Will The Foreclosure Mess Last for Years??

An article posted today on Bloomberg Businessweek is suggesting that with all of these so called fraudulent foreclosures that banks have been

accused of doing, that there may be a wave a class action lawsuits filed by a number of different parties. State attorney General’s, homeowners in foreclosure, buyers that bought foreclosed properties and title companies are among the suggested plaintiffs.

With these potential lawsuits looming and bank postponing or simply canceling foreclosure sales in many states the possibility that years may go by before the suites are settled and or homes are actually foreclosed on with the proper documents with original signatures by bank executives is becoming a very real possibility.

This could cause the

housing market to continue to be in the dumps with little or no recovery in sight. I am all for banks having to make sure that if they intend to foreclosure on a home that they have filed the appropriate paperwork, but let’s be honest here, dragging this out for another 5 to possibly even 10 years is not what we need to fix this market and economy. We need to get these overleveraged homes off both the lender’s book and our own. It is time to take matters into our own hands rather than waiting for these banks to tell us what they are going to do. There are other options out there if you don’t want to wait for a foreclosure that may or may not happen before the tax law that is protecting many of us expires. If you would like more information on alternatives to foreclosure please contact us.

The link for the story above is here….. http://www.msnbc.msn.com/id/39562824/ns/business-real_estate

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