Banks Halting Foreclosure in Gilbert, AZ

Real Estate Agent with Keller Williams Integrity First Realty

Banks Halting Foreclosure in Gilbert, AZ? Everyone is talking about the news from the big banks that they will halt all foreclosure activity while they review their internal procedures.

This is not the first time something like this has happened. Big banks did the same thing about two years ago when they put a moratorium on foreclosures during the holiday season of 2008. The moratorium did produce a temporary slowdown in the number of Bank Owned Homes in Gilbert, AZ hitting the market; although the number of homes sold did not significantly decrease!

As for our team, it's business as usual and we are staying focused on the silver lining! In spite of the recent announcement that loan servicers will not be postponing trustee's sale dates during short sale negotiations, we believe they will be postponing them regardless, in light of the recent news about foreclosures being halted. That will be great news for both the sellers and buyers of short sales! Therefore, on ward we go in our efforts to assist as many homeowners and buyers trying to purchase Gilbert, AZ Real Estate. Where there's a will, there's a way, and there is a way!

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Comments (2)

Patti Ann Kasper
Blaine & North Metro Minneapolis St Paul Real Esta

Thanks for the information. And althought Minnesota is not one of the 23 judicial foreclosure states, we will be impacted by the "extended review" of all Bank of America foreclosures in all 50 states. For information on how this affects Minnesota, check out my newest blog post: MERS: Who moved my mortgage? Foreclosures halted in 23 states.

Oct 12, 2010 03:02 AM
Cindy Flowers
Keller Williams Integrity First Realty - Gilbert, AZ

Hi Patti - what's the latest in your market now?  We have not noticed a significant change in bank procedures on either our short sales or our REO's.  Of course, the latest report out shows we are #2 in the nation for homes underwater with 50% of all our homes worth less than is owed on them.  Only Vegas is in worse shape than the Phoenix area.  Take care!

Nov 07, 2010 05:44 PM