SCOOP: Dave Ramsey - Housing Foreclosure Moratorium

This is just in today. Dave Ramsey is an American financial author, radio host, television personality, and motivational speaker.  On the Dave Ramsey show today, Dave said on the radio that the housing foreclosure moratorium was not done because they could not keep up with processing the foreclosures. It is because the banks do not want to own anymore foreclosed properties. They cannot handle what they already have on the books.

Additionally, Bank of America (BoA) does not have enough qualified personnel to process the foreclosure paperwork properly. He said that if BoA is doing the processing, run fast in the other direction.  They are incompetent and cannot process the paperwork properly. They don’t even know what properties are being foreclosed.  In my opinion, the existing BoA employees cannot figure their way out of a paper sack. Do not do business with BoA. Do not do any short sells with BoA. You may be waiting for many months to several years to close the deal on a short-sell foreclosed home from them. Just run in the other direction if you find that you need to work with BoA.