Saturday, October 16, 2010

Foreclosure Freeze 101: Why banks are halting foreclosures and what impact it will have

Erroneous documents. A freeze on foreclosures. Charges of fraud.

A flurry of developments have sketched an alarming scenario: that major U.S. banks rammed through foreclosure after foreclosure without giving many borrowers a fair shot at keeping their homes.

Questions have arisen about the scope of the problem, the effect on the nation's foreclosure epidemic and the likelihood that some people could regain their foreclosed homes.

Here's what you need to know about the unfolding foreclosure mess: