New York foreclosure courts face seven-year backlog: RealtyTrac

 · Eslava’s case reflects the state of confusion among lenders and courts as they struggle to keep up with a backlog of millions of delinquent homeowners making their way through the foreclosure.

The Sunshine State has been one of the hardest hit by the recession, with RealtyTrac estimating one out of every 363 homes was in foreclosure in January. It has happened as homeowners, who are out of.

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New York foreclosure courts face seven-year backlog: RealtyTrac The New york foreclosure system reached a crisis point in late 2010. Banks were filing more foreclosure cases than the courts could resolve, creating a backlog in the state that could take more. In economics, a recession is a business cycle contraction when there is a general.

 · Upshot of the foreclosure backlog (New York Times) December 6, 2012 FORECLOSURES are taking significantly longer in states where lenders must go through the courts, and the delay may or may not be good for borrowers, depending on their circumstances.

States such as Illinois, Florida, New York and New Jersey that use courts to oversee the foreclosure process tend to have lengthier. Waypoint expects a total return of up to 20 percent over a seven.

Eslava’s case reflects the state of confusion among lenders and courts as they struggle to keep up with a backlog of millions of delinquent homeowners making their way through the foreclosure.

The lending institution is not required to put a property into foreclosure. foreclosure process in numerous states has also created a backlog of filings.. the number of zombie homes had decreased by 43% since the previous year to 20,050.. Dennis has a degree in English from the State University of New York at Buffalo.

Judicial states playing catchup were behind a rise in foreclosure activity in October according to. Delaware (+142 percent), New York (+98 percent), New Jersey (+97 percent), and Pennsylvania (+58.

The price declined as foreclosures rose to a record and shares of both companies dropped. Bank of America fell 21 percent in New York. an EU court to cut the penalty. The policy aims to free.