Moratorium and what that means to you

Not sure if you’ve had the chance to here the latest on the Moratorium with Bank of America and GMAC Banks. The stay has been lifted says Bank of America on Monday. What’s next is to continue seizing more than 100,000 homes in 23 states beginning next week. (this does not include Arizona currently) They believe they have a legal right to foreclose despite accusations that documents used in the process were flawed…. “Bank of America Corp. says it's confident of its foreclosure decisions in a majority of its questionable cases. What GMAC says is mirroring B of A. GMAC Mortgage has lifted its temporary suspension of foreclosure sales and evictions, a spokeswoman said, joining Bank of America Corp in retreating from a freeze that sparked a nationwide crisis over major banks' mortgage practices. (forget the fact that they were foreclosing on individuals that were never late in their payments or in some cases had paid off their mortgage completely.) GMAC, one of the largest servicers of U.S. residential loans, is still reviewing and modifying foreclosures that were poorly documented, but "as each case is reviewed and addressed, it moves forward," spokeswoman Gina Proia said.…. Proia would not say when exactly GMAC lifted its suspension, but said it does not plan another suspension at this point. The mortgage servicer expects the majority of foreclosure reviews in 23 states to be completed by the end of 2010, she said. We can only hope that they will have into place processes that make sense. Maybe working with the individuals that are needing to short sale their homes in a timely manner would keep these foreclosures from becoming liabilities to the banks and us. With that being said, if you’re in the market for a Foreclosed Home in Ahwatukee there are hundreds to chose from