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Maine Foreclosure Update

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It seems the proverbial $%!& is hitting the fan when it comes to foreclosures.  Talks of nationwide moratoriums, fraud, improper procedures, etc….  If you have not read or heard much about it.. a senior writer for Realtor Magazine  has put together this great page with links to recent articles/commentary on this foreclosure crisis.

What seems to have created this mess is simply the sheer volume of home owners behind in their housing payments. This has lead to huge amounts of paperwork for the individual banks to process.  As a result little attention has been given to the individual cases as “robo signers” have  been signing hundred to thousands of documents a week certifying information to be true in the foreclosure cases when there is no way they could ever have real knowledge on the said cases… see a story on fox business  here of one such signer for a foreclosure in Maine whom was just found guilty of this “robo-signing”.

In Maine, The Bureau of Financial Institutions announced about a month ago that data submitted from Maine banks showed a decrease in completed home foreclosures for the 2nd quarter 2010 as well as a decreasing number of delinquent mortgage loans although the total number of loans in the foreclosure process did increase.  Overall they stated that foreclosure activity in Maine remains low and does not threaten the stability of the housing market.  Read full article here.

  1. Spike Haible says:

    It’s important to note that not only did a huge number of people take out mortgages, but many of those mortgages were slapped together by less than thorough mortgage companies, and the mortgages were then quickly sold and chopped into tiny investor sized pieces. This whole thing is a debacle and a real blight on our financial reputation, such as it is. We Realtors need to watch over our buyers and stay aware of the problems. Thankfully Maine’s foreclosure rate remains low and our banks have been diligent. I always recommend buyers to look at local banks for financing over the big national brands.

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