BOA halts foreclosure SALES in all 50 states.

[dixiegrrrrl]

To make it crystal clear:
BOA is not selling foreclosed homes, in any state, until it reviews the paperwork.

BOA is still NOT FORCLOSING on homes in 23 "judicial" states :
Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.

( which means in the other states, where they can foreclose without a judge looking at their paperwork, they are still foreclosing).

This was my summary, the story is here:
http://www.inman.com/news/2010/10/8/bofa-halts-foreclosure-sales-in-all-50-states

[nashville_brook]

1. good info -- thanks, Dixiegrrrrl!

[dixiegrrrrl]

2. U R Welcome.

this story is growing, and changing, daily, rather fun to watch, aside from the fact that
it affects directly every single homeowner and hopeful buyer.
So far, no news has revealed this is really about the legitimacy of the Mortgage bonds,
which WE the taxpayer own via Fannie and Freddie, and which the US Gov. has peddled to half the world. Now, they may have NO value, if anyone is brave enough to take a close look.

[nashville_brook]

3. it IS a fun story to watch, b/c (i think) we could actually gain some power here...

commercial property owners have been getting CRAMDOWNS since the beginning of this fiasco, b/c they have the muscle to negotiate with the banks.

but the single-familly mortgage hold has had NO power to demand cramdowns, which are standard operating procedure in bankruptcy proceedings for non-primary (non-first) mortgages. this has resulted in a right-sizing of liability for commercial users, while citizens are have seen their main means of wealth vanish.

if we all hold interest in this residential paper, i hold that we should "unionize" behind that power and demand the benefits that commercial holders have.

[gratuitous]

4. Darn those activist courts!

Insisting that Snidely Whiplash produce actual documentation before throwing widows and orphans out on the street. It's unamerican.

But back to a point I wanted to make yesterday: It is really and truly in Bank of America's interest to get property titles that are so bunged up now straightened out. Anyone looking to buy a home, even if it hasn't been in foreclosure, would be well served to make 100% sure that the seller has clear and marketable title. "Well, there's this or that exception on the title report, but we're going to get those cleared up in the next couple of weeks, don't you worry." Wrong. Worry. Worry a lot. And don't feel bad about walking away.