Foreclosure Sales Get Delayed
What are the hidden costs of foreclosures? There are many (vandalism, theft, etc.) but also not closing on time.
“Anxious to meet the bank’s demands for quick action, Andrew Garcia and his fiancee, BethAnne Hoffmann, rushed to find financing to buy a foreclosed-on house in a lovely tree-lined Baltimore neighborhood.
That was in January.
A month later, the bank that’s selling the house broke its own closing deadline. The couple has been in limbo since. In frustration, they turned to their congressman’s office for help. Only then did they receive an apologetic call and a new proposed closing date of April 24 — but still no signed paperwork.”