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#354031 - 10/08/10 10:40 PM Re: Seven Servicers Putting A Hold On Foreclosures [Re: STEW]
Greg Masson Member Registered: 08/27/08 Posts: 110 Loc: Oregon	Originally Posted By: STEW At fannie mae training today they said that BOA, Chase and GMAC to be moved to TOM status; all others business as usual. I wouldnt be overly optomistic about short sales either; if they are freezing their processess and reviewing all steps of the process; short sales are probably off the table also until the reviews are complete. BPO's will keep coming as banks continue to reassess the value of their assets during this delay, so no worries there. Hopefully the other lenders are in better shape than these 3 and can deflect the critics. I'm with everyone else; every REO we get no payments have been made for over 2 years.. there is no question they are in default. The issue isn't if they are in default. The banks started MERS, their is no paper trail stating who owned the note through all the note sales. It is conceivable their will be many lawsuits declaring the foreclosure was done by someone who can't prove they had the right to foreclose. Will the listing agent get caught up in it? 4 years ago, I heard of a law company that was disputing foreclosures on credit reports for this same thing. When all is over, I bet most wise foreclosed homeowners will not have these on their credit report, and will be buying homes again soon.
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#354033 - 10/08/10 11:16 PM Re: Seven Servicers Putting A Hold On Foreclosures [Re: Greg Masson]
STEW Veteran Member Registered: 08/27/07 Posts: 519 Loc: FLORIDA	Actually we dont know what the issue is at all or if there is one at all. The lack of a paper trail following the note is a popular f/c attorney claim/tactic but in this case the current claim is that they were signing off on documents others prepared without reviewing them and that they were not notarized properly; not that they could not produce the note chain or that information was missing or incorrect. Those claims may follow after the investigation.
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#354038 - 10/09/10 08:43 AM Re: Seven Servicers Putting A Hold On Foreclosures [Re: STEW]
Vermont Major Contributor Registered: 04/12/08 Posts: 4726 Loc: Vermont's North-East Kingdom	It certainly puts a little crimp in the plans of anyone who bought a foreclosure with the intention of quickly flipping it. The anticipated quick flip may turn into a long drawn out flop. _________________________ Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont Where We're Always Striving To Put Together "THE FAIR DEAL"
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#354040 - 10/09/10 09:39 AM Re: Seven Servicers Putting A Hold On Foreclosures [Re: Greg Masson]
Houston Agent Major Contributor Registered: 01/26/05 Posts: 2051 Loc: Houston	Originally Posted By: Greg Masson 4 years ago, I heard of a law company that was disputing foreclosures on credit reports for this same thing. When all is over, I bet most wise foreclosed homeowners will not have these on their credit report, and will be buying homes again soon. Niiiiice. It seems to be business as usual here. So far, so good. I'm remaining busy with BPO's (even some BoA), and my husband has been inspecting foreclosures for buyers. I don't see any reason why BPO's would grind to a halt. Just because current REO's, and those in process, are being examined, the banks need to keep their momentum going. Homeowners are still defaulting on their loans, after all.
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#354088 - 10/09/10 10:04 PM Re: Seven Servicers Putting A Hold On Foreclosures [Re: Houston Agent]
Don Price (Pine) REO-BPO-R.E. Mod Major Contributor Registered: 03/12/08 Posts: 3272 Loc: Pinehurst, NC	Somewhere here in the forum there was a report, from Florida I think, that a judge agreed with the attorney for the property owner and said since no note could be produced that the property was then free and clear for the owner. _________________________ Donald Price (Don) Pinehurst, NC 'America's Home of Golf" Pinehurst Real Estate \| REO-BPO-Brokers.com \| Blog \| Join active\|rain \| Twitter \| Facebook
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#358478 - 11/21/10 05:12 PM Re: Seven Servicers Putting A Hold On Foreclosures [Re: Don Price (Pine)]
robbyrob Member Registered: 02/06/08 Posts: 101 Loc: FL	man i sure am glad that I read this. This explains the reason why my worked as slowed down insanely in my area. I could say that about 80% of mortgages in FL are BofA. Well guess I have to just try to hold on until the lift the hold..
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