NORRISTOWN PA – Residential foreclosures nationally seem poised to rise again, according to Reuters News Service. It said banks moved more aggressively in the third quarter of 2011 and the number of new home foreclosures jumped by more than 21 percent over the previous three-month period.
Things may be slightly better, though, for some home owners in Lower Pottsgrove (PA) Township and elsewhere locally who expected to face foreclosure this week.
Seven of nine foreclosure sales of properties within the township, which were scheduled for disposition Wednesday (Dec. 28, 2012) in Norristown by Montgomery County (PA) Sheriff Eileen Whalon Behr, have been stayed, interrupted by bankruptcy filings, or otherwise postponed to later dates.
Those often are signs of lenders trying to work with owners to keep them in their homes, but they may also be due to holiday generosity.
- Postponed until at least Jan. 25 (2012) were proposed sales of 1383 Oakdale Dr., 772 Gabriel Ct., 3808 Walnut Ridge Estates, and 1612 N. Keim St.
- Postponed until Feb. 29 were proposed sales of 2807 Walnut Ridge Estates, and 2303 Walnut Ridge Estates.
- The proposed sale of 1560 Potter Dr. was stayed.
- The proposed sale of 1912 N. Charlotte St. is uncertain; the sheriff’s website has it marked as “Postponed to 12/28/2011;” and the listing of 19 Pebble Beach Ln. is marked as “For Sale 12/28/2011.”
The combined properties represent a total of more than $1.8 million in outstanding debt, according to the website.
Similarly, proposed sales of six properties in Limerick Township all were postponed, the sheriff reported; and of 34 properties scheduled for proposed sale in the borough of Pottstown, 30 were postponed or stayed.
Reuters, in its Dec. 21 (2011) story, noted that “in the final months of 2010 some big lenders, including Bank of America Corp. and Wells Fargo, suspended foreclosure proceedings as they responded to criticism over shoddy paperwork used to support foreclosures.” Those reviews have now been completed, Reuters added, and so the pace of foreclosures is again “picking up.”
It cited an Office of the Comptroller of the Currency report that claimed “the large increase in new foreclosures also occurred because banks have ‘exhausted alternatives to foreclosure for the large inventory of seriously delinquent mortgages working through’ the system.”
Photo from Google Images
3 Responses to “Postponements, Stays Good News In Local Foreclosures”
Trackbacks/Pingbacks
[...] Postponements, Stays Good News In Local Foreclosures Seven of nine foreclosures on properties in Lower Pottsgrove, scheduled for proposed sale Wednesday by the county sheriff, have been stopped or delayed. So have all six scheduled in Limerick, and 30 of 34 scheduled in Pottstown. [...]
[...] Postponements, Stays Good News In Local Foreclosures All six county sheriff’s sales on foreclosure properties in Limerick, as well as seven of nine in Lower Pottsgrove and and 30 of 34 scheduled in Pottstown – which would have been conducted Wednesday – have been stopped or delayed. [...]
[...] Postponements, Stays Good News In Local Foreclosures Thirty of 34 county sheriff’s sales on foreclosure properties in Pottstown, as well as seven of nine in Lower Pottsgrove and all six scheduled in Limerick – which would have been conducted Wednesday – have been stopped or delayed. [...]