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Major Lending Institutions Halting Foreclosure in 23 States

Reblogger Ross Domke
Real Estate Broker/Owner with Real Living Real Estate Professionals

Great article on the ongoing lending fiasco .. Easy to understand and useful in explaining to your clients and fellow agents. Shows that we still have a way to go in the clearing out of all the distressed properties.

Original content by Melissa Zavala Cal BRE #01324959

Major Lending Institutions Halting Foreclosure in 23 States

23 States Halting ForeclosuresWhenever there’s trouble brewing, I always think of the song from The Music Man called “Ya Got Trouble.” Of course, the trouble described in the play (and in the film) has to do with billiards corrupting the youth of America. The trouble brewing right now in 23 states across the United States has to do with foreclosures and “robo-signers” approving foreclosures without verifying their validity.

The OCC (Office of the Comptroller of the Currency) announced that they had contacted a total of seven servicers after GMAC and JP Morgan Chase announced a halt on foreclosures in judicial states where filings might contain erroneous paperwork and preparers may have broken the law in their haste to work through large volumes of cases.

The seven mortgage servicers who have been singled out are (in no particular order): GMAC, JP Morgan Chase, Bank of America, Citibank, PNC, Bank, HSBC, Wells Fargo, and U.S. Bank.

This trouble that has been brewing for a while affects states that use judicial foreclosure. So, if you are not sure whether your state uses judicial or non-judicial foreclosure, now might be a good time to find out.

There have been a lot of interesting things going on in the real estate industry over the last few days. Liked this post? Here are a few posts that contain the latest news:

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Broker, Realtor®
DRE #01324959
Broadpoint Properties, Inc
San Diego County Short Sale Specialists
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Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Thanks for reblogging my post. This is an intriguing story which I am following this week. I accidentally left some html coding in the post that got reblogged; I'm so sorry. Maybe you could go in and delete it--if you want to.

Oct 04, 2010 02:29 PM