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2011: A Year of foreclosure, Strategic Defaults and Much More
2011: A Year of Foreclosure, Strategic Defaults and Much More
Okay, so I was reading this article on the HousingWire.  Here is a quote from the first paragraph, "RealtyTrac is calling 2011 the year of foreclosure litigation, strategic default, failing foreclosure law firms and shadow inventory."  Kind of interesting, if you ask me.  Foreclosure litigation... who would have ever thought!
I mean, really, if you get foreclosed on, it's for a good reason like you didn't keep up your end of the contract, right?  But with banks failing right and left and other loans being sold and transferred (and not properly, I might add) without signatures or other processes, there have been many mistakes made.  One that comes to mind is the neglect of the banks to transfer all loans into their own names - Countrywide to Bank of America comes to mind. Those deeds never were re-recorded, so does that make them invalid?  Some courts say yes and others say no.
Let's take strategic default.  Some would say that the house the own has a loan that is much higher than what the property itself is worth now.  For some of those folks, they have chosen not to make their payments to get out ... more

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