I wonder how many of the others will follow suit. I blogged about this earlier today but this is much more in detail I have recieved calls from Illinous, California, and New York so far today. The public is watching the news and googling for any details they can get.
I opened the newspaper today to see that Ally Financial Inc's GMAC Mortgage unit told listing brokers and agents alike to half foreclosures on homeowners in 23 states, including: Connecticut, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont, and Wisconsin.
GMAC Mortgage may "need to take corrective action in connection with some foreclosures" in the above mentioned states, according to a memo dated September 17th and reviewed by Bloomgerg News. Brokers were told to halt all evictions, cash for keys, lockouts, regardless of tenant vs. owner, immediately, according to the letter addressed to GMAC preferred agents
They will also halt sales on properties they have already foreclosed on. Brokers are to notify buyers that they will extend the closing date on any properties in escrow for 30 days, and the buyer is able to cancel the contractual agreement to purchase a home while still getting their full deposit back.
It makes you wonder what is really going on behind the scenes, when the 4th largest home loan originator of 2010 halts all foreclosures, it sounds like this may be to account for a larger issue yet to come.
Does anyone have any additional insight into this story, if so, please share!
Tom Bashe, Broker - SCA Real Estate
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