Just when we get comfortable that efforts are being made to pull the slumping housing market out of the quicksand, reports come in regarding major fraud occurring on the back end of foreclosure transactions... making all of us take note of the impact on a buyer obtaining a clear and free title. Not just small no-name banks, but GMAC, Bank of America, JP Morgan and Chase! Because of the seriousness of this situation, hundreds of thousands of of mortgages will have to be reviewed.
This comes at a time when lenders inundated with short sales are understaffed and ill-equipped to handle the load that they have... much less be prepared to audit all the back end paperwork. It is definitely worth reading the article published by Associated Press real estate writer Michelle Conlin. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=248699 A freeze has been put on foreclosure proceedings in Florida in light of allegations that the companies did not follow protocol when dispensing with the cases. We will be watching closely to see how the fall out affects our local market.
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