Foreclosure suspension

[Racelady88]

Sorry you are going to have to deal with a bunch of uncertainty.

It might just be a good time to be selling a regular old resale after all.......

[SoFLGal]

Here's another bank response:
This Robo-signing does not affect our properties please keep as active..


So, I guess if affects some and some it doesn't. At least that's what I'm getting from the correspondence so far.

Here's what the MLS is saying about it:
Position Statement: MFR and Foreclosures

The Issue:
Some are calling them frozen transactions, referring to it as the robo-signed foreclosure scandal or simply “under review”, but regardless of the catch phrase, there is a storm brewing and the impact is already beginning to touch MFR members. Banks across the country are cancelling, holding, removing and investigating prior foreclosure steps to validate that they were done properly. The question that MFR is receiving: What do I do with my REO listings? Our response: MFRMLS requires that listing offices and agents follow the direct and exact instructions from the bank/owner regarding the removal of previously foreclosed/REO listings in MLS.


If instructed to withdraw or cancel REO foreclosures, members must report the status as “withdrawn” (WDN); if the instructions are to temporarily inactivate a property pending review of the previous foreclosure transaction, members may use the “temporary off market” (TOM) status. In accordance with MFRMLS Rules and Regulations, the correct status of any listing must be entered into the system within two business days after the status changes. Please be certain to follow the bank/owner’s instructions within this time frame.


Reporting the Proper Status
If instructed by the bank/owner to withdraw or cancel a previous foreclosure, the status must be changed within two business days. Please be certain that you retain documentation received in your files. The listing may be changed back to “active” without penalty as long as the action is taken within 60 days of the date withdrawn (and proper documentation is received from bank/owner). If instructions to put the listing back on the market after 60 days, MFR policy would require that the listing be added as “new” to the system. Please note that adding a listing as “new” prior to the 60-day window would be a violation of MLS Rules.


If instructed to put the listing on hold or “temporarily off market”, that status must also be reflected within two business days. Again, please make sure you have written authorization on file. Your listing may be changed back to “active” at any time prior to the expiration date – please note that if the expiration occurs prior to the release by the bank/owner, the listing will automatically change to expired.


Enforced per Rules and Regulations
This is arguably one of the most unusual circumstances we have seen recently. MFR is not sure what the overall impact of this foreclosure crisis may be, but we do know that keeping your MFRMLS database accurate and current is a critical element of moving along those transactions that will be able to continue through the process and close. While never a favorite task, please be aware that MFR will enforce the rules regarding the reporting of proper status, etc. Below is some additional information on the current requirements for reporting the proper status and the possible resulting fines.


In Closing
MFRMLS has no additional requirements regarding the current predicament regarding foreclosures – we simply ask that you follow the instructions of the bank/owner of the properties. For questions on MLS rules and policies, please contact our Administration Departme

[loves2read]

Gobbledygook IMO--

Enforced per Rules and Regulations
This is arguably one of the most unusual circumstances we have seen recently. MFR is not sure what the overall impact of this foreclosure crisis may be, but we do know that keeping your MFRMLS database accurate and current is a critical element of moving along those transactions that will be able to continue through the process and close. While never a favorite task, please be aware that MFR will enforce the rules regarding the reporting of proper status, etc. Below is some additional information on the current requirements for reporting the proper status and the possible resulting fines.


In Closing
MFRMLS has no additional requirements regarding the current predicament regarding foreclosures – we simply ask that you follow the instructions of the bank/owner of the properties. For questions on MLS rules and policies, please contact our Administration Departme


It just makes me SO ANGRY that common sense has gone out the window--replaced by greed, lack of professional standards, and zero accountability...
even the idea that paying a fine can recompense people for the frustration, anger, and losing belief that people in authority KNOW what they are doing and will make the best choice...

this tirade is not directed at the RE industry alone--they are not all guilty or complicit in this massive problem...and many of them (the lower eschilon people for sure) have not benefited from any of the massive wealth transfers that some have--
and I am not a Tea Party type person--ready to throw out the baby with the bathwater--

but I am really getting discouraged about the future of this county and the ability of people to straighten out all these tangled threads that are strangling our economy and interfering with people's lives and livelihoods...

[bbronston]

loves2read, the quoted passages you found to be "Gobbledygook" are simply instructions to agents and brokers from the company that provides and manages the multiple listing service in our region. They are discussing how to handle listings of bank owned properties that may be affected by the procedural changes we've been discussing. I think that's why it reads that way.

For what it is worth, although I have always been troubled by being able to see both sides of most arguments, I, too, am getting fed up with this era of personal irresponsibility and increasing government meddling and spending...not because I have some principled bias against government involvement but because, in reality, it rarely seems to solve what was intended, is often wasteful or corrupt, and it always seems to result in greater problems. There must be a middle ground somewhere that works and, as I climb up on my soapbox, I think it begins with something as simple as electing representatives rather than politicians. That, and an electorate that recognizes when a politician becomes entrenched and powerful, it is time to get rid of him/her because they cease to represent and become more concerned with power, privilege, and personal aggrandizement.

[SoFLGal]

I posted the gobbledygook because loves2read wanted to know what our responsibilities as a Realtor are. In that verbiage it states what we should be doing and how we should be handling the "foreclosure issue".

I think we should probably know more in the next few weeks.