Maine Foreclosure Freeze: How will it affect the Maine housing market

FOR IMMEDIATE RELEASE
Portland, Maine, United States of America (Free-Press-Release.com) October 16, 2010 -- Fallout from a nationwide foreclosure freeze will have very little affect on the Maine housing market, says industry analysts. GMAC, Chase, and Bank of America have imposed a foreclosure moratorium in all 50 states after the revelation that they may have been practicing illegal foreclosure tactics.

Sales of some foreclosures stopped dead in their tracks following this announcement.

"There is an agent in my office who has had to pull many listings because of this foreclosure freeze." said Marty Macisso, Short Sale specialist with Regency Realty Group in South Portland, Maine "Its unclear at this point what will happen to those bank owned listings because they need to straighten out their foreclosure paperwork."

Banks who must submit proof of a homeowner's default on their mortgage, must do so in the form of Affidavits from bank employees who have "personal, first hand knowledge" of the homeowner's loan. Questions about document fraud raised by Thomas Cox, a retired lawyer from South Portland who is active in the Maine Attorneys Saving Homes advocacy group, helped force GMAC Mortgage Co./Ally Financial Inc. to stop foreclosures last month in 23 states, including Maine.

From January through August of this year, 6,887 sales of existing homes were recorded by the Maine Association of Realtors. During that period, Maine had 132 foreclosure sales -- roughly 2 percent of the total -- according to RealtyTrac, which records foreclosure activity.

It's still very early in the game, but many think this problem will be resolved, while some think it could be the beginning of a larger mess involving wrongful foreclosure law suits.

Marty Macisso is a Maine Realtor specializing in short sales, bank owned homes.

www.MartymyRealtor.com

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