Thousands and thousands of foreclosures past, present and future could be in doubt.  In this business, everyone involved in the business needs to learn to dot every "i" and cross every "t".

Published by the Virginia Association of Realtors, The Virginia Buzz is a wonderful source for current real estate information.  An article today caught my attention since it could affect millions of foreclosures past, present and future. 

"Now it appears hundreds of other companies, including mortgage giants Fannie Mae and Freddie Mac, may also be affected because they use Ally to service their loans." 

Oops.

Click here to read the whole story, and keep an eye out. This one may come around again.

                                                 Announcement

 

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.


_______________________________________________________________________________________________________


Want to learn more about Loudoun County, VA? Join Loudoun County, VA on Facebook!

 
Post is included in group: AR Twitter Users
Post is included in group: It's all about them (ThemThem)
Post is included in group: Real Estate Trends

38 Comments on TROUBLE IN FORECLOSURE CITY???

20 Most Recent Comments Displayed Show All

SEP
23
2010
713,225 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

This is scary! GMAC asked their REO agent to get a 30 day extension too.  I hope we can close prior to that...
6:44pm • #19
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Tammy.  Good question. 

Barbara-Jo.  Me too.  Me too.

Donald.  I normally would agree but I believe in this case it's pure incompetence and arrogance.

Evelyn.  Sounds like a ripple.
7:08pm • #20
SEP
24
2010
339,755 Points 9 Featured Posts Called Shot Master

Lenn, thanks for the article! I will go back and click on the link now. I know there are some really strange things happening in this economy with foreclosures. I wish we could get through this a little faster!
9:12pm • #21
232,668 Points 4 Featured Posts Outside Blog Attended Rain Camp

I think that there will be tons of Class actions lawsuits when these foreclosed borrowers realized so many things that went wrong.  I have read of other situations like this. 
9:14pm • #22
SEP
25
2010
978,893 Points 114 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Just because they changed their name, they didn't change much else.  As of 12/09 the US Treasury owned 56.3% of Ally (as of 12/09).  I wish the US would stop buying into these "troubled assets" and then sit on the sidelines.  Oops is right!!
1:28am • #23
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Don.  In this case, it's a functionary who believes that expediency is better than accuracy.

Tere.  I doubt it.  They'll figure out a way to legitimize the foreclosures without causing any damage to the banks.

Carla.  Treasure is proping the industry up by buying the toxic assets which is what TARP was intended to do before they decided to just divy up the money.
5:15am • #24
1,908,364 Points 384 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Lenn, it's almost like they just passed the Real Estate Attorneys' Full Employment Act.  As is often the case, these guys will benefit a lot more than the parties they represent. 

What a mess!
9:20am • #25
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Pat.  I would think that too, except that, the damaged parties are bankrupt, foreclossed or short sold and have no resources.

So, class action is the only way it will happen.
4:21pm • #26
564,533 Points 10 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn ~ this mess is such a domino effect.  Every time one thing gets uncovered, it opens up more questions.  When will it ever stop???
11:37pm • #27
SEP
26
2010
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Dawn.   I believe it will take years to get rid of the effects from the mortgage mess.
5:49am • #28
220,580 Points 2 Featured Posts Localism Sponsor Outside Blog Called Shot Master

http://www.scribd.com/doc/38083565/Foreclosure-Fraud-Letter-From-Rep-Alan-Grayson-Rep-Barney-Frank-And-Rep-Corrine-Brown-to-Fannie-on-Foreclosure-Mills

 

What is up with this- is this for real???? Ugh. It's likely that a refresh will be needed after the link.
8:41pm • #29
SEP
27
2010
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Laurie.  Interesting.  Questions is, what is the Fannie Inspector General doing??  Have Fannie and Freddie fired all of the auditors????
6:06am • #30
1,222,279 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good morning Lenn,

This is fascinating! I agree it will takes years to clear up this financial mess! Due to the limited resourses the only way is for a class action law suit..I'm sure there are attorney's who already have the wheels churning on this one!!
7:06am • #31
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Dorie.  Sadly, housing went down the tube when Fannie/Freddie became a political tool.
7:32am • #32
700,329 Points 39 Featured Posts Outside Blog Called Shot Master

Think Big, Work Small did a short vid on this & I found it fascinating that no one (lenders legal dept) ever READ anything they signed regarding how this all worked.  If it's a legal loophole, then good for homeowners.  They deserve a couple of breaks.
11:13am • #33
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Lyn.  I am a firm believer that it wouldn't have mattered whether or not the consumer read the docs if they didn't know what they were reading. 

 
11:47am • #34
1,343,100 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

This is a never-ending story - sometimes I think we will never crawl out of this mess!
2:04pm • #35
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master
Barbara-Jo. I don't see any relief any time soon.
4:18pm • #36
OCT
02
2010
309,748 Points 28 Featured Posts Outside Blog Called Shot Master

All the more reason for banks to expedite short sales so they can get rid of non-performing loans.
12:31am • #37
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Dave.  I agree.  Their processes for short sales or lack of process is a disgrace. 
6:14am • #38

20 Most Recent Comments Displayed Show All

Login or register to leave a comment
 


Listings

Links

Archives

RSS 2.0 Feed for this blog