Homeowners may be relieved by Foreclosures for the Holiday Period
Banks have been accused of shoddy work in several foreclosure cases. In wake of this, they are facing congressional hearings and have taken initiatives to refurbish their substandard processes. However, even while the lender firms are putting into place new and improved procedures, the past “robo signing” fiasco keeps yielding new paperwork issues and related problems. Since the paperwork problem surfaced, the banks have been trying to resolve the issue at the earliest. They also issued moratoriums to stop evictions throughout the country.
However, due to initial foreclosure associated problems, several cases with issues keep erupting, which create hitch for lender firms. One such instance took place in Florida. In a rather hilarious incidence, a bank sold a house in South Florida two times to two different people. The original owner of the home was CitiMortgage and sold the house in a short sale. David J. Stern, a law firm that has been accused of shoddy paperwork problems and is facing congressional hearings, handled the case.
Shapiro and Fishman told a newspaper that David J. Stern did not communicate to anyone about the short sale of the foreclosed house. However, Stern did not comment on the article. Experts blame the overwhelming number of cases and the pace at which the cases are handled lead to such snag. In another incidence that took place in DeBary in Orlando with a resident, Russ Vas Dais, who was going to buy a foreclosed property, depicted how careless the lenders are.
Dais was going to buy a property that was seized by Fannie Mae. The property had documentation issues and Fannie Mae did not have the ownership of the house, but was going to sell it to a buyer without a title. Dais said, “It was quite shocking to learn that they did not have title to it”. He felt that “there are a lot of incompetent professional who aren’t paying much attention. We are trying to boost the economy by purchasing a foreclosed home, and we’re getting punished for it.”
Several legal blunders have been made by the banks in the past few months, which may have resulted in unwarranted foreclosures. However, the lenders are being generous and have stopped all foreclosures across the nation for the holiday period, providing some sigh of relief to the distressed homeowners by letting them stay in their house longer.
Original post: http://www.e-foreclosuresearch.com/blog/foreclosures-holiday-period/ on E-ForeclosureSearch.com, your source of a foreclosed properties.
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