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GMAC Finance Halting Foreclosures **Updated*

If you are a foreclosure investor, you might want to start paying attention to what company is doing the foreclosure on any property you are interested in. We've all seen the reports about mortgage companies foreclosing on the wrong property. Apparently, this is something of an epidemic at GMAC Mortgage, as they told their employees yesterday to immediately halt all foreclosure proceedings in 23 states. They are also halting the sales of all properties they have already foreclosed on and extending the closing date by 30 days. They are allowing buyers already under contract to cancel and get their deposit back, should they want.

Update: Another story says the reason for the freeze by GMAC is that GMAC employees signed about 10,000 "affidavits and other foreclosure documents a month without verifying their accuracy." The Florida Attorney General is investigating the filing of fraudulent documents to the courts.

Another Possible New Fee For Home Buyers And Sellers

Came across a story in the New York Times this morning about a possible new fee in the housing market. It hasn't caught on yet, and let's hope it doesn't.

Some developers are trying to attach a clause to the sales contract of new homes that says the developer will receive 1% of the sales prices of the home every time it changes hands for the next 99 years. Wow. New home buyers - this is yet another reason to understand every piece of paper you are signing at closing.