Normally in this blog we discuss both aspects of life on the Eastern Shore of Virginia and some specific real estate here on Virginia’s Eastern Shore. But nobody can pick up a newspaper today without reading about the rampant bank recklessness in the foreclosure process around the entire country and I want to make a short comment about this issue. The widespread disregard that it appears that most banks willfully have shown for the underlying legal process is very disturbing to me because every single property purchase in this country relies on the sanctity of the process of getting and keeping clear title to the real estate being purchased. Therefore, for the system to work properly, when a bank wants to foreclose it needs to be able to prove that it has the right to do so. When these individual property rights are trampled on, it effects public faith in our entire structure of property rights and real estate contract law. So possible foreclosure fraud by banks effects everyone. An excellent explanation of the entire purchase-to-foreclosure process can be found at http://www.ritholtz.com/blog/2010/10/why-foreclosure-fraud-is-so-dangerous-to-property-rights/ . I guarantee it’s worth taking the time to read.
Foreclosure Fraud Effects Everyone
by: Marlene email