Title : Many Banks Holding Off On Foreclosure
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Many Banks Holding Off On Foreclosure
Up until 2010, the foreclosure rate has steadily increased since the real estate meltdown back in 2007. Last year in 2011, the foreclosure rate has dropped a little bit making experts wonder the reason why. After reading a lot of information on the Internet, it seems that lenders are having problems investigating the mortgage documents when they go to foreclose on a piece of property. The last thing the bank would want would be to not have their ducks in a row and have their mortgage canceled letting the borrower own their home free and clear. I know that sounds like a stretch, but over the last year with all the bad publicity of the mortgage industry, bank owned properties have been under a lot of scrutiny by the courts. This is an extreme circumstance that is unlikely to happen but why take the risk if the bank doesn't have to. Because the banks aren't foreclosing on their properties people that are behind just get further buried on their payments and eventually will lose their home if they don't file for bankruptcy or find someone to give them a loan modification.
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