Foreclosure Sales are currently the story of the day due to title issues. As I study the issue, I found the problem to be a technicality of title issues as opposed to "the big bad bank steeling off of the Little guy". For many years lenders have been using a computer system that allowed them to buy/sell mortgages trouble free. Many of us had our own mortgages change names multiple times. The system was efficient and was not an issue.
The current "crisis" appears to be part political stalling and part political greed. There is a banking crisis nation wide based on loans in default. Ultimately, millions of Americans are not paying their mortgages. Someone decided that since Bank "A" sold the loan to Bank "B" in turn sold it to Bank "C" that the lender should have recorded each new lender to assure the Government Recorded Title had the correct lien holder on file. Banks have been doing this for many years and it was not an issue. Now all of the Governments are spending more than their revenue and they now want the banks to pay them each time a mortgage is sold (another cash flow for local Governments). Is this foreclosure issue greed or concern for the person that is not paying for their mortgage?
Sorry, but I side with the banks. Local Governments are greedy and figure they can grab hold of more money to spend. Enough is enough. Governments, like every other entity should streamline their expenses in times of crisis and as the economy improves, their agencies should come out leaner and stronger; not just as inefficient but with additional funds to spend.
If you can not pay your mortgage then you no longer have a right to the home. You, as a responsible adult signed the legal contract agreeing to repay the money for a home; you agreed to pay them back. If you can not pay then the responsible thing is first attempt tot sell. If not, give the home back to the bank. Save your dignity and pride. Do not behave as you would expect of the lowest class of citizens. You are still a role model.
All in all, the "dirty title" crisis will be resolved. The Governments will likely have another cash cow and these fees will merely be a tax on consumers. Yes, you will pay it when you purchase a home. There are no secret pools of money that the Government can take without the cost to be passed to the consumer. Ultimately, it will be resolved and all national foreclosures will continue. There are and will continue to be more Charlotte Foreclosures to consider. What this also does is suppresses market values and there is not likely to be any appreciation for a few years. This amounts to you being able to purchase a larger Charlotte Home than you had anticipated. You have the benefits of suppressed value and historically low interest rates. A great home at a great price. This will not last long; a wise person strikes when there is opportunity!