Monday, March 07, 2011

Oregon Foreclosure Sales Stopped After Judges’ Rulings

Sales of hundreds of foreclosed homes in Oregon have been halted or withdrawn in recent weeks after federal judges repeatedly questioned their legality, according to a number of real estate attorneys in the state.

Lenders have withdrawn more than 300 foreclosure sales since February in Deschutes County alone, one of the Oregon area’s hardest hit by the housing collapse. About 130 of those notices were filed in the past week, attorneys say.

Dozens of foreclosure listings by ReconTrust Co., the foreclosure arm of Bank of America Corp., have disappeared from its website, attorneys say. A BofA spokeswoman said the bank was canceling certain sales to ensure that those homeowners had fully explored options to avoid foreclosure.

And, in a potential deal breaker for other foreclosure cases, one of the nation’s largest title-insurance companies is warning lenders that it might not guarantee title in some cases

Check out the rest here…

No comments: