The continuing foreclosure crisis

Since the housing market collapsed, there has been this foreclosure crisis going on. But there has been another twist to this mess, being that some of the foreclosure documents were signed by people who did not even read the documents and just processed it as fast as they can. It may be that they may not be as much experienced, or they may be under pressure to sign as much foreclosures as possible or that the government was pushing on the lenders to expedite the process of saving peoples houses and due to that the pressure was on the banks to bypass and in some cases to ignore relevant rules or take their time to review the documents.

What ever may be the case, some body said it right that the foreclosure starts when you stop paying your mortgage. I am not saying that there may be a mess in expediting the foreclosure process and there may be dubious elements in the lending industry that wanted to take over people’s houses. But the recent moratorium by the banks on foreclosure will only delay the inevitable that some (or maybe most) people will lose their homes. It may also be due to because the administration wanted to save peoples houses and they kept on coming out with guidelines which were half baked and in steps and the pressure they were putting on the lenders made to this mess. Any which way you want to see it; it is sure going to a long and painful road to recovery which is not going to end soon. Stay tuned.