Confused about the current foreclosure moratorium????

Real Estate Agent with Call Realty, Inc.

As an active REO listing agent, I have been scrambling for answers in regards to the most recent moratorium announced by Bank of America and others last Friday. It seems that everyone has their own opinion as to why they are doing this and what repercussions will result from it. This morning a loan officer forwarded me a link to this video that, I believe, portrays an accurate picture of what's really happening. Banks are taking this very seriously, in fact, yesterday one of my REO properties in escrow was cancelled by the bank so they could review their paperwork. I have never had this happen before! I'd love to hear other opinions and experiences regarding this issue and the video, Enjoy!

Comments (3)

Niki Rasmussen

Great video! I too have been confused about this issue, but now I feel better informed. Thanks!

Oct 13, 2010 06:03 PM
Joe Reed
Amerifirst Financial, Inc. - Scottsdale, AZ
Loans for Short Sales and Investors

Great info Ben. I've had a lot of questions on this as well from homeowners currently facing foreclosure.

Oct 14, 2010 09:49 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

The decision to pursue short sales rather than REOs was validated yet again in the past week, with the one two punch of the moratorium on Trustee Sales (no new inventory) coupled with the freeze on closing REO transactions that were already in contract with a Buyer (no closing, no revenue).  It can't be a pretty picture for large REO teams with a large fixed overhead - and who knows when things will start moving again?

Oct 15, 2010 01:10 PM