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Oct
25

Will The Foreclosure Moratorium Impact Las Vegas Short Sales?

By Kathryn Bovard

In the last week several large lending institutions announced a halt on their foreclosure process due to the “robo-signing” of mortgage note assignments. During the sworn deposition of GMAC loan officer Jeffrey Stephan, he admitted that he had signed off on up to 10,000 foreclosure documents a month for five years without reviewing the documents thoroughly. This caused an immediate halt by GMAC as well as other banks, on their foreclosure process particularly in “judicial” states (those states that require a bank to go to court to get a foreclosure order) which is not the case for Nevada.

So does this mean that banks will look even more favorable on approving a short sale so that they can fore go the possibility of homeowners contesting foreclosure and demanding documents that the bank cannot supply? It would seem to make good business sense when coupled with the fact that bank will net about 30% more from a short sale than foreclosure

According to an article written by John Carey for CNCBC.com:

The most damaging thing that could happen to banks would be the discovery that they simply cannot prove they hold a mortgage on a house. In that case the loan would probably have to be written down to zero.”

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options – including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

Related posts:

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  2. Will 2011 be the Year of the Short Sale for Las Vegas?
  3. Fannie Mae’s New Rules Could Impact Las Vegas Short Sales

Comments

  1. Not surprising that bank execs were phoning it in. How could that possibly keep up with actually doing their job!? I mean, its only someone’s HOME. There should be criminal repercussions and I can imagine the lawsuits are coming. FYI the link to this site from your old blog is broken.

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