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Moratorium Will Not Affect Residential and Land for Sale Listings in SL

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By : John Cutts    99 or more times read
The moratorium on foreclosure sales implemented by several major lenders all around the U.S. will not affect the land for sale listings and foreclosed residential property market of St. Louis, Missouri, according to housing industry experts.

Although the freeze on foreclosure sales will give a temporary reprieve to homeowners facing possible foreclosures, experts have stated that the condition of Saint Louis foreclosure list and other foreclosed property listings in the rest of the state will remain the same. They explained that this is so because the moratorium does not apply to the housing market of Missouri, although it does apply to Illinois.

Market analysts have stated that properties under Missouri foreclosure list will continue to be sold and bought in most local areas as the temporary freeze on selling implemented by Ally Financial and JPMorgan Chase only applies to regions that require an order from a judge to pursue foreclosure.

Home buyers interested to find home foreclosures listings can continue doing business in the state, experts have added. However, there are some areas that will be affected as Bank of America has decided to impose a freeze on all U.S. states regardless of whether there is a judicial foreclosure process in place or not, which means that Missouri is included.

The buying and selling of foreclosed residential properties and land for sale listings in the area would have been affected at a much larger scale if all lenders have included all 50 U.S. states in their moratorium. However, the call of Illinois Attorney General Lisa Madigan to mortgage companies to temporarily halt foreclosures in Illinois might affect some parts of St. Louis.

Along with the three major mortgage companies, PNC Bank and Litton Loan Servicing also reportedly imposed a temporary hold on some foreclosure sales, although PNC has yet to issue a statement confirming this move.

Meanwhile, realtors in Missouri have stated that if a big number of mortgage firms follow in the footsteps of Bank of America, Ally and JPMorgan, prices of dwellings and properties under land for sale listings in the state might climb, although this would just be a temporary thing since the moratorium will be eventually lifted and foreclosures will return to the selling market.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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