Wow! These seven servicers are putting a hold on foreclosures.

http://www.dsnews.com/articles/index/occ...sses-2010-10-01

It looks like the banks and servicers are only putting a hold on foreclosures in judicial foreclosure states. That probably means business as usual in California.

Well that means lets turn up the juice on our short sales right...Equator and reoprep here we come.

Yes, only if you want to close some short sales for a while...Chasing the money is what we need to continue to do however chasing short sales is like a dog chasing its tail. I am guilty of it though because I have a dozen short sales currently urg.

Only a dozen? lightweight..

I had not seen a list of the states posted. I think this is it, taken from DSN.

1.Connecticut
2.Delaware
3.Florida
4.Illinois
5.Indiana
6.Iowa
7.Kansas
8.Kentucky
9.Louisiana
10.Maine
11.Maryland
12.Massachusetts
13.New Jersey
14.New Mexico
15.New York
16.North Dakota
17.Ohio
18.Oklahoma
19.Pennsylvania
20.South Carolina
21.South Dakota
22.Vermont
23.Wisconsin

Well, I see Maryland there...yup, things are about to get really interesting.

On a good note, my MD short sales are going start really looking attractive!

It doesn't look much like it matters if your state is on there or not. Texas and California might as well be added to the list too.

I have not heard any ripples hitting VA. Doesn't mean I am not expecting any.

Well, locally, GMAC and Chase properties are already off the market, and off my "coming soon" list of REO properties. Most of my REOs are BOA. The messages have been few & far between since Friday, but we're not out of the REO business or anything - had one go under contract today, as a matter of fact. We'll see where this leads . . . I really think we'll know more after the election results come out in November.

I am in TN but have still had a major slow down. Only 2 new REOs in the past 30 days compared to last month at 6.

lol - not sure if you're seriously complaining or bragging

where again in TN are you?

I had a few put on hold a few weeks ago before all the publicity started. GMACs backed by one of the GSEs. They were just released back to me. At almost the same time a few GSE backed Chase loans were put on hold and one of those was just released. Based on that, I'm guessing this may be a short term issue. Unless the feds step in and use it as a means to stifle the FC rate and that's always a very real possibility.

I agree Jack - I stopped to listen to the news and there is talk about a 'National Freeze on Foreclosures' for 90 days - and there is an election pretty soon.