I talked to one of my foreclosure firms this morning.  This is what FNMA is doing.  They are sending out the foreclosure work with a maximum fee for the attrorneys and abstractors.  My firm did not mention that they were told to use only certain abstractors.  However, she did not have me on her list of approved absrtractors because I had not agreed to keep my costs for searches to $200, and this includes updates.  So I agreed.  Most of the work I get on foreclosures is a current-owner, which sure is not the way I was taught to do foreclosure work.  I will probably have to eat a little fee on any 40-year searches, but can make up the difference on the current owners.  If I can I am going to include my update in with the initial search.  Oh, I just had a wonderful idea.  I will just charge a flat $200 for every search.  Sounds good to me.  I was also told by this firm that the reason foreclosures are not coming down the pike is because all this paper from the defunct mortgage companies had to be taken over by someone.  Remember Resolution Trust in the 80's when the Security Federal Savings and Loan went under.  The govenment is probably going to have to stand behind this paper, i.e. the U.S. taxpayers.  At any rate, when all of this gets sorted out, we will be swamped with foreclosure work.  And don't forget the new fiscal year starts for the Fed on October 1. Have they even passed the budget.  I don't recall.  Good Luck to all.  I called a friend of mine just a few minutes ago and asked him if he had any work he needed me to do.  I don't have any work at all.  Lovely day, Lovely day!!!!!

 

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