Monday, October 25, 2010

Deep Thoughts on the National Moratorium on REO/Foreclosures -

Foreclosures ans Short Sales in IllinoisThe magnitude of the moratorium on REO/Foreclosure properties and how it came about is national and Congress or President Obama will have to address it quick. The best way out of it is to stop all lawsuits, let the foreclosure judgment stand and let the lenders do all the necessary paperwork through the various “bundles”. Be sure that the last lender who is holding the mortgage note and foreclosing on a non-paying-homeowner has the “paper right” to do so. Every coin has two sides…Suspension of REO/Foreclosures opens up a much larger window for short sales. Buyers and sellers now have more time to take advantage of a short sale. Those pasty junior liens, besides the first position lender, debate and mess us up in a transaction right up to the closing table but, once closed, it’s a done deal. Unless the RESPA did not match the disbursement sheet or some “side deals” were made at the closing table by unscrupulous attorneys.

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