Foreclosure Backlog Means a Reprieve for Millions



Some deny there is a delay. Another blames state laws governing foreclosure. Yet another blames regulatory and investor expectations.  Another declined to comment.


It seems that there is no agreement about why there seems to be a delay in foreclosure proceedings. With two million active cases of foreclosures and another two million to come, lenders and the courts are overwhelmed. The result? Those living in a house that is facing foreclosure are in no hurry to leave. No longer do they wait for the sheriff to come knocking on their door with an eviction notice. Judges are scrutinizing eviction notices now, the law firms that handled many foreclosure cases for the banks (foreclosure mills) have backed off and banks don’t want to add too many houses to their books so they don’t flood an already saturated market.



In New York, at the current pace, it would take 62 years to repossess the 213,000 homes in distress. New Jersey would take 49 years. Florida, Massachusetts and Illinois would take 10 years. But in states where the courts are not involved, it takes much less time. The thing all the states have in common is that the system is so backlogged. Many are trying to fight, which serves to delay any action even more. In many cases, the finding is that banks aren’t even trying to fight back – they’re not trying to win.


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