My good friend from Oregon, Todd Clark, recently asked if I would write a post on the current status of 
foreclosures from a title insurance standpoint...
I am not an expert in this area, nor am I a lawyer, so what I offer here is very much anecdotal based on talking to some title insurance execs and counsel...
The recent moratorium on proceeding with foreclosures by some large lenders is what seems to have precipitated the current interest in this regard...The underlying cause of these moratoriums stemmed from the foreclosing agents for some lenders handling these foreclosures in BUNDLES rather than on a case by case basis... and the moratoriums, in my opinion, don't signal an end to these lenders attempts to acquire ownership to the properties affected by their liens, as much as they give the lender and those being foreclosed an opportunity to GET IT RIGHT with regard to foreclosure law by slowing down the process and assuring compliance with state to state foreclosure regulations...
As an agent for a Title Insurer, we will continue to handle each transaction on a case by case basis, including our underwriting counsel in more FORECLOSURE LOOPS than prior to the moratoriums...
Again, I reiterate that this is merely one persons viewpoint on the current moves by lenders with regard to foreclosures...
Deeds in lieu of foreclosure will still be attempted to move the process along, and, indeed, many foreclosures will proceed, albeit on a much slower track and at a much more diligent due process with regard to those being foreclosed upon...
My advice to anyone involved in a possible foreclosure is to secure the services of a competent real estate attorney...This will assure that all parties involved in the foreclosure dot every "i" and cross every "t" so all receive fair and legal treatment in the process...
A word to those who may find themselves losing their homes in this regard...You may have been victimized by PREDATORY LENDING, you may have been prodded to BITE OFF MORE THAN YOU COULD CHEW by slick marketing, or you may have innocently been caught in the web of declining property values and loss of personal income due to facts beyond your control...
Whatever the case, FORECLOSURE IS NOT THE END of The American Dream...Time can cure credit or bankruptcy problems so that you will be able to reenter the market in the hopefully not too distant future...In the meantime, find comfortable affordable housing elsewhere, pay down as much debt as possible, start some kind of savings plan no matter how meager it may seem...and position yourself to achieve sound goals in supplying your housing needs and dreams in a few years...
Remember, all those in the real estate industry are going through labor pains also, and every real estate professional I know has become more sensitive to the needs of the consumer, and is prepared to spend as much time as is necessary to GET THE JOB DONE RIGHT...!!!
Have a great weekend...!!!
