Thursday, May 12, 2011

Big banks are taking longer to push borrowers into foreclosure

   There is not one person I know who has not struggling thru this recession, either in business or on a personal level.  Money is tight, private good paying jobs view, and city and town budgets unfunded.  It is not a pleasant time in America for many people.  That being said, realty for some is hard to face.  As far as  mortgage foreclosures, most of us are under water at best.  No one wants to loose their home but  magic refinancing or prolonging the inevitable will not change the fact.  Though sad and tragic, not all can be saved from foreclosure and some do not seem to get that as yet. 

The extended timelines have meant a reprieve for troubled borrowers. But economists said the delays could hold back a national housing rebound if foreclosures remain a significant part of the market for years to come.

In April, U.S. foreclosure activity fell for the seventh month in a row on a year-over-year basis to the lowest point in more than three years, RealtyTrac said. The sharp April drop was the result of the foreclosure-processing slowdown and not an indication of a housing rebound lifting people out of default, experts said.

"The banks have had to slow down and get more lawyers involved because of all of the fuss over the robo-signing scandal," said Christopher Thornberg, principal of Beacon Economics, referring to the revelations last year that banks foreclosed on properties using faulty paperwork.

   lets move on

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