Looming wave of new foreclosures threatens rebound of Staten Island's real estate market
Clearly, this is the calm before the storm. Once Steven J. Baum's cases are transferred to other firms these cases may once again begin moving forward. What should also be considered is that banks are taking longer to file foreclosure actions. These are the other side of the "shadow inventory" coin. These I guess you could call "Shadow Foreclosures" in that the foreclosure should be filed but the bank has chosen not to do so. Perhaps on reason is because during reporting times to their shareholders they don't have to report them as actually being in foreclosure. They can simply state they're in loan modification "review". Yeah, review. they'll have plenty of time for review since they ask for the same documents over and over and over again. Or better yet-servicers like the borrowers to stay late because they earn late fees (and any other fee they can think of).
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