With Bank of America and other institutions beginning to release foreclosures again. This is going to make a big impact on pricing of conventional re-sales and short sales in the market. They are predicting that Bank of America will release over 100,000 foreclosures in Florida alone.
Foreclosures with Bank of America are going to be addressed. Especially those foreclosures that happened in a state that follows the judicial process, there are 23 states including Florida. This freeze happened because many employees or representatives of the lending institutions failed to verify mortgage paperwork before sending the cases to court.
The representatives stated under oath that they handled thousands of documents each month without knowing whether they were accurate, as required by the courts. This is unbelievable that we still have institutions who are not following procedure and the consumer is the one who is jeopardized as a result. We need to see a change in the procedures, as a lot of the Banks are still making money. The best advice we can give as realtors, is to have the home owner talk with the lender and/or a real estate attorney to make sure of the process. Then have the realtor help facilitate the sale.
For more information call the Keegan Team - 772-323-6764
Keller Williams Realty of the Treasure Coast