Mortgages frozen around the country

You may have heard that mortgage lenders like Bank of America have started to freeze their foreclosure processes because of lax protocol.  In most, if not all, of the cases uncovered thus far, it's likely that the borrower was indeed behind on payments. That's not the question at hand. The problem is that the lenders haven't bothered to follow their own rules on the process of getting to actual foreclosure.  If borrowers are required to dot their i's and cross their t's, well it makes sense that the lenders should do the same.

But keep in mind that these lenders have a massive back log of delinquent properties to process. I've heard that Bank of America has 1.5 million homes currently foreclosed upon already.  That's a big number.

Here's an article on the national impact of these ill-processed foreclosures.

 

Casey
Edmonds, WA

 

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Casey Bui, MPA
Managing Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com

3 comments • Casey Bui • October 13 2010 03:38PM