Real Estate Investment :Precarious Storm Maybe Ahead for Banks

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Click here to view the embedded video.

Loan Modifications and Foreclosures maybe the “Perfect Storm” where robo signing and deeper flaws may have left banks unable to prove ownership where they would have no right to foreclose or approve loan modifications. 

Short Sales seem to be the answer and NOT foreclosures.  As a Sacramento Short Sale Specialist, I forsee many more Short Sales over foreclosed homes for sale. Short Sales appear to be a much safer purchase for the Sacramento home buyer in today’s real estate fiasco with the banks.

In the video above Senator Ted Kaufman, chairman of the OVERSIGHT Panel from Delaware.  This is some OVERSIGHT!  Currently the banks are being examined for mortgage irregularities and the consequences of those “irregularities” on mortgages and foreclosure mitigation.

Banks “MAY” have bypassed legally required steps to foreclose on a home.  I don’t think this is MAY, it appears that they actually have bypassed some legally required steps and there may be even more steps they have bypassed besides the “robo” signing.  Deeper Flaws may be forthcoming.

Can mortgage banks claim to own the loans they have claimed to own?  Who are YOU sending your mortgage payment to and are they the rightful servicer of your mortgage loan?  This is a mess!!

In the worst case scenario, foreclosed homeowners maybe able to seek to regain Title to their home and force any new homeowner to move out.

Trillions of dollars and mortgages are at risk.

And to think the BANKS have wanted to get into real estate for years.  If this doesn’t PROVE to EVERYONE that banks have no business in handling real estate, I don’t know what does.

Seems like fraud to me by the banks. What say you?  Will the banks get bailed out again?  How much money will this cost the tax payer?

Other Articles of Interest:

Another Sacramento Short Sale Accepted
What Does Mortgage Debt Relief Mean to Short Sale Sellers?
Sacramento Realtors Aim For Same Goal
Need A Short Sale?

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