Its 9pm, do you know where the title to your home is?

[xring]

http://www.zerohedge.com/news/foreclosure-stuffing

[CrufflerSteve]

This has been written about in other places. The banks go through all the foreclosure process even up to scheduling the sheriffs but they don't take the title. This way it shows on the bank records as an asset and not foreclosed. They also don't have to pay taxes and upkeep on it.

The previous owners have moved out and end up being surprised with the tax bills and sometimes other charges, even criminal since it is still technically their house even though they thought it was gone.

The belief is that this is tricky accounting to prevent the bank from being insolvent. It has driven some cities nuts and they are threatening to use eminent domain so it can be actually sold and lived in rather than an abandoned drag on the neighborhood.

When you read about how the housing market is improving remember there is an unknown number in the shadow and sub-shadow inventory. I have no idea how this will work out but it needs to be dealt with to have any kind of lasting recovery.

Steve