PHOENIX-Lenders such as GMAC and Bank of America have restarted foreclosure efforts on delinquent properties after a short break. Many financially distressed homeowners hoped that the brief pause in foreclosure activity meant that banks were open to looking at alternative methods such as short sales, which have witnessed a sharp increase across the US since the financial meltdown.
However, despite the increase in interest among borrowers, many lenders remain apprehensive due to concerns of fraud related to short sale transactions. For the full story, go to New York Times.
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