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REO selling agents for Fannie Mae and Freddie Mac have been given the go ahead to restart transactions that had been suspended due to potential problems with the legal paperwork, known as the “Robo-signer” scandal. The GSEs were forced to temporarily halt the sale of certain properties two months ago when news surfaced that some of the nation’s largest servicers – including Bank of America, JPMorgan Chase, and GMAC Mortgage – had been employing robo-signers who failed to comply with clearly defined state laws when handling foreclosure documentation. From DSNews:
The flawed casework from servicers and legal firms has raised questions about the validity of some foreclosure actions and the legitimacy of title ownership in the sale of repossessed homes.
Now that most of the servicers at the center of the paperwork mess have completed a large chunk of their case reviews and found no evidence of improper foreclosures, Fannie and Freddie are moving to proceed with foreclosures and REO sales as customary.
In a memo last week, Fannie Mae told its REO selling agents to “proceed with scheduling and holding the closings” and to direct matters to the appropriate staff “if a title issue arises with respect to the potential defect of an affidavit used in the underlying foreclosure.”
Freddie Mac said in its own memo that agents should “resume all normal sales activity.” The GSE reaffirmed that it will “resume marketing, sales, and disposing of assets previously placed ‘on hold.’”
As of September 30, Fannie Mae’s inventory of single-family REO properties stood at 166,787. Freddie Mac’s REO inventory totaled 74,897 homes at the end of September. Together, the two GSEs hold about a quarter of all bank-owned residential properties in the United States.
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Rodney Forbes is a Realtor® and registered broker with Forbes Realty of South Florida, based in West Palm Beach Florida. Rodney and his team work in Palm Beach, Broward, Martin and St. Lucie Counties. As a recognized expert on short sales, Rodney has been featured on radio and national web conferences for agents. Rodney has also authored the book “Should I Short Sale My Home?”For more information, please call Rodney at 561-337-4810 or email Rodney@ForbesRealtyOnline.com
Forbes Realty of South Florida also specializes in REO asset disposition. Rodney works with several banks and asset managers in the Palm Beach County area. Rodney is the main author for the popular real estate blog South Florida Real Estate Report. You can find a wealth of information regarding bank foreclosures, short sales, real estate news and local real estate trends.
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Bank of America and other lenders are under attack again for the foreclosure mess that has brought about a freeze on thousands of foreclosure cases around the country. Since all crises with suspected fraud or wrongdoing have to have a name with “gate” on the end of it, we’ll officially name this as
“Robo-signer-gate” (you heard it here first!).
What’s the outcome? The end of housing as we know it? The end of the world as we know it? (sorry, R.E.M. already has that one). I’m not as pessimistic. With over 50% of all homes in America owned free and clear, and the overwhelming majority of homeowners with a mortgage are current, I believe this is just the natural result of the end of the housing boom.
How is that? If you go on a drinking binge what is the end result? Hopefully only a bad hangover. So what’s the result of the wild boom in real estate from 2003-2007 in certain areas of the country? Hangover. The inevitable flood of foreclosures around the country has overwhelmed the banks in their ability to deal with all the paperwork. The same thing is happening with short sales. The banks are overwhelmed with paperwork to process these.
The short sale process is starting to get more efficient with banks, and the foreclosure mess with get straightened out too.
Just don’t drink so much next time.
by: Rodney Forbes, video from CNBC
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If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties. You can also call 561-337-4810.
Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc. Rodney has co-authored the book “Should I Short Sale My Home?”. Get your FREE copy at www.SouthFloridaRealEstateReport.com
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The uproar over the foreclosure freeze with Bank of America, GMAC and others has turned into a political hot potato. As some politicians are looking for more opportunity to bash banks and their mortgage processes, it seems important to find out what the foreclosure paperwork mess is all about.
As the video above shows, many people want to throw around the word “bank fraud” when it comes to many of their foreclosure files. If someone doesn’t (or can’t) pay on their mortgage and are served foreclosure papers that has a document that wasn’t notarized, is that fraud or just sloppy record keeping?
Either way it’s a black eye to an industry that really can’t afford one right now.
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If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties. You can also call 561-337-4810.
Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc. Rodney has co-authored the book “Should I Short Sale My Home?”. Get your FREE copy at www.SouthFloridaRealEstateReport.com
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Local radio personality Jim Edwards interviews West Palm Beach real estate broker Rodney Forbes about the current real estate market in Florida. Jim and Rodney discuss current issues such as the foreclosure freeze by major banks such as Bank of America and GMAC, unique features at Forbes Realty such as the Hassle Free Listing and Easy Exit Listing. Jim also asked Rodney about the opportunity with HGTV to feature first time home sellers on a national television series. Click the link above to hear the interview.
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If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties. You can also call 561-337-4810.
Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc. Rodney has co-authored the book “Should I Short Sale My Home?”. Get your FREE copy at www.SouthFloridaRealEstateReport.com
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Following the announcement that Bank of America would join other major lenders in freezing foreclosure proceedings in certain states, including Florida, Bank of America now has decided to expand the freeze to all 50 states. BofA is using this time to review foreclosure documents on thousands of cases that have recently come under criticism of shoddy record keeping.
What does this mean if your home happens to be in the foreclosure process? This is not a free pass to stay in the home forever, or a “get out of jail free card”. These cases will resume as documents are reviewed. This does give you time to look for an alternative solution to foreclosure, such as short sale or loan modification.
If you live in the south Florida area you can contact Forbes Realty of South Florida to discuss your options. Forbes Realty, based out of West Palm Beach Florida, specializes in short sale help for homeowners.
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If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties. You can also call 561-337-4810.
Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc. Rodney has co-authored the book “Should I Short Sale My Home?”. Get your FREE copy at www.SouthFloridaRealEstateReport.com
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