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(English) The New Foreclosure Mess: What It Means To You

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11 comentarios
  1. Josette Skilling
    Josette Skilling Dice:

    Good article. What a mess. I’m wondering how far reaching this will be in terms of title issues since MERS is at the heart of the problem with its electronic transfers. My mortgage is current, I’m fine but I’ve refinanced over the years and surely my note was sold along the way. If MERS was involved in that transaction how is title in my property any more secure than the paperwork trail they find necessary to create in the bank owned properties.

    If so, then this becomes a broader title issue

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  2. Patricia Teresak
    Patricia Teresak Dice:

    October 2010— Can you beleive this is October in the year 2010 and we have this situation! Foreclosure!!! Many feel how did these people get into this mess. Were they not smarter than to take an ajustable rate, were the banks not advising them, they could not ,maybe meet the ajusted rate in 3 or 5 years. Was it a combination of all things— as it is usually the way of it. Well, if the family with the ajustable rate was making their payments and current till the time of the of the reajustment– why not give them the opportunity to keep making those payments, keeping taxes and insurance in place– maintaning their home– shopping in the same neighboroods buying gas at the same place, etc. Extend the 30 year mortgage to a 40 year fixed they can afford. The banks are not in the real estate business, the paper work and over time goes away. AND the family stays in their home. Please get back to me with your thoughts

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  3. Lynn Fairfield
    Lynn Fairfield Dice:

    I have 2 buyers who are now in limbo as they have purchased a foreclosure (Illinois is a judicial foreclosure state) and now will have no place to live. Their mortgage will have to be redone, In one case they have to move twice, Who pays for that?
    I am sure the banks will not but it puts a lot of folks in a bind. AS well there will be new appraisals by the lender if these mortgage locks for the buyers expire.. What about that? I have had a foreclosure not appraise believe it or not..

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  4. Debbie Ferrero, Broker - Henry Homes and More, Inc.
    Debbie Ferrero, Broker - Henry Homes and More, Inc. Dice:

    I second that! I am in Georgia, a non-juditial state, so I an anxious to see what happens. I also have a pending sale with BOA set to close by 12/6/10. I feel because we are a non-juditial state, this lapse in foreclosures might be a benefit to those “retail” sales who have to move and do not want or can’t short sale as they need to buy another house. On another note, could you explain the new loan modification legislation passed last week? I can hardly make heads or tails of it and someone called me regarding it.
    Debbie Ferrero, Broker
    Henry Homes and More, Inc.
    Stockbridge, GA

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  5. Smoky Realtor
    Smoky Realtor Dice:

    I have two concerns:
    1. How do we continue to get the market moving again with frozen foreclosures.
    2. If regular home prces continue to go down to compete with foreclosure prices. Can America recover? I do not see this happening unless the foreclosure market is slowed down and buyers begin purchasing homes at average retail prices. After all, the only homes that should be sold as a short sale should be the homes that were over priced to start with or investment properties that were purchased at inflated prices. Homes that were sold at true market value should still be sold at market value even though they are foreclosures. This would have kept our economy more stabilzed.

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  6. David Slack
    David Slack Dice:

    Also in Illinois…and I just had a seller lose their home to, you guessed it… B of A. We had a signed, sealed and ready to be delivered (buyer, seller, even the bank and investor, Fannie Mae) cash offer on a home, that was squashed by a last minute request for an additional $20,000 from the mortgage insurance carrier. We were baffled as to where that was going to come from. So what’s the status of that property now…the sale still doesn’t have judicial approval and hardly seems like it will get it anytime soon. Instead of a solid deal that would have closed in July, a nonsensical 11th hour demand has cost everyone involved dearly, and left another slowly decaying house in the middle of a neighborhood of started homes. And these reports don’t create an encouraging picture going forward.

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  1. […] friend Steve Harney that includes some great insight into the mortgage foreclosure situation. Just click on this link and you can drill down to get all of the details you can stand regarding this issue. The bottom […]

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