Posted by Shoshana/AZ on 10/14/10 9:50am
Msg #356708
A Huge Mess!
Now ALTA is getting into the picture!
http://www.thinkbigworksmall.com/mypage/archive/1/53951/
| Reply by James Dawson on 10/14/10 9:54am
Msg #356710
Boy! It is snow-balling isn't it? thanks Shoshana
| Reply by Bob_Chicago on 10/14/10 10:26am
Msg #356715
Had a last minute purchase signing scheduled last nite.
Single Family REO just outside of Phoenix. Sattelite map indicates that is
was in a nice, developed area, (near Sun City) with a purchase price of about $90k.
When I was about 10 minutes from signing I got a call cancelling.
Called purchaser to make sure that they knew, and was told that they had just been
called and told that closing would be postponed due to "freeze"
( And, yes, I will be paid)
| Reply by C. Rivera Chicago Notary Services on 10/14/10 10:46am
Msg #356718
of course the Obama admin will be blamed for this mess too
for not signing off on a bill that "last Thursday that would have unintentionally made it perhaps easier to make mistakes."
Bottom line here...these lenders got sloppy - they didn't appropriately supervise their 'executive' employees nor did they properly adhere to any of the federal, and lenders foreclosure policies and procedures, and they got caught (whups). So now they're being pressured by the feds to clean up their act. I say good!
Also, if in fact, the feds are pressuring BOFA and the like, its unlikely any $$$ are involved. But if there is some sort of foreclosure bailout in the works for these lenders, due to their incompetence AGAIN, I definitely smell revolt in the air!
| Reply by C. Rivera Chicago Notary Services on 10/14/10 10:47am
Msg #356719
Oh and thanks for posting the link, very very interesting! n/m
| Reply by MW/VA on 10/14/10 8:12pm
Msg #356846
I'm never too sure about what these 2 guys are up to, but
there is a lot of truth to what they're saying. I've thought about that & I think there was something on Source of Title about it. If you consider that if they put title insurance on an REO that is later reclaimed by the current owner, it will be the title insurer & not the bank that takes the hit. All of this is going to be very interesting as it plays out. I'm glad I'm not in that situation--whewwww!
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