Banks Delaying Foreclosure Proceedings

The number of foreclosures in the Metropolitan New York area has been going down for approximately six months. This has been caused by massive delays in financial institutions processing foreclosure proceedings. Banks and other financial institutions have been hurt by the negative publicity concerning robo signers and improper and illegal foreclosure practices. They are now carefully reviewing each and every case before they send it out to their attorneys to initiate foreclosure proceedings. They are reviewing all of the mortgage related documents in each file to make sure that they have been handled in an appropriate manner before initiating a foreclosure litigation. There were 9% less foreclosures in April of 2011 than in March of 2011. In the United States, there were 219,258 foreclosures initiated during April of 2011. In addition, banks seized 70,000 homes in April. A representative of Reality Trac stated, “the slow down continues to be largely the result of massive delays in processing foreclosures, rather than the result of a housing recovery that is lifting people out of foreclosure.”

Foreclosure Proceedings Taking Longer

Each foreclosure proceeding in New York initiated during the first quarter of 2010 took more than 400 days from inception to completion. This is an increase of 60 days from the 340 days this process had taken in 2009. In 2007, it took approximately 150 days to move forward, from start to finish, with a foreclosure proceeding. As the number of foreclosure proceedings has dramatically increased in New York, the time for these proceedings to make their way through the courts has been increasing. It is estimated that new foreclosure proceedings could take as long as 2 ½ years to be concluded.

Home Prices Falling

Home prices are still falling through most of the country. In April of 2011, home prices fell below the March 2009 levels. This is the lowest point home prices have been in the past two years. Unfortunately, real estate experts do not feel the downward trend in home values will be ending in the near future.

Conclusion

The real estate market in the United States is in a sad state of affairs. Unless the real estate market comes back, the economy in the United States will continue to suffer.

Foreclosure Help

The law office of Elliot Schlissel provides foreclosure defense for clients in the Metropolitan New York area. We attend foreclosure court conferences for our clients. We litigate defective mortgages, predatory lending and defective foreclosure lawsuits. We deal with all types of foreclosure and estate problems. We educate our clients concerning foreclosure related bankruptcy proceedings, including Chapter 7 or Chapter 13 bankruptcy filings.

We advise and assist our clients concerning mortgage modifications and how to deal with mortgage modification programs that fail to meet the needs of the public. We can provide you with a free initial interview and we will discuss all of your foreclosure options and how to stop foreclosures from moving forward. Thank you for visiting our foreclosure blog.

Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick, Bellmore

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

Copyright © 2017 By The Law Office Of Elliot Schlissel. All Rights Reserved. Concept, Design and Hosting by GetLegal Web Development Team.