Posted by Michael Hughes
Bank of America has recently announced a halt on all the foreclosures it is processing throughout all of the United States including some house in Boulder. They said that they were taking these measures in order to investigate a “few flaws” in the process that they might have found, according to a statement made by the banking giant.
Bank of America decided to freeze all foreclosures only 7 days after one of the biggest banks in America announced it was doing the same thing in 23 states that require a court approval in order to proceed with a foreclosure.
The foreclosure process will still continue on, however it will stop before it gets to a judgement ruling or a foreclosure sale. Somewhat like traffic on highway 36 going out of Boulder at 5 pm. To say that the pipeline is clogged would be putting it mildly. This was the process that was going to put our housing market back on track. When you have a fever you take ibuprofen or something to keep the fever down until your bodys’ natural defenses can kick in. In this case you work your way through all the foreclosures when you have an ailing housing sector until they are all but diminished to a natural level. The freeze is only supposed to last a few weeks. I guess we’ll see. The banks are having a tough time working through all these foreclosures. Does that mean that the short sales will take an indefinite detour or backseat? This is not a good thing for the housing community. We need to continue to work through these foreclosures and get them done as quickly as possible. JPMorgan Chase also halted foreclosures on 56,000 people who own homes in the U.S. they also said they would be reviewing how the approval process was working. Apparently some of the employees who review and approve the files were not following the guidelines. In the past few days most banks have followed suit. This is not only bad news for foreclosures but also for short sales of Boulder real estate in the county. Short sales were on the back burner and took a very long time, until this is sorted out and untangled they will not be moving forward.
We have been very lucky with Boulder Real Estate. There are not a Tsunami of foreclosures like the sand states. What do I say? Get it done. Of course follow the proper procedures but pull the band aid off quickly and move along! Read the entire story.
If you have questions about this article or anything Boulder TEXT or give me, Michael Hughes a call at 303-359-6627 and you can also visit my website or the Boulder MLS. You can also facebook me.
Filed under Boulder County, Boulder MLS, buy home boulder, buy house boulder, foreclosure, global housing market, investors, Real Estate Investing, relocating, relocating to boulder, relocating to boulder county, short sale, short sale agent, Sotheby's International Realty-Boulder
Posted by Michael Hughes. May 10th 2010
A great way to say thank you to all the people serving the U.S. around the world. All these folks have an extra year to say yes to buying a home. Whether they are going to buy a house in Boulder or Delaware, these individuals who go out and put their lives on the line for us deserve this and I am hopeful it will be useful to many of them. Somehow a box of cookies sent 1/2 way around the world doesn’t do it for me, but this is really a great perk for vets, foreign service and the intelligence community.
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the home buyer tax credit. An eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
If you have questions regarding this article or are thinking you will Buy A Home In Boulder please call or text me 303-359-6627 or e-mail Michael Hughes at Fuller Sotheby’s International Realty in Boulder, CO. Featured Listings