Just as some banks are announcing that they have things under control and are getting their foreclosure proceedings back on track another bug-a-boo has popped up.
And again, it appears to be a procedural error. This time, there seems to be a question on whether the entity foreclosing has the right to foreclose on the homeowner. A central database formed by the banks to track ownership changes is filing to foreclose according to some home owners. Since the database itself does not own the loan, it has no right to foreclose according to them. Read MORE
From what we have read, this appears to be more a formality than any wrong-doing. As such, we expect it to delay things and increase the costs in some cases, but foreclosure proceedings will get back into full swing shortly. Again, that is our opinion, not any type of guarantee.
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