As if real estate needed anymore bad, strange, freaky action now we have this foreclosure debacle that’s ridiculous for lack of a better word. The bank acquisitions, mergers, selling of loans, has resulted in a bankers worst nightmare.  At this point 28 states have frozen all foreclosures because the banks aren’t sure who owns which property.  They aren’t sure who has the right to foreclosure on which property.  Along with that perhaps people have been wrongfully foreclosed. 

If you’ve ever participated in a foreclosure transaction you’ll be aware that it’s oftentimes difficult to get a clear title right away.  A lot of the time the attorney’s have to get the title transferred a few times before it’s clean for the current buyer.  It will be interesting to see how this develops over the next few weeks.

 

Comments are closed.