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robosigning: Increase In Short Sales Give Housing Market Breathing Room - 01/03/12 06:03 PM
Short sales up, foreclosures down. That's because in many cases a short sale may be the lesser of two evils for banks and homeowners versus a foreclosure. It's a tarnished silver lining for people at risk of losing their houses and homeowners in neighborhoods blighted by bank-owned properties, but the robo-signing scandal that slowed the foreclosure process to a crawl appears to have increased lender interest in short sales.
Foreclosure sales are pretty devastating," said Faith Schwartz, executive director of Hope Now, a resource for homeowners facing foreclosure. "We'd much prefer a modification, but if homeowners don't quality, then the next best … (1 comments)
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robosigning: Why Foreclosures Take So Long - 08/22/11 04:49 PM
One of the reasons banks favor short sales over foreclosures is that lenders are taking too long to repossess a home.
According to RealtyTrac, a firm that monitors the foreclosure market, homes in the U.S. spent an average of 318 days in some stage of foreclosure before a bank formally regained ownership during the second quarter of 2011. This marks an increase over last year when foreclosures were processed on average in 277 days.
To put this in context, RealtyTrac's data from the second quarter of 2007—the year preceding the housing crisis—indicate that back then, a foreclosure was completed 154 days … (3 comments)
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robosigning: Top Financial Institutions Stop Home Foreclosures - 10/07/10 07:06 AM
Foreclosures has been on the rise as thousands of homeowners were being evicted from their home due to various financial difficulties. However, numerous top banks have stopped foreclosures in some states due to questionable foreclosure practices that have been implemented and may have been in error.
Financial institutions like J.P. Morgan Chase, GMAC Mortgage, and Bank of America are delaying foreclosures because questions have been raised as to whether thousands of foreclosure documents were properly submitted and homes were justly foreclosed upon. This situation has caused Fannie Mae and Freddie Mac to set forth instructions to review the … (3 comments)
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