Posted by: Roby Robertson | October 12, 2010

Foreclosures Halted, What Does It Mean

Charlotte and Lake Norman Foreclosures

Bank of America is the first U.S. bank to institute a nationwide moratorium on foreclosures as anger grows at how lenders have prepared documents to support evictions. The halt on foreclosures will take effect on Saturday and also includes sales of foreclosed property.

Basically what this means is that there is going to be even more of a bottleneck with the handling of distressed properties.  This will especially be true when and if other institutions join in.

The basic problem has been with the processing of documents.  I am amazed that the claim is that banks have just rubber stamped foreclosures.  It must be the slowest rubber stamp in history.   Things have already been moving at a snails pace and now these banks are going to review the entire review process.  OMG

This could cause all of us huge headaches.

First.  We NEED to get these homes off the market to resemble some normalcy.  Until this happens, our real estate market will continue to flounder!

Second, we can’t continue to allow people not paying the mortgage to continue to live in the homes.  While I am all for second chances but ones they have given up and quit paying, we need to get these homes sold!

I am not saying that trying to buy a foreclosure is a bad idea or it is time to quit looking.  I am saying that we need to watch this closely and ask one important question when we make an offer.  “Is the bank selling” is where we have to start!

For those still in this market, check out the following websites:

Free List of Charlotte Foreclosures

Free List of Lake Norman Foreclosures

 

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