Does anyone have any information on how long this freeze of REO's may take? I have one that is clear to close this week and all i am hearing is it is on hold? What do we do to combat this? Any ideas or help would be appreciated.
In SC all foreclosure must pass atty. review and the court so they are on. Interesting ploy before an election I am sure they will be back on track soon enough. perhaps with better methodolgy applied.. i can dream can I not?
US Bank just postponed my closing today. UGH! No information on how long it will take them to review the forclosure documents. BUT come on!! the people have moved out of the property ages ago, and I dont think they would have left if they could pay their monthly mortgage. So now we wait until the powers to be will sign off.
I am in Illinois and we have the same hold up on foreclosures. I have one ready to close and they stall by asking me five times to resubmit all my documents. I have not heard how long the freeze will be. I understand making sure it was done properly but that should have been done all long. This whole system is really contradictory. First you need to submit the entire package to make it go smooth and fast. Banks/lenders say they do not want to hold onto the mortgages long and we get delayed in one way or other. Go figure. Make up my mind do you want to sell the homes with new qualified buyers or keep holding onto them?
CNN reported today that there are approx 5 million properties in some stage of foreclosure. These will ALL have to be reviewed to ensure they were done properly. I would imagine it will take some time to get thru all of them.
I don't believe anyone has an answer to this question. It depends on the lender and where in the process the foreclosure was before the freeze. I have been told that the short sale process should speed up during the freeze as human resources shall be shifted to that department while they figure everything out. You don't mention where you're located and which lender, that may help you get some better ideas from those working in the same locale.
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