While nearly every state in the country has experienced some degree of foreclosure slowdown, Colorado’s year-over-year foreclosure rates are nothing to sneeze at. The volume of foreclosures filed in February of 2011 is a full 34.7 percent lower than that of a year ago, with a tally of 1,986 versus 3,042[1]. Foreclosure sales at auction also fell 10.7 percent from the month prior, probably because lenders have significantly slowed auction sales due to ongoing complications in the robo-signer controversy. Many lenders at this point insist that there were no wrongful foreclosures as a result of their robo-signers, but the public and the federal government remain unconvinced and, as a result, many of the same lenders are slowing the foreclosure process or even halting it until a resolution can be reached.
Timothy Geithner, Treasury Secretary for the U.S. Secretary, has said that until the issue is put “to bed” for all parties involved that legal uncertainty will continue to clog the foreclosure process[2]. Many analysts believe that this could ultimately slow or stop the housing recovery. In the meantime, many homeowners in Colorado and elsewhere will be able to breathe a sigh of relief – at least in the short term.
How do you think that the robo-signer issue and its impact on the foreclosure process should be resolved?
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[1] http://www.housingwire.com/2011/03/17/foreclosures-drop-34-7-in-colorado
[2] http://www.calgaryherald.com/business/Geithner+seeks+foreclosure+pact+with+banks/4447861/story.html
“Foreclosure sales at auction also fell 10.7 percent from the month prior, probably because lenders have significantly slowed auction sales due to ongoing complications in the robo-signer controversy.”
End of discussion. In North East Pa, particularly in Pike County, the Sheriff can be quoted as saying (in October of 2010), live on WNEP “…there won’t be Sheriff sales until Dec. of 2011″, caused by and due to the back log of the robo-signer nonsense. All foreclosures must be verified as being necessary -Per BOA.
Next item.
“How do you think that the robo-signer issue and its impact on the foreclosure process should be resolved?”
Rule of law.
The courts should actually enforce the laws of the state they reside in.
Each case is individual like a thumbprint. Bad players should be responsible for their decisions under the light of existing law.
The one size-fits-all-and-we-have-to-do-something federal based solutions are what helped us to arrive at this crisis.
Just say no to the bandages that are being offered as a shortcut to ease the pain.
The alternative is for our politicians to go with popular opinion or their lobbyists and forget about such inconveniences as the law.
Ignoring the law is how we got to the crisis so it is highly unlikely that to continuing to ignore the law will be the proper cure for the crisis.