How PAYCHEKS HAWAII Candidates Fared
SBH Conference on January 12
Bella Pietra’s Layla Dedrick Speaks at SBH Sunrise
Wave of Tax Hikes Next Year If Congress Doesn’t Act
Outcome of Constitutional Amendment and Honolulu City Charter Questions
State Fights Shocking Price Increases from Hawaii’s Only Statewide Daily Newspaper
Foreclosure Sales on Hold
Smart Business Views by Sam Slom
Making It Easier and More Affordable to do Business in Hawaii
I’m Tired of Hawaii Being Everyone’s Guinea Pig
Hawaii OSHA Focus: Hazards
Hawaii Reporter’s 9th Anniversary Gala
Small Business News - November 2010
Foreclosure Sales on Hold
By Walt Harvey (R), East Oahu RealtyBank of America announced earlier this month that it’s halting foreclosure sales in all 50 states, pending a “review” of the documentation. This announcement does not mean they are stopping the foreclosure process on properties that are delinquent. It means that they have halted the sale of properties that had already been foreclosed on and were in the process of relocating or evicting the previous owners or tenants and preparing to place the bank-owned property (REO) on the market.
We’re one of the brokers that markets REO properties for Freddie Mac. We were instructed to make sure all properties that were previously serviced by Bank of America, Countrywide, Merrill Lynch, Washington Mutual, Chase, GMAC, EMC, One West and Ally Financial, if currently listed, be removed from the Multiple Listing Service (MLS). We also had to notify any buyers under contract, through their agents, that their transaction was on-hold until further notice. The buyers were given the choice of cancelling the sale and having their earnest money deposit returned to them or hanging in there and waiting for the “review” process to be completed. Freddie Mac also halted the eviction process on properties serviced by those lenders.
I’ve already heard reports erroneously remarking that this announcement offers relief for homeowners facing impending foreclosure. Unless there’s another announcement specifically stating it, it’s simply not so! A word of advice: if you or someone you know is pursuing a loan modification or a short sale and your home is in foreclosure, please, please make sure that the person assisting you with the loan modification or the agent representing you on your short sale has experience in that type of transaction and stays on top of it. Otherwise, you may be surprised to learn that your property went to auction when you thought you were still in negotiations.
See Walt and Arla Harvey's Profile Page for more information and links.