Chicago Relocation

Agreement made for next steps in foreclosure paperwork issues

October 19, 2010

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It looks like Chicago foreclosures will begin to flow again after their abrupt halt a few weeks back.  DSNews reported today that both B of A and Fidelity Nat’l Financial have come to an agreement on the foreclosure paperwork issues that have caused havoc among some of the nation’s largest lenders in the last few weeks.

Fidelity will continue to provide title insurance for B of A’s foreclosed homes and B of A agrees to cover any court and settlement costs.  Fidelity agrees to defend any NEW buyers in any court proceedings.

While it doesn’t quite mean “business as usual” it means that the parties (and the government) are interested in moving forward with selling these parties, which is undeniably critical to moving out of the nation’s real estate recession.

The article quotes ALTA (American Land Title Association) CEO Kurt Pfotenhauer as saying “ALTAsupports FHFA’s outline for an orderly and expeditious resolution of foreclosure process issues that will provide greater certainty to homeowners, markets and other stakeholders,” said Kurt Pfotenhauer, CEO of ALTA.


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