Solving the Foreclosure Crisis One Homeowner at a Time...

Thanks for joining us as we talk about real estate items pertaining to the Phoenix Metro Area. There are alternatives to foreclosure. Let us help you. Foreclosure should always be your last resort. For more information on how to avoid foreclosure and a list of homes for sale, please visit our site at http://www.marydrefs.com/. Need to find or sell a house?? Call us at 623-694-0354.

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Monday, October 4, 2010

FORECLOSURES ON HOLD? COULD THIS BE TRUE??

In the past several weeks, JP Morgan Chase, GMAC Mortgage and Bank of America have placed foreclosure filings on HOLD in 23 states. Currently, AZ is NOT one of these states.
In a February deposition in Mass., a Bank of America Executive said she signed as many as 8,000 foreclosure documents in a month without reviewing them. The statement was taken by lawyers for homeowners contesting the seizure of their homes.
Why not in AZ? The 23 states where the foreclosure holds are taking place require a court order before a home can be seized. This requires more extensive documentation before they can foreclose. AZ does not have the same foreclosure procedure.
HOWEVER,with the upcoming elections, this has become a hot issue for politicians. Perhaps they may mandate Federal Guidelines to ease the foreclosure crisis. Stay tuned.................

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