Let’s just get a hold of ourselves! Haven’t we been through several foreclosure moratoriums over the past few years? We’ve done this before…déjà vu all over again and all that sort of stuff. Why are we wigging out? While I’m glad that the media hysteria has finally died down to a dull roar, the frenzy should never have gotten that frenetic! (I got so crazed by all the hoopla that I had to do a video post just to vent about the insanity!)
Whether the moratoriums imposed the last few years were enforced by a bank or our government, the real estate market didn’t collapse and the sky didn’t fall. The world didn’t stop rotating or revolving; there’s nothing unchartered here.
If a bank can short sale a property, of course they’re going to go for it to avoid the mess of a foreclosure transaction…that’s some low hanging fruit; gotta snag it.
And even though the hand of many a drowning mortgagor has been grabbed by attorneys who now “specialize in foreclosures” (even though last week they were seen in hot pursuit of ambulances); we did speak with a very prominent foreclosure defense attorney last week and he said that their approach/motivation is not to delay the foreclosure as much as it is to represent their client effectively to ensure that the bank provides the appropriate documents and follows the proper protocols when proceeding with a foreclosure.
At the end of the day, let’s put a lid on the panic and consult the mortgage professionals, the Realtors who specialize in short sales, the lawyers who will protect your best interests in a foreclosure. Oh and yeah…and don’t believe everything you read.