Document Handling Scandal Dries Up Foreclosure Sales

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Document Handling Scandal Dries Up Foreclosure Sales

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Document Handling Scandal Dries Up Foreclosure Sales

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Document Handling Scandal Dries Up Foreclosure Sales

November 29, 2010 (Jeff Alan)
foreclosure-troubles-image
In September when the big banks acknowledged problems with their foreclosure procedures, later to become known as the “robo-signing” scandal, they initiated foreclosure moratoriums, promised a full review of all cases, and to resume foreclosures quickly. Now more than two months later, the banks are struggling to restart their foreclosure processes and as a result, the once booming market for foreclosed homes has been hit hard.

According to ForeclosureRadar, the number of properties coming to auction in hard-hit western states — Arizona, California and Nevada — has dropped more than 30%.

Not only has the number of foreclosures that are coming to market been drying up, but investors who had been buying up a large portion of the homes that come to auction, are being far more cautious. Investors buy the properties on the cheap, fix them up and then flip them for a profit. For these types of investors, speed is essential, but with the robo-signing scandal possibly clouding property titles, it could possibly tie-up their investment for months and delays their ability to resell the property.

“Their concern is that homeowners will be more aggressive in fighting foreclosures even after the auction sale,” said Sean O’Toole, CEO of ForeclosureRadar.

According to broker Scott Cheng of Cheng Realty in San Diego who puts investors together with foreclosed properties, the number of auctions scheduled has fallen from 500 a day, to 300. “That part of my business has dried up,” Cheng said. “A lot of my investors have stopped looking.”

Kevin Berman, a broker with Bankers Realty Services in Fort Lauderdale, Florida said, “The ones who are really upset are the investors, who buy on the courthouse steps. There used to be sometimes 700 sales a day. Now there are like, seven.”

Some experts believe the legal issues involved in robo-signing will ultimately be settled in favor of the banks. Duane LeGate, CEO of Georgia-based House Buyer Network said, “The fear that has been created is based more in hype than in law.”

Regardless of the outcome, the longer that the foreclosure crisis lingers, the longer it will take for the housing market to recover.

Tags: foreclosure sales, robo-signing, housing market, foreclosure auctions, investors, property titles, investments

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According to ForeclosureRadar, the number of properties coming to auction in hard-hit western states — Arizona, California and Nevada — has dropped more than 30%.

“Their concern is that homeowners will be more aggressive in fighting foreclosures even after the auction sale,” said Sean O’Toole, CEO of ForeclosureRadar.

Regardless of the outcome, the longer that the foreclosure crisis lingers, the longer it will take for the housing market to recover.

Tags: foreclosure sales, robo-signing, housing market, foreclosure auctions, investors, property titles, investments

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME
IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

According to ForeclosureRadar, the number of properties coming to auction in hard-hit western states — Arizona, California and Nevada — has dropped more than 30%.

“Their concern is that homeowners will be more aggressive in fighting foreclosures even after the auction sale,” said Sean O’Toole, CEO of ForeclosureRadar.

Regardless of the outcome, the longer that the foreclosure crisis lingers, the longer it will take for the housing market to recover.

Tags: foreclosure sales, robo-signing, housing market, foreclosure auctions, investors, property titles, investments

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS