Oct. 11 (Bloomberg) — A halt in home foreclosures at the largest US mortgage firms may sideline buyers worried about legal issues, further depressing sales at a time when distressed properties account for almost a quarter of all transactions. Bloomberg’s Monica Bertran reports.Copyright Bloomberg 2010 § 107.Limitations on exclusive rights: Fair use Notwithstanding the provisions of sections 106 and 106A, the fair use of a copyrighted work, including such use by reproduction in copies or phonorecords or by any other means specified by that section, for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright. In determining whether the use made of a work in any particular case is a fair use the factors to be considered shall include — (1) the purpose and character of the use, including whether such use is of a commercial nature or is for nonprofit educational purposes; (2) the nature of the copyrighted work; (3) the amount and substantiality of the portion used in relation to the copyrighted work as a whole; and (4) the effect of the use upon the potential market for or value of the copyrighted work Foreclosures housing market mers banking credit crunch mortgages foreclosure freeze boa bank of America
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@GuildF40 …tidal wave
They had to put a freeze on as they can’t keep up with the paper work back log. ready for wave 2
what about people buying houses with all catch and still get foreclosed by banksters. Banks are fraud in allowing buyers in signing foreclosure paperwork even if there paying with cash for the entire house.
@workwillfreeyou yep I figured
Thanks Deb, And good morning to everyone. I hate to give anyone more bad news. But the foreclosure rate listed here is just government math. There much higher than stated.
@scottblur
thanks scott
@mcgrawtim123 me too tim
i think anyone in foreclosure should do like the one guy did and just rent a bulldozer and level their home,that way they dont have to worry about that pesky paperwork!! LOL
I’m afraid that all of this is an attack on the right to private property.
But then, I’m paranoid.
Thanks Deb.
@Onlyabreathaway You are a victim of the gov. trying to prop up house prices and stall the correction that WILL run it’s course eventually. I think the feds plan is to simply inflate debt away in exchange for a lower standard of living due to the loss of purchasing power of the devalued dollar.
@fal2grace Absolutely! former home owners and their families living in cardboard boxes in vacant lots are irelevent to banks, what they don’t want is people walking away from thier debt and causing problems. They are still selling foreclosed houses at overinflated prices to chumps in Florida, who think they are taking advantage of someone and getting a deal. The scammers who are destroying the economy continue unabated.
@fal2grace Absolutely! former home owners and their families living in cardboard boxes in vacant lots are irelevent to banks, what they don’t want is people walking away from thier debt and causing problems. They are still selling foreclosed houses at overinflated prices to chumps in Florida, who think they are taking advantage of someone and getting a deal. The scammers who are destroying the economy continue unabated.
@fal2grace Heard some of these houses are getting torched too. My neighbor is a fireman; we told him to keep an eye out on it. He said they are having several other people worried about this too.
@meluaufeet yes it was a mess in the ’80s too…
@afferch yes we know everything’s influenced by the elections….
@Airave I think the numbers are worse too G
What a mess! It is so awful.
And I don’t believe the numbers
at all. I think it is much worse
then what they say. Crazy.
Best @ All!! So many People
forced into heart-breaking
situations….
Forecloser Freeze Uhh! theres a problem with the paperwork. How convienient elections are coming and we must keep housing prices up otherwise the banksters might actually lose on their investments. Oh well when you have an economic/political system that is based on confidence/fiction/lies the truth must be suppressed or at least delayed for a long as possible.
Loan Administration and Foreclosure Department is a very specialized service… it has to be done correctly. Mortgage Companies get paid around 5% of your monthly payment to administrate the account. Foreclosures are often out-sourced to escrow/title companines when the backload is too large.
I remember back in the mid 80′s during another burst… it was a major headache, and many mortgage companies sold off their administration portfolio just to skip the problems and potential exposure.
@Onlyabreathaway very scary
@Onlyabreathaway gosh that’s awful
@TheReallitycheck good point
@Onlyabreathaway Who knows what will happen if that house never sells….
@Onlyabreathaway when the house gets sold by the bank. So we have already waited over 2 yrs. The sale was supposed to happen last mth. Now it’s supposed to be next mth. IF it sells. If it does sell, there’s a law where they make the buyer wait for 6 mths in case WE want to buy it back (which we don’t) THEN R 7 yrs of bad credit BEGINS. So we might B looking more at 10 years of NO CREDIT. We can’t even borrow $500.00 bucks right now, in case of emerg. And we are paycheck to paycheck. A bit scary
This also hurts the people who are trying to move on, like us. We R going thru a foreclosure back in PA. We moved here to MI, had buyers who were renting as we moved & bought our house out here. Well, they backed out, tried agin, got someone else renting who was going to buy. They backed out. We tried to sell, tried short sale, & after 2 years of paying 2 mortgages, we handed the keys over to Bank of America (Countrywide) Our credit is screwed till the 7 years start which will only happen cont.