Erin LaBuda

In recent days, judges around the country have ruled that many foreclosures by lenders are and were illegal due to lack of clear title.  This occurred because a large number of homes during the "boom" were bought and sold without the proper documentation and paperwork.  The result of these rulings is that many foreclosures and bank owned properties are now on hold. 

What does this mean for you?

If you are a home owner who is having trouble keeping up with your payments, this means that you will have some time to modify your mortgage or possibly refinance your home.  Several lending institutions are encouraging home owners to call them to discuss different solutions to their mortgage woes.  Check on-line or use your mortgage statement to call and find out if your lender can help.

If you are a home buyer, especially if you are in contract on a foreclosed or bank- owned home, this could mean a delay on closing or potentially a withdrawal by the bank on the sale of the home you are in contract on. If you think this might be you, call your Realtor to discuss this issue as we are in the process of trying to find out which homes are going to be put on the hold in the Columbus market.  If you are in the process of buying a home but have not gone into contract on anything, make sure your Real Estate Agent is knowledgeable about this issue and the homes affected so that you can move forward with your home purchase with the least number of frustrations or difficulties.

If you have any questions that I may be able to answer (or if I don't know that I can work on getting answered for you), feel free to e-mail me at erinlabuda@kw.com.

Make it a great day!