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Lenders Begin Bypassing Foreclosure On Large Projects, Using Receiverships To Unload Collateral Securing Bad Loans While Avoiding Builder Liability

By r morris

The Wall Street Journal reports:Some banks are starting to bypass foreclosure on large, troubled real-estate developments and instead are throwing the properties into receivership, a move intended to reduce some of the headaches associated with taking over problem assets. When banks foreclose on delinquent borrowers, they often plan to sell the property to new owners. But while holding the

Full post as published by The Home Equity Theft Reporter on August 06, 2009 (boomark / email).