My cousin has bought a few hoses at Sheriff's sales to expand her real estate holdings and she just told me that two will now undergo "review." I guess if they were not done properly the paperwork in returning to square one will be nasty! She does not intend to buy more till all is straightened out and that could take some time.
Citi Bank had held the two mortgages that will be reviewed.
This will likely kill the housing market again and could push us deeper into financial chaos. If any here are contemplating this type of investment, it would be a good idea to see if you can get title insurance to cover any loss you might experience. In my state insurance will cover that type of loss but in two neighboring states it will not.
We certainly live in interesting times.
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