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Keeps the banks from stripping them down also to collect the insurance.
You may have heard that some of the larger banks have self-imposed moratoriums on residential foreclosures.
That isn't out of the goodness of their hearts. Turns out (surprise!) that their paperwork is so sloppy and faulted that they are having a LOT of problems actually proving that they even hold the lien to allow them to foreclose. "Produce the note" is being increasingly heard from people who have been given notice, and the banks have found themselves unable to do so in many cases.
Here is an interesting article:
Company Stops Insuring les in Chase Foreclosures
le insurance is insurance that protects buyers of property from faults in the deed. As such it generally increases the ability of a seller, in this case the bank that has foreclosed, to ask for a greater price.A major le insurance company has stopped insuring homes foreclosed by JPMorgan Chase, another sign that the controversy over the legal practices of the big lenders is starting to influence the housing market.
In the absence of this le insurance, suddenly the potential losses on the part of the bank in a foreclosure just got a LOT greater. Both from a lower asking price, and the increasing numbers of people having the gall to ask the banks to actaully (gasp) prove they have a case in court.
This will probably slow the pace of foreclosures and force banks to work a lot more with their mortgage holders. Oddly enough this may actually make the housing market finally "hit bottom".
Last edited by RandomGuy; 10-05-2010 at 09:27 AM. Reason: added hyperlink
Keeps the banks from stripping them down also to collect the insurance.
I was hoping to save money to be able to get a house within a year. I was definitely looking at the foreclosure market to see if I could get a good deal.
Come on banks, get your together. I need a good house on the cheap.
foreclosed homes typically need a lot of .....mostly because the former owner was a and let his dog piss all over the house before they were forced out by the bank..mucho up front costs, but if you have the bread and know some reasonable, trustworthy contractors, you can make it work, this is how that bag Montolongo does it....
I heard there's a new development in your wife's love life tbh.
Vulvaface exposed it weeks ago.
what are the rent yields u can expect in SA?
Meh. Been meaning to get around that pile of horse for a while, but have been trying to decide if I should care about stories some internet troll decides he needs to fabricate to make himself feel better about his own ty life.
If you go back through that vulva pretty much admitted that he was simply equating someone's opinion of something with taking part in it.
That has the same logical form as "my wife and I don't think it is evil to skydive, therefore vulva says we skydive".
Pretty asinine at the base of it, tbh.
Generally people that are that judgmental about others tend to, in my experience be deeply insecure about themselves. People that are that vicious about anything having to do with relationships and cheating tend to have been the victim of bad experiences themselves, or are downright guilty of doing it.
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