Reno Foreclosures to be halted
Posted by David Hughes on
Bank of America announced last week they will be halting foreclosures in all 50 states while they investigate their pending foreclosures for fraud. Apparently they have been engaging in something you have probably heard about called "Robo Signing", which basically means bank employees forged notarized documents to accelerate the foreclosure process.
The arrogance by which these banks have operated throughout this foreclosure process is appalling. What does this mean for the average buyer and seller is a delay of the inevitable. Most guestimates are a 3 to 12 week bump in the road. In the short term could be good for sellers because this will give them less competition, in the long run this could hurt values as there will be a flurry of foreclosures that…
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