As I said yesterday, this is a very interesting market. So, BofA comes out with a
nationwide moratorium on foreclosures as anger grows at how lenders have prepared documents to support evictions. I suspect many lenders will follow suit.
How crazy is this market? If you're one of those who have quit paying your loan to BofA, put away the packing boxes, it looks like you can stay awhile.
BofA says that it is focused on keeping current homeowners right where they are by modifying loans. Let's hope this is true. I have dealt with many families that have attempted the modification process only to have their home foreclose in the middle of the process. Often, one department in the bank will reassure the customer that the foreclosure will be postponed while another department is moving full steam ahead on the foreclosure. How maddening and how upsetting to a family. Most people would much rather know what is going to happen, it's much easier to prepare that way. Uncertainty causes ulcers, especially when it comes to the roof over the heads of your children.
I say this market is interesting. However, more true to the point, this market is tragic.
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