What is interesting,is that over the last two months, I have seen a significant reduction in the foreclosure filings be recorded on Realty Trac. I have brought this to the attention to executives within realty trac but have not seen any changes. So I do not know if it is a system issue or a actual reduction.
Recently I saw a note in one of the mortgage industry bloging groups I belong;that Citi Bank, Chase and Bank of America have put a moratorium on foreclosures. This would put a substantial dent in the foreclosures but still I would not think it wouldn't shut down the foreclosure totally!
I also know that the mayor of Milwaukee was trying to place a moratorium for foreclosures in Milwaukee but as of October, that moritorium had not been approved. This information about the moratorium was given at a recent conference held by the FDIC in Milwaukee.
On the other hand I am getting a lot of cases to assit people that are deliquent. So it might be that banks are starting to try harder to work with people before starting the foreclosue process.
Only time will tell. Hopefully the lenders have figured out how to help more people. I will let you know the status as soon as I figure out what is happening.
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