As the media discusses whether or not there should be a foreclosure moratorium, Rome is burning. Much has been made in the past couple of weeks about robo-signers, and the potential problems of foreclosure in some states. While there is some smoke that some banks have cut corners in the judicial process, there are no claims that I know of that the homes were wrongly foreclosed on for non-payment. The only claims I know of that have been made to date are whether or not the bank employee fully reviewed all documents before signing a court affidavit.
Now, not fully reviewing all documents prior to signing that you have is serious, it does not change much. The concern of course is that the bank that is foreclosing on the property, may not be in fact the title holder of the property... but another bank is. Chain of Title is a serious issue, but it does not erase the fact that the home was foreclosed on for non-payment. Like I said earlier... there is some smoke that there is an administrative problem at some banks in their foreclosure procedures... and this smoke is causing FIRE!
Today, a client who has been looking at Bank Owned and Short Sale homes called me very concerned with the media reports about the foreclosure issues that some banks are having. This buyers concern is causing them to stop looking at homes for now. They are concerned that if they buy a Bank Owned home, they could find themselves one day facing a knock at the door asking them to move out because the bank that sold them the home did not rightly own it.
As much as I tried to explain that this could not happen, because we live in a state that forecloses on by Advertisement and not Judicial Review, that a Title Search and Title Insurance policy would cover such an incident, and that even if it was determined that another bank had title to a property they would not want the property back but would seek compensation from the foreclosing party. None of my persuasive explanations would bring comfort during this conversation.
So, Media please report accurately. Washington please bring closure to this issue quickly. NAR Please inform the publc.... before this fire engulfs any new life in this real estate marktet that have sprout recently.
When you choose Scott Petersen and The Petersen Team to handle your Canton/Plymouth real estate needs, you choose a Realtor® who is not just an expert, but someone who really cares about you and your family. Buying or selling a home can be a very exciting and yet stressful. We will work to achieve your goals and objectives, bringing our years of industry expertise and old fashioned "blue collar" hard work. In this difficult market, we are proven producers selling in the multi-million dollar range year after year.
We are very familiar with today's market and specializing in Short Sales, REO, Bank Owned, and all types of real estate in Wayne County , Oakland County, Livingston County, and Washetenaw County we specialize in Canton, Plymouth, Northville, Livonia and Novi.
Scott A. Petersen
Remerica Country Place
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