Friday, November 26, 2010

Foreclosure paperwork mess stalls sales -

NOTE: DO not feel sorry for the buyer of property, feel sorry for the homeowners foreclosed on wrongfully. Estimates are that 90-095% of all foreclosures are wrongful. Most mortgages contain fraud. Feel sorry for the real victims.

Foreclosure paperwork mess stalls sales - "PNC Financial Services Group Inc. was on the brink of selling Jim Durden a foreclosed house in Weed, Calif., last month when the country's biggest banks came under public fire for improperly seizing homes. Now, he lives in an EconoLodge.
'I can't get the house ready for winter, can't install the missing water heater, can't whack the weeds down, and can't attend to the things a new homeowner needs to do,' Durden, 65, e-mailed from the motel. He has been in limbo since Oct. 7 after moving his belongings 640 miles north from a Los Angeles apartment.
After Bank of America and other lenders delayed seizures almost two months ago to check their sworn court statements in thousands of foreclosures, a growing number of would-be buyers are struggling to close deals -- a sign that the documentation mess is dragging on the market. October sales of existing homes fell more than economists forecast, dropping 2.2 percent, the National Association of Realtors said.
Even PNC, which says an internal review found its procedures are designed to prevent unwarranted foreclosures, has ready buyers claiming the bank's review of completed foreclosures is derailing deals"

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