Bank of America ramped back up their foreclosure process in 23 judicial foreclosure states according to the Wall Street Journal. What does that mean for Texas? Not much since we are not a judicial foreclosure state but it does mean that they believe they have the right and the documentation in place to move forward with foreclosures.
I have not seen much of a slow down with foreclosures or the foreclosure sales process in Bryan College Station. We will know much more the first Tuesday of next month. We will then know if the banks are going forward with foreclosures or if they are going to put everything on hold for a while.
Back on October 12, 2010 a Wall Street Journal reporter wrote the following about a conference featuring Adam Levitin, associate professor of law at Georgetown University.
In the best case scenario, the issues are simply technical, the situation is resolved and the foreclosure process continues. Many believe housing won’t recover until the glut of foreclosed homes clears the market.
In the medium-case scenario, litigation ensues and the matter takes years to sort out. That will inflict more pain onto the already troubled housing market.
In the worst case, the issues become a “systemic problem” that grinds the mortgage market to a halt and title insurers refuse to insure mortgages involving existing homes. In other words, housing Armageddon. “It would be devastating for the resale market if this robo-signer issue spiraled out of control.”
I know it is really just common sense but I liked the way they put it.
Who knows what the banks are going to do and how the legal system is going to step in but I do know that…
– Homeowners have options and should take responsibility for their choices and their finances.
– Short Sales are possible if you choose a qualified agent and act quickly.
– Homeowners who don’t make their payments as agreed should not try to find loopholes in the system and try to keep a house they did not pay for.
– We must all take responsibility for our actions and our choices. We cannot blame others for the market. We cannot blame others for our circumstances. We must learn to stand on our own and be responsible for ourselves.
Century 21 Beal, Inc.