So the financial institutions are being investigated because of questionable practices regarding their foreclosure paperwork. Rumor has it there are erroneously initiated foreclosure processes, based on improperly reviewed or “falsified” documents. This has led to the moratorium on foreclosure filings…the foreclosure freeze.
The foreclosure freeze means there is a decline in inventory while the files are being reviewed. I’m sure the government is taking a deep breathe and helping prolong the band aid being ripped off the housing market. What would neighborhoods look like with every fourth house empty?!
Seller’s should jump in now too – without foreclosure inventory you may sell your house or short sell it anyway. Banks are taking the short sales pretty quickly too. Considering it costs approximately $66,000.00 on your average foreclosure!
Remember…the freeze can’t go on forever.
The Law Office of Beth Mann, P.C. 