,” said Mr. Tatum, who ultimately got the management firm, Safeguard Properties, to replace the doors.






http://dealbook.nytimes.com/2013/09/...tiny/?hp&_r=1&

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post #2 of 37 (permalink) Old 09-10-2013, 01:59 PM
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I think for some of these clowns signs of occupancy and signs of loot must be the same thing?
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post #3 of 37 (permalink) Old 09-10-2013, 08:02 PM
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I published about how SGP LPS and 5Bro...all have lawsuits and other types of litigation against them...
Gotta wonder if this part of the banks dirty little mortgage secret is "To Big to Fail"....

This has to be the ballseist statement...

Diane R. Fusco, a spokeswoman for Safeguard, said that the company had not received the lawsuit.....I call BS...
Safeguard, she said, follows a rigorous system to determine whether a property is vacant before starting any work. “We adhere to the highest standards in the industry and are proud of our record of quality,” she said, adding that the firm takes errors seriously.

@Safeguard's Diane R. Fusco....Seriously??? You can not be serious...

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post #4 of 37 (permalink) Old 09-10-2013, 08:50 PM
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I know firsthand how they handle issues like the above story, and it is how you think.
I also know that if I ran a national and could turn every legal claim against me into my subs insurance, I could still continue to boast about how ethical and by the book I run my company.
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post #5 of 37 (permalink) Old 09-10-2013, 11:54 PM
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In retrospect, what I feel has been the most injurious in having been transitioned (read: SOLD) from BoA to SGP has not been the fact that BoA pared me off, it's that my reputation instantly became sullied from guilt by association by being in SGP's employ.

If I had complete control and made a conscious, duress-free, choice to accept their offer I'd accept the consequences. However, having a family that counts on me and not being able to just become unemployed on short notice, they had me over a barrel and they knew it. They used that duress to maximum advantage. I'm sure it's not an unfamiliar scenario to plenty of vendors that have accepted their work.

Fortunately I was able to leave and I'm proud to have left. I'm a survivor. Everyday is better than the one before, the reputation is recovering, and everyday I look smarter as the ship continues to sink. I worry for those (select ex-coworkers and vendors) still on board when it finally goes under.
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post #6 of 37 (permalink) Old 09-11-2013, 12:20 AM
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My favorite: "Safeguard, Ms. Fusco said, closely monitors its contractors and takes “corrective action if we find that policies have been violated.”"

Translation: "We rolled out a new memo to the vendor network and instituted some new P&Ps that the VPAs and field QC will hold vendors accountable to, so I'm pretty sure our is covered..."
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post #7 of 37 (permalink) Old 09-11-2013, 05:44 AM Thread Starter
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Quote:
Originally Posted by notanymore View Post
My favorite: "Safeguard, Ms. Fusco said, closely monitors its contractors and takes “corrective action if we find that policies have been violated.”"



Official spokespersons sure told a number of whoppers in that article.

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post #8 of 37 (permalink) Old 09-11-2013, 04:26 PM Thread Starter
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SG's official retort.





Quote:
We are sharing this communication that Safeguard issued on Monday regarding a lawsuit filed against Safeguard Properties by the Illinois Attorney General to provide our perspective to the industry.
Yesterday afternoon, we received a call from a New York Times reporter requesting comment on a lawsuit that was expected to be filed later in the day against Safeguard Properties by the Illinois Attorney General. At the end of the day Monday, we were able to obtain a copy of that lawsuit. Last evening, the attached article was posted by the Times: http://dealbook.nytimes.com/2013/09/09/invasive-tactic-in-foreclosures-draws-scrutiny/?_r=0
Please be assured that Safeguard will vigorously defend against this lawsuit, as this is an industry-wide issue, at the center of which is the very challenging public misunderstanding about a mortgage company's right to protect a property believed to be vacant prior to the foreclosure sale. In defending this lawsuit, we plan to raise awareness about both the important role of the mortgage industry to protect and preserve properties, and the challenges of doing so. We all know that the mortgage industry is "between a rock and a hard place" when it comes to protecting and preserving vacant properties, particularly in pre-sale status. Defaulted borrowers and plaintiff's attorneys challenge the right of a servicer to enter a property pre-foreclosure, while cities across the country levy stiff penalties against mortgage companies for failure to do so.

The New York Times article and the Illinois AG lawsuit reflect the common misperceptions of the public with regard to securing vacant properties. As a matter of policy and following industry best practices, we adhere to a rigorous procedure of checks and balances to verify occupancy prior to securing a vacant property. For example, at least two sets of eyes verify a property's vacancy status. The inspector reporting a property vacancy is different from the contractor who performs the securing and lock change.

It is also important to emphasize that we recognize the need to be vigilant to deliver the highest quality and most professional services on your behalf. As you are aware, we participate in thorough and regular audits to assure that our policies and procedures adhere to all regulatory requirements and the internal requirements of our clients.

Additionally, we have made a significant investment in industry-leading mobile technologies for our inspectors and contractors to improve the accuracy and quality of the services they perform. We require background checks of all contractors and crews, carefully monitor the performance of our inspectors, and take immediate corrective action if policies are violated. We closely monitor all of our processes to continuously improve quality. We take instances of error, damage and loss seriously and not only work to correct and resolve those issues with homeowners, but fully investigate the matter internally to identify and address the root cause.

We will keep you advised on this matter as appropriate, and welcome any questions you have. Please be assured that Safeguard will continue to work in your best interests to keep your properties safe and secure.

Sincerely,

Alan

Alan Jaffa
CEO
Safeguard Properties

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Last edited by BPWY; 09-11-2013 at 04:46 PM.
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post #9 of 37 (permalink) Old 09-11-2013, 07:23 PM
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That's not bad. He admits it happens and says they are working to resolve it. I think this is a policy shift on Safeguards part. Usually they ignore all bad publicity.
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post #10 of 37 (permalink) Old 09-11-2013, 07:59 PM
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A policy shift? I think they passed out warm blankets, clean clothes and hot meals to all the prisoners before the reporters arrive.
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