This is going to be a boring post about my job so just a forewarning. If you follow the news pretty well you will know that on Friday, Bank of America announced that they would be halting foreclosures in all 50 states and more Lenders are looking at following suit. This is mostly due to a HUGE number of files being caught without appropriate signatures, files being put together sloppy, underwriters and negotiators not reading stuff before they sign it, and the list goes on and on. This has caused a HUGE number of people to lose their homes to auctions that probably should've have.
I've experienced this first hand with my clients.
And its sad.
Unfair to all those who spent almost a year (and in a lot of cases more time than that) out of their lives doing their due dilligence to the Lender only to have them come back at the last minute (literally in most cases) and say whoops...sorry you don't qualify. Your house is being set on the auction block in a couple hours. So it wasn't too big of a shocker when this came to be.
As positive as this move seems to be...its also rather scary. Yes it gives us a little more time to process modifications and such (which I have a feeling will be delayed anyway cause of this all) but....they are not halting the foreclosure process. Just the auction sales. Which means more and more houses are nearing the end of the foreclosure period and when the moratorum is up...there will be thousands upon thousands of houses that are due to be sold. And my bet is...they will be. I'm guessing its going to be a mass posting of auction notices and no postponements. And its sad. I'm just hoping that this move will benefit my clients as well as anyone else trying to get assistance before everything blows up.
So I'm happy that someone is finally stepping in and saying hey...your screwing up and need to fix the problem now. I'm very grateful for that because the issue did need to be addressed and honestly, I don't know how else they would've addressed it. I would've rathered them put the entire foreclosure process on hold... but I know that would've been too hard.
I don't however look forward to whats going to happen after this is all said and done.
What a sad time we are living in. Very sad.