In a recent article that I had read stated that the golden age for foreclosure squatters may soon be coming to an end now that the $26 billion mortgage settlement has been approved.
“The settlement agreed to by the nation's five largest mortgage lenders, is expected to speed up the foreclosure process by providing stricter guidelines for the banks to follow when repossessing homes”.
The Banks involved include Bank of America, Fortune 500, JP Morgan Chase, Citibank, Wells Fargo, and Ally Financial.
The International Monetary Fund says “some optimism has returned” to the global economy as it predicts slightly faster growth.
In Pawleys Island, there have been fewer and fewer foreclosures and over all, many foreclosures have been in limbo since fall 2010. Lenders hit the pause button on foreclosures because they "were afraid that anything they did would be under a microscope," said Eric Higgins, a professor of business at Kansas State University.
As a result, homeowners who were seriously behind and delinquent on their loans have been able to stay in their homes for months and even years without making a payment. I currently manage several communities throughout Pawleys Island and even all the way down to Charleston and deal with delinquent accounts on a daily basis. Collections is a job by itself! Currently on average, it’s taking banks twice as long to foreclose on these homes than it did during “the bubble”.
To view some of Pawleys Island’s Foreclosures, please check out my website and let me know if you find anything of interest! Good luck on the Foreclosure hunt and I look forward to working with you!
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