Monday, January 10, 2011

Philly Sheriff issues 50-day moratorium on foreclosure sales

Sort of old news, but there are some legals challenges that the banks are losing.  Look for more news, but it's getting complex and all these extra legal motions and maneuvers means the shadow inventory will grow.  2011 may not be the year where shadow inventory hits the market.

Philadelphia acting Sheriff Barbara Deeley on Friday issued an immediate moratorium on all sheriff sales in the city for 50 days. Sheriff sales are extremely similar to normal foreclosure auctions; certain states around the country, however, require that a sheriff preside over the sale.
The latest moratorium comes as the embattled Sheriff's office faces an ongoing investigation of alleged financial mismanagement.
According to a press release from her office, Deeley placed Director of Finance and Compliance Tyrone Bynum, Solicitor Edward Chew, and Real Estate Supervisor Crystal Stewart on immediate leave with pay until Feb 7. After that, they're out, her office said.
She also reassigned the director of real estate, Daryl Stewart, outside of the Real Estate Division. That change is effective immediately.

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