New Bank Action?
In the past week I have come across a bank, foreclosing on a property (which had been a short sale with 3 loans), then recinding the foreclosure! The bank is still working with the short sale buyer. I had not heard of such a thing. Chatting in the office, another agent in the same office was doing a Broker Price Opinion(BPO) for a house that had been foreclosed on. The catch, the bank (who had foreclosed) was going to work with the homeowner to modify their loan so that they could stay in their house.
I am not sure why I am seeing this, perhaps it is a way for the bank to remove the claims of the 2nd and possibly 3rd loan, and any investors on the first, and then take less of a loss by working with the party that is already there.
I let you know if I see this happening more and if it is having any type of impact on the real estate market.