The law firm in charge of Florida condo foreclosures as well as other related projects for the big lenders, Freddie Mac and Fannie Mae, has laid off hundreds of employees after staff were let go over questionable document signing practices. Keep in mind, this situation will not affect people looking to invest in foreclosure properties.
The Stern Law Firm was responsible for processing documents that would eventually wind up as part of the foreclosure process. Initially, it was feared foreclosures would be delayed and there could be some affect on the housing market recovery when these practices were first discovered nationwide.
This situation wasn’t just a worry for Florida condo foreclosures. The problem spread nationally at first and even affected foreclosures in Brooklyn. However, there is a silver lining for people looking to invest in foreclosure properties. The number of investment opportunities is sure to rise because there will be more properties to choose in a foreclosure listing for sale.
The effect of this document signing fiasco has been less severe than was first expected as many of the big lenders, including Bank of America have cleaned up the problem sufficiently to continue with the foreclosure process. Even the American government has shied away from asking for a complete moratorium, and foreclosures in Brooklyn, for example, are still available for investors to examine and buy.
As for the ongoing dispute with Florida condo foreclosures, both lender companies have taken steps to smooth over the problem by hiring nine new law firms to accurately complete the work. The hope is the right practices will be followed and properties will surface at the foreclosure listing locations on a regular basis, so investors can find the properties best suited to them.
This information was brought to you by ForeclosureDataBank.com. Your best source of foreclosed homes for sale online.
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Written by Alex Rolim.
