New York now boasts one on the longest time-frames to foreclose in the country. It now takes an average of 1,061 days to foreclose. Seems part of the delay may be cause by re-defaults of those borrowers whose loans were modified. It appears though that the Foreclosure Settlement process may be helping somewhat. Part of the reason appears to be now borrowers are "required" to bring all of their financials to the first court appearance. This will give the bank a quick view of the borrower's finances to see if a modification is possible. The best part of this, at least for the banks anyway, seems to be that vacant properties can now move quicker through the foreclosure process. This in turn will allow the banks to sell these properties sooner. If you've ever lived next to a "Zombie Home" this is welcome news.
THE FULL ARTICLE CAN BE FOUND HERE: http://www.newyorklawjournal.com
The Zombie properties are not caused by the lengthy foreclosure process. The Zombie properties are a result of the banks still not having title to the properties which they illegally foreclosed upon. The banks were able to fool local know-nothing judges with fraudulent documents, but they cannot risk selling the foreclosed properties without clear title which they do not have.ReplyDelete
I live in NY state and there are a lot of foreclosures in this depressed area. I see many Zombie properties which have been foreclosed upon years ago which do not even have a for sale sign on the lawns. This is a testament to the bank's lack of title. They are sitting on these properties waiting for legislation that will make all of their illegal crimes legal in the eyes of the law.
Knowing the complicity of our elected reps and the belief that banks can do no wrong, I would suspect they will get the legislation they want and which they will pay for through campaign contributions to our crooked politicians.
EXACTLY CORRECT !!!!!ReplyDelete