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Document Handling Scandal Dries Up Foreclosure Sales
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You're Now Reading:
Document Handling Scandal Dries Up Foreclosure Sales
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Document Handling Scandal Dries Up Foreclosure Sales
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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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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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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

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

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

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.