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foreclosure crisis, Jerry Strickland, mortgage moritorium, Nancy Pelosi, Old Republic Nation, Paul D. Carmona, shannon register, texas, texas constitution, Texas Debt Collection Act, Texas Deceptive Trade Practices Act, Texas Government Code, Texas Penal Code, Texas Property Code
Blog, Shannon Register
October 10, 2010
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Since the Texas Attorney General called for a foreclosure freeze I have been getting a lot of calls with questions about what is going to happen in our real estate market. It was already scary with appraisal issues, a flood of distressed properties on the market, interest rates at all time lows, gold at all time highs, tax credits ending, and now this. This is not a normal blog post for me. It is lengthy and I hope you will hang with me because if you have anything to do with short sales or mortgage foreclosures this is all information that you need to know.
Know that Texas is not alone. Other states are taking similar action. Maryland's Governor is supporting a 60 day moratorium on foreclosures there. Delaware is reviewing pending foreclosures and in Massachusetts. The attorney general said her office is investigating "an apparent failure of major creditors to follow state foreclosure law."
So what exactly is going on? First, I want you to know I am getting my information from several sources - The National Assoc. of Realtors, The Texas Association of Realtors, The Associated Press, and the Real Estate Research Center at Texas A&M University.
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