U.S. orders end to dual-track process
Acting Comptroller of the Currency John Walsh last week told banks to stop foreclosure proceedings if the borrower is starting or in the midst of a loan-modification program.
This dual-track system has hastened foreclosure for many borrowers who were caught between instructions to pay lower payments during a loan-modification trial period and punishing fines for failure to pay the full amount if the loan mod failed.
One regulator disagreed with the change, saying that lenders needed to be able to press forward with foreclosures, especially when borrowers clearly weren’t going to meet loan-modification standards.
Source: NAR
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Mike became an agent in 2004 with Coldwell Banker West Shell. In 2005 we partnered with Gary Rogers to provide high quality resale of foreclosed properties. We work with leading banks to get homes back in the hands of families after foreclosure. On 11/13/09, Mike joined REMAX Elite in Mason Ohio to take his real estate career to the next level. Mike’s back ground is Chemical Engineering and previous SUBWAY franchisee. Mike and his wife Barbara are the caretakers of two Birman cats, Siegfried and Andy.
Our goal is to help buyers purchase foreclosed properties, help homeowners facing foreclosure understand their options and provide high quality resale service to lenders to resell their foreclosed home inventory.
We also have a healthy client base of “regular” buyers and sellers that find our expertise valuable.
Contact us at: www.teamkieffer.com Cell – 513-309-0563 fax 513-297-0537
Our blog is to provide information to our friends and clients on real estate related issues. We attempt to give credit to authors that we reprint here. Team Kieffer, Michael and Barbara Kieffer and REMAX Elite assume no responsibility or liability for the accuracy or suitability of any of the information presented. You should always check with your financial or legal advisor to check suitability. Any postings written by Michael or Barbara Kieffer are our current opinions, subject to change without notice and subject to copyright.
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