Here’s a brief but interesting interview with Ron Deutsch, a foreclosure attorney in Maryland. Among other things, he briefly discusses the downside to a state issuing a moratorium on foreclosures, which is a relevant topic even if you’re outside of Maryland. As I’ve pointed out in the past, moratoriums delay the inevitable and add to the problem. Banks lose at least tens-of-thousands of dollars the moment they decide to foreclose, so the practical effect of a moratorium on foreclosures is that the banks lose even more money (requiring a bailout?) without providing much benefit to the soon-to-be-foreclosed-upon owners. It makes politicians appear as if they’re doing something for the consumer, but they’re really just adding to the problem. But now I’m rambling.
Give the interview a quick read.
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Rob Bodine is a Virginia attorney focusing his practice on real estate and intellectual property law. He’s currently Virginia counsel with First Class Title, Inc., a Maryland title insurance and settlement company.