My favorite friendly title officer says that it's not just Wells Fargo heading that direction here in Oregon as defaulted lenders shy away from MERS-hampered ordinary trustee sales.
But when the lenders go that way it takes them more time and expense in process....and creates a lingering right of redemption.
This is just deserts for the lenders due to the MERS debacle, but it will slow down the discharge of the backlog of inventory, keeping prices in limbo that much longer.
All the more reason to break up the big banks....until they are not only no longer too big to fail, but also no longer too big to thoroughly gum up the works of the market.
One of my clients got the judicial foreclosure paperwork from SLS back in Sept... my guess is they didn't attend the court hearing and the document states the Plaintiff will automatically win.... can we still complete a short sale if the bank is doing a judicial foreclosure? I have yet to see one in the 250 or so short sales I have completed.
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