Northern Illinois Real Estate – National Foreclosure Moratorium

754 Dempster foreclosure property

There are so many different opinions about the foreclosure moratorium out there.   I personally feel it would be another huge blow to the housing market and our recovery.   The mishandling of documentation in some cases is not right at all, but the effect on everyone will be more bad news.

This came about with the servicers mishandling foreclosure paperwork in some cases and also breaking the law in some others in the backlog (which is still growing) of foreclosure cases.   Now there is a shadow of doubt over the entire industry.

Some have demanded a nationwide moratorium on all foreclosures including some states attorneys and consumer advocacy groups.   One Senior White House official has indicated that the Obama Administration does not agree with a foreclosure freeze on all foreclosures accross the board.

The faulty foreclosure documentation is a serious problem but there are many foreclosures that are valid and probably should go through and not wait.

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