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Drop in foreclosures called ‘very scary’
Ken McCall
Dayton
Daily News
Monday, Oct 19th, 2009
Nobody is sure exactly how many bank walkaways
are occurring. For various reasons, they can’t be identified
in searches of public real estate and court data without individually
pulling case files, experts say.
But nobody questions that they are on the increase.
David Rothstein, a researcher with Policy Matters Ohio, summarized
the way they occur like this:
• The lender files a foreclosure, gets the foreclosure
judgment in court, takes the property to sheriff’s auction
but doesn’t bid on it if no one else does.
• The lender files as above, gets the judgment, sets
the sheriff’s auction, then cancels the sale at the last
minute.
• The lender files as above but then never requests a
sheriff’s auction.
• The lender doesn’t even bother to file foreclosure.
All of these actions leave the foreclosed property in the hands
of the original owner who, in many cases, has moved out and
is unaware the lender hasn’t taken it.
Full
article here
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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