Here's another find mess the lending instutions have got us in!
From the Wall Stree Journal
By RUTH SIMON
It has been a month since GMAC Mortgage suspended sales of foreclosed homes to review its paperwork procedures. While the company has lifted the freeze, the mess it unleashed has no end in sight.
A White House financial-fraud task force, which includes the Justice Department, is investigating how mortgage companies handled their documents. All 50 state attorneys general are hunkering down for their related probe, which also is at an early stage.
Courts are in chaos as banks cancel foreclosure hearings, review documentation for loans on houses heading for the auction block until they were detoured and replace questionable affidavits prepared by "robo-signers."
Fannie, Freddie Seek End To Freeze
Some experts predict that the only way out of the debacle is a huge settlement in which home-loan servicers modify the terms of billions of dollars of mortgages. Depending on how a settlement is structured, the potential losses could hammer banks. Investors who bought securities created out of pools of mortgages now in trouble are worried they could be stuck footing much of the bill.
The number of foreclosures, length of time that borrowers typically get to stay in their home after missing loan payments and foreclosure-sale processes vary widely by U.S. state and mortgage-servicing company.
BE STRONG AND KNOW THAT THIS TOO WILL PASS AND THAT IT JUST CREATES MORE OPPORTUNITY FOR INVESTORS!
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
From the Wall Stree Journal
By RUTH SIMON
It has been a month since GMAC Mortgage suspended sales of foreclosed homes to review its paperwork procedures. While the company has lifted the freeze, the mess it unleashed has no end in sight.
A White House financial-fraud task force, which includes the Justice Department, is investigating how mortgage companies handled their documents. All 50 state attorneys general are hunkering down for their related probe, which also is at an early stage.
Courts are in chaos as banks cancel foreclosure hearings, review documentation for loans on houses heading for the auction block until they were detoured and replace questionable affidavits prepared by "robo-signers."
Fannie, Freddie Seek End To Freeze
Some experts predict that the only way out of the debacle is a huge settlement in which home-loan servicers modify the terms of billions of dollars of mortgages. Depending on how a settlement is structured, the potential losses could hammer banks. Investors who bought securities created out of pools of mortgages now in trouble are worried they could be stuck footing much of the bill.
The number of foreclosures, length of time that borrowers typically get to stay in their home after missing loan payments and foreclosure-sale processes vary widely by U.S. state and mortgage-servicing company.
BE STRONG AND KNOW THAT THIS TOO WILL PASS AND THAT IT JUST CREATES MORE OPPORTUNITY FOR INVESTORS!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125