Monday, September 20, 2010

GMAC will halt foreclosures in 23 states - Update 1

Interesting the article doesn't state why this is going on.  But it will add to the increasing shadow inventory out there.
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
 Please Note GMAC was re-branded as Ally Financial

"In fact, all new residential foreclosures are continuing in the ordinary course of business with no interruption to our usual practice," James Olecki, a spokesman for Ally Financial, told HousingWire.
Instead, the company is directing its outsourced vendors to allow time to address a potential issue raised on a number of existing foreclosures. GMAC Mortgage asked its brokers to suspend evictions and REO closings on foreclosures that could have been impacted by the internal procedure issue.

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