HSBC Suspends Kansas City Home Foreclosures, Will Short Sales Increase?
HSBC Holdings PLC or commonly known to many Kansas City mortgage holders as HSBC Bank says it is suspending pending foreclosures in Kansas City after a government audit and review of the lender’s procedures revealed problems with the way it handled some home repossessions.
In the audits and reviews completed by the government due to lawsuits popping up throughout the United States there were deficiencies in the way the lender prepared affidavits and other foreclosure-related documents.
Although HSBC Holdings says it has suspended pending foreclosures it will resume the foreclosure actions once it has substantially addressed the problems.
What does this really means to Kansas City homeowners who are underwater on their mortgage and are possibly behind on payments? This is an opportunity to avoid foreclosure by negotiating a short sale. The extra time should allow most home borrowers that needed time to complete a short sale.
In Addition to HSBC, several other major lenders have temporarily frozen the foreclosure process because the same government audits and reviews have found similar deficiencies. If you are behind on your mortgage, lets talk. Maybe your mortgage company has suspended the foreclosure process.
The Kansas and Missouri foreclosure process are different. Did you know that a Kansas homeowner can sell their home after it has been forecloses on and make a profit?
Yep, you can profit AFTER foreclosure in Kansas....Should we talk?
HSBC Holdings PLC or commonly known to many Kansas City mortgage holders as HSBC Bank says it is suspending pending foreclosures in Kansas City after a government audit and review of the lender’s procedures revealed problems with the way it handled some home repossessions.
In the audits and reviews completed by the government due to lawsuits popping up throughout the United States there were deficiencies in the way the lender prepared affidavits and other foreclosure-related documents.
Although HSBC Holdings says it has suspended pending foreclosures it will resume the foreclosure actions once it has substantially addressed the problems.
What does this really means to Kansas City homeowners who are underwater on their mortgage and are possibly behind on payments? This is an opportunity to avoid foreclosure by negotiating a short sale. The extra time should allow most home borrowers that needed time to complete a short sale.
In Addition to HSBC, several other major lenders have temporarily frozen the foreclosure process because the same government audits and reviews have found similar deficiencies. If you are behind on your mortgage, lets talk. Maybe your mortgage company has suspended the foreclosure process.
The Kansas and Missouri foreclosure process are different. Did you know that a Kansas homeowner can sell their home after it has been forecloses on and make a profit?
Yep, you can profit AFTER foreclosure in Kansas....Should we talk?
RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?
Let us know what you think or add to our blog by writing a comment. Do you have a real estate question for the Real Estate Wizards? Email us at RealEstateWizard@DowellTaggart.com
Blog post written by the Dowell Taggart Team of RE/MAX Best Associates
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