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State Called for Limit on Foreclosures and Repossessed Houses for Sale

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By : John Cutts    99 or more times read
A group of housing market advocates and several politicians have called for more efforts in limiting the number of foreclosed properties and repossessed houses for sale in California. The same groups are also campaigning for increased efforts to speed up the process of modifying mortgage loans in the state.

The call came after news broke out that some mortgage firms are rushing foreclosures and not examining documents thoroughly. In California, the nationwide news led to doubts on whether foreclosed properties, including foreclosed Los Angeles fixer uppers, were lost, not because of homeowners' inability to pay their mortgages, but because of faulty paperwork.

Fixer uppers in California account for some of the highest percentages of foreclosed residential properties in the region and some of these structures' former owners have complained that they might have lost their properties due to questionable processing.

However, although most housing market analysts believe that caution should have been used in most cases, they believe that majority of foreclosures in the state are valid cases and people who buy fixer uppers for sale in the state acquired properties that are really up for foreclosures. Despite this sentiment, most market observers agree that there is a need for further action in terms of policing mortgage firms.

More questions regarding the validity of the process behind foreclosures and repossessed houses for sale emerged following the decision of several lenders to suspend foreclosures in several areas in response to reports that some of their employees have been careless in assessing foreclosure documents.

According to members of the politician-housing advocate group, a big number of residents in the state have reported that they made timely modified mortgage payments but they still lost their properties to foreclosures. Although these stories have so far remained unverified, the group is hoping that at least some will eventually be saved from foreclosure.

Among the mortgage firms and lenders that have temporarily put on hold foreclosures in some areas of the U.S. are GMAC Mortgage, JPMorgan Chase and Bank of America. Meanwhile, some banks like Wells Fargo have been ordered by authorities to review the processes they used on foreclosed properties and repossessed houses for sale in their books.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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