Moratorium on Foreclosures

thumbnailCABJXPF8 It is not surprising that we find another controversy when it comes to Home Foreclosures. The number of people being faced with foreclosure continues to be a problem and the banks do not have enough people to handle the problem.

If you have ever bought a home then you know the amount of paperwork involved. I have been to many real estate closings and never once have I seen an attorney read all of the mortgage documents word for word to his clients. If they did we would have 8 hour closings.

Now we have an incident where GMAC was accussed of not reading the documents and having someone “ROBO ” sign the foreclosure documents. This is a problem and Attorney Generals in many states are asking for a moratorium on all foreclosures. Many bankks are cooperating and are reviewing their foreclosure procedures.

I am not sure what will be the end result of all of this but I am sure things will just pile up.

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