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  • Jennifer Bristol November 10, 2010 at 8:28am
    Not just BoA.. Several other larger companies have done the same thing... What's frustrating is that I have an REO in ESCROW that's on hold. The home has been vacant for about a year, and NOW they're doing this?
  • Alain Thillois October 25, 2010 at 8:21am
    Wondering how the market will be affected ????
    Obviously, I don’t understand anything .
    Even I have read a few time anything concerning this moratorium.
    Each time, I fall asleep quicker….
    So, let me clarify: this guy missed a few months his mortgage payment
    and consequently is in preforeclosure. The foreclosure process is stopped
    indefinitely allowing the home owner to remain in his home for FREE !!!!
    Now…what is the motivation for his neighbor to mail his mortgage payment next month
    knowing he can afford it, but his neighbor has the privilege to stay for free and his mortgage amount is still less than the home value… Conclusion: it will generate more damage.
  • Billie Dalessio October 11, 2010 at 1:13pm
    one giant mess for us all.
  • Steve Adkins October 10, 2010 at 9:31am
    Looks like MERS is now a target of a lot of the investigations and about to implode: http://www.zerohedge.com/article/mers-enters-self-preservation-mode...(zero+hedge+-+on+a+long+enough+timeline,+the+survival+rate+

    MERS makes up about 60% of the Atlanta foreclosures. I wonder what Monday will bring?
    • Richard J. Allen > Steve Adkins October 11, 2010 at 12:41pm
      Want to know something funny? MERS and conventional loans (FNMA and Freddie) are all written the same way today. Take away the investors right to collect on non-performing mortgages and see what happens to loan originations. You can't expect investors (stock and insurance companies) to continue to buy notes on the secondary market if you take away any hope of getting some money back on non paying loans.

      Who would want to buy mortgage pools if what is already out there becomes worth less?
  • Ira Joshua Parker, P.A. October 8, 2010 at 8:33am
    Hey guys, one of our personal contacts at BofA confirmed this via email just this week as well:

    "Unfortunately the REO market is in limbo right now because of the halt of foreclosures. I can keep you posted, but we are not foreclosing on any homes it looks like for the near future.

    D. Larios
    Bank of America
    Platinum Club"

    Crazy to think, especially with BofA's back-log of Short Sales. Hopefully this will help expedite the couple of short sales that I have that are in the works with BofA, as they'll want to avoid the Foreclosure process now. :-) As with most news in today's market, it has it's ups & downs!
    • Steve Adkins > Ira Joshua Parker, P.A. October 8, 2010 at 8:42am
      I emailed the property manager I work with at BoA and she has not heard a word yet, still business as usual. In fact, my email was the first she had heard of this problem.

      This whole "news release" may be just that, something to play in the news media while business continues. I guess we are in for more changes to our industry no matter how we look at it.
  • Dr. Marqueze D. Williams, Sr, NRBA October 8, 2010 at 8:29am
    Its about time! The market needs to go back to what it use to be. I hate CFK and putting people out of their homes. Its our jobs don't get me wrong but I am glad America is about to "TRY" to get back on track.
  • Brett Ehart October 8, 2010 at 5:37am
    All 50. How long do you thing it will take BoA to sort this out?
  • Vitaliy Mikshanskiy October 8, 2010 at 5:23am
    I'm wondering the affect on the market?
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