Real Estate News: Real Estate Owned (REO) Sales Slowed Down

City of Hialeah - Miami Dade County

The fifth largest city in the State of Florida with an area of 20 sq. miles and a Class 1 Fire Department. Hialeah has access to most major thoroughfare - linked by I-95, I-75, the Palmetto and Sawgrass Expressways, and the Florida Turnpike. It is home to Hialeah Race Track and rich with investment opportunities for apts, homeownership, retail and the manufacturing sector. Mayor Julio Robaina serves as strong mayor. His vision to encourage business growth and quality of life for the residents maintains the City of Hialeah as one of the most desirable and stable community in Miami Dade County. See all the details at www.hialeahfl.gov

11/10/2010

Real Estate Owned (REO) Sales Slowed Down

If you are currently navigating the REO/Foreclosure market what does the nation's latest foreclosure disaster have in store for you?

The latest scandal in the foreclosure field is the question of whether banks filed foreclosure documents without confirming their content. As the banking institutions became overwhelmed with the number of foreclosures, questions have arrised with the procedures followed by banking staff. This has caused Attorney Generals in all 50 states to launch an investigation into this practices.

Bank of America, Ally, Wells Fargo and JPMorgan Chase are among the banks announcing a stopped or slowed down of final foreclosure sales in the last month as they investigate internally the procedures currently in place and resubmit documents. In an attempt to protect the fragil housing market Federal Regulators and the White House are considering giving the banks a measure of liability protection as they redo paperwork to prevent a foreclosure sale freeze.

Until the Banks and regulators have figured out the appropriate course correction you must arm yourself with patience. An alternative is to concentrate on the APPROVED shortsale market.