Ed's Blog

There are a lot of new developments in the mortgage industry taking place right now, so I wanted to clear up a few items that pertain to foreclosures.

Foreclosure Halting: Many major lenders were forced to halt foreclosures upon findings that some foreclosures and evictions may have been done illegally. From JP Morgan Chase, to Bank of America, to GMAC, hundreds of thousands of foreclosures were stopped temporarily from coast to coast.

Members of Congress from California requested that the Justice Department, Federal Reserve and Comptroller of the Currency investigate the foreclosure processes of banks under for violations of law or regulations. See http://money.cnn.com/2010/10/05/real_estate/foreclosure_halt/index.htm

If you are in the foreclosure process, check with your lender to see what they are doing currently.

In the meantime, the Obama administration has given the okay for lenders to proceed again. I guess that’s another bailout plan- for the lenders- certainly not homeowners! No wonder there’s a lot of angst in this election cycle.

I’ll continue to keep you posted, but don’t hesitate to give me a buzz with any questions you have.

Ed

ecraine@smithcraine.com

415-206-2330