Distressed home sales hit snag

MORTGAGE BANKERS and real estate attorneys across the state say pending sales of homes that went through foreclosure are being stopped by concerns that the counseling requirement has not been satisfied and the title to the property might not be good. / BLOOMBERG FILE PHOTO/JOSHUA LOTT
MORTGAGE BANKERS and real estate attorneys across the state say pending sales of homes that went through foreclosure are being stopped by concerns that the counseling requirement has not been satisfied and the title to the property might not be good. / BLOOMBERG FILE PHOTO/JOSHUA LOTT
As lenders across the country struggle to sort out confused, sloppy or abusive foreclosure practices, a 2-year-old state mortgage-counseling law in Rhode Island has turned into a stumbling block for many banks trying to move distressed properties off their books. Mortgage bankers and real estate attorneys across the state say pending sales of homes that…

Want More?

Subscribe or register with Providence Business News to keep reading.

REGISTER
for 2 more stories

Subscribe now for $1 for 4 weeks
Already a Subscriber? Login now

Purchase NowWant to share this story? Click Here to purchase a link that allows anyone to read it on any device whether or not they are a subscriber.

- Advertisement -