Sheriff in Wayne County halts Foreclosure

In recent foreclosure news, a sheriff in Wayne County Michigan attempted to halt all foreclosures in his county and in the process made national news.

That’s not all though, he was also sued by Towne Mortgage in an attempt to resume foreclosure procedures. The case took place in Federal District Court in Detroit.

A US House member present at the hearing declared that foreclosure would be held for a maximum of three weeks while the government decides how to deal with the issue, Barack Obama planning to release a foreclosure plan for the country in the near future.

Nonetheless, there seems to be much pressure for foreclosures to go through, though it’s not always clear why since investors typically lose money when foreclosures happen.