There seems to be a trend..banks are moving slow in foreclosure
Some banks I have seen are either moving slow or not foreclosing at all. They seem to have a wait and see approach to homes that are under water. I have seen most of these loans from Chase, Bank of Amer, Wells, etc being sold to Nation Star and other lower less known Mortgage companies. These FC are taking about 12 to 18 months to complete, at least in the Maryland area. This has some pros and cons as to the time frame. Its good for you can campaign to a prospect for a year or more, but bad because these attorneys are just running up hugh bills in legal fees (sorry no offense). Im currently working on a sub2 and the legal bill is @8k (not even a court appearance), and PD payments are 12k.
Also a friend told Chase bank you can have a property hes not paying anymore, and they said NO they arent foreclosing on it due to they dont see any value in it. If he offers them 8k for a 65k mortgage they will give him the deed ( yes im working that one also).
So I was wondering if others were seeing these such large legal fees in there sub2 deals, as well with the slow moving and no foreclosure actions by banks.