I am more concerned about ORTC not providing title insurance for three major servicers than BOA halting foreclosures in 50 states indefinitely.
Hard to tell how this will play out in the end - it is always changing! We had major moratoriums several years ago and they really did nothing to home values. When they started releasing we were in the middle of the buying frenzy for the first time buyer tax credit so the buyers were absorbing the inventory as quick as it was released.
See my article below about short sale sellers possibly gaining more leverage:
Please feel free to contact me if you have any questions.
We still have a huge inventory of short sale's and resales. In fact short sales are predominantly priced lower than REO properties.
The freeze was done on 23 states that did not include Nevada. The BOFA freeze includes all 50 states.
So the freeze only applies to BOFA backed short sales here in Nevada.
Anymore questions, thoughts, or comments.
Please contact me