Real estate in Houston has received some great news. Texas Attorney General Greg Abbott has written a letter to more than two dozen lenders asking for a temporary halt on foreclosures in Texas until the practices of the lenders can be evaluated to make sure the proper procedure was followed. Allegations of documents signed without proper review, refusal to allow proper time for homeowners to redeem their status, homes sold with valid contracts and other allegations led to this request. While the letters were written, it will take a court order to enforce this demand. Hopefully, the lenders that received this notice will follow lenders in over 24 other states that have halted foreclosures until their procedures have been verified. To read the letter sent to the lenders, please view it at http://www.oag.state.tx.us/newspubs/releases/2010/100510_sample_bank.pdf
If this temporary cessation of foreclosures takes place, it could have a mostly positive effect on real estate in Houston. This would slow the tide of foreclosures that enter the market thus helping preserve prices, home values and the look of many communities. Most important, it will give some well needed time for homeowners facing foreclosure to keep their homes.
Below is a list of lenders that received the request from the Attorney General:
American Home Mortgage Servicing, Inc.
American General Finance, Inc.
AmTrust Mortgage Corporation
Aurora Loan Servicec, Inc.
Bank of America
Carrington Mortgage Services, LLC
Cenlar, FSB
JP Morgan Chase & Co.
CitiMortgage, Inc.
EMC Mortgage Corporation
First Horizon National Corp.
Ally Financial, Inc./GMAC
Home Loan Services
HomEq Servicing, Inc.
HSBC North America Holdings, Inc.
Litton Loan Servicing, Inc.
MGC Mortgage, Inc.
Midland Mortgage Company
MorEquity, Inc.
National City Mortgage c/o PNC Financial Services Group, Inc.
Nationstar Mortgage Company
Ocwen Loan Servicing, LLC
OneWest Bank Group LLC
PHH Mortgage Services Corporation
Saxon Mortgage Services, Inc.
Select Portfolio Servicing, Inc.
Vanderbilt Mortgage and Finance, Inc.
Washington Mutual
Wells Fargo & Company
Wilshire Credit Corporation
Paul Silverman is one of more than 50,000 members of the Real Estate Buyer's Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer Representative (ABR®) designation. As the world's largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is "The Voice for Buyer Representation," with more than 50,000 active real estate professional members of the organization throughout the world.
To find out how Paul Silverman can help find your new home in Houston, please visit http://www.ourfirstnest.com or http://www.newhomeshouston.org
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