Special offer

What Should Be Done With Foreclosures?

By
Real Estate Agent with Dave Edwards Realty

This was an interesting article about how to "rescue" properties in foreclosure - push the foreclosures through or try to work with the current owner:

"...While some of the 2.2 million loans in foreclosure can still be saved, many are too far gone, they say. Some 37% have not made a payment in more than two years, while another 34% have not made a payment in 12 to 23 months, according to Lender Processing Services...

Lawler is not the first to warn about the consequences of slowing the foreclosure process. Since the housing crisis began, several experts cautioned that foreclosure prevention efforts may only prolong the pain.

Accelerating foreclosures is tricky, however, especially since it is largely the purview of the states. But the administration could work with state officials to speed the process, especially on vacant homes, he said.

The push would come at a time when many mortgage servicers have slowed foreclosure efforts as they resolve shoddy paperwork practices. Foreclosure filings in July dropped to their lowest level since November 2007, due to processing delays and foreclosure prevention measures, according to RealtyTrac."

Continue reading

###

Dave Edwards Realty exists to provide real estate services to the Greenville area at an affordable fee. Services may include buying or selling a home, consulting, teaching classes, expert witness, remodeling research, home building research, real estate planning, and more. Dave Edwards is a professional Greenville, SC Realtor and an Accredited Consultant in Real Estate (ACRE).

Market data is based on GGAR and CRS data.

Bill Blankenship
Lisa Von Domek & Associates, LLC / Real Living Real Estate Group - Midlothian, TX

Good morning Dave,

Washington needs to stop "fixing" the housing market and leave it alone...it will self correct, and is only continuing to decline because of the meddling.

Aug 31, 2011 01:53 AM
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

yes they look so nice but Foreclosures are such tough on to stomach.

Aug 31, 2011 06:51 PM
Dave Edwards
Dave Edwards Realty - Greenville, SC

Lisa I do agree that they are making things worse.

Sep 01, 2011 01:40 AM