I know I missed the following 60 Minutes story originally on how banks lost paperwork that were part of mortgage back securities but I just finished watching it and I can not believe what I just watched. Wow! I’d like to thank Melissa Zavala for sharing this.
If you are considering buying a foreclosure or bank-owned property in Escondido, you should be aware of certain circumstances that could impact your purchase. Recently, on 60 Minutes, there was a not-so-nice report on the mortgage mess throughout the United States. In this report, Scott Pelley shares the problems that the mortgage lenders are having in verifying the validity of the debts both prior to and after the official foreclosure. Because of this, there is trouble verifying that the property is available to sell, since there may not be a clear chain of title.
Check out the 60 Minutes report here:
We have seen many buyers of foreclosures in Escondido who have been stuck in the purchase while they waited for the bank to verify the validity of the debt and confirm with 100% certainty that the subject property could be legally sold. Buyers have to wait and wait while the bank verifies the chain of title—and there is not any guarantee that the chain of title and the validity will be confirmed.
The key to avoiding this situation is to hire a qualified Realtor® experienced with purchasing foreclosures in Escondido in order to represent you and assure that you do not get into an unfortunate situation. As you can see, the 60 Minutes feature story really sheds new light on purchasing a foreclosure in Escondido, San Marcos or just about anywhere in San Diego, Riverside County and throughout the state of California.
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Broadpoint Properties, Inc is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.