We recently read an item in The Wall Street Journal Market Watch blog about how certain states have higher rates of "troubled properties" because lenders are forced to go through the court system to move a borrower into foreclosure. Any guess as to the three states with the highest foreclosure inventory in April 2013? We bet you're pretty familiar with two of them: New York, New Jersey and Florida.
Why does this happen? The primary reason is because the two states in which Fazzio Law Office represents foreclosure clients are both referred to as judicial states. Being a judicial state means that if a lender wants to move a borrower into foreclosure, he needs to involve the court system. In non-judicial states, foreclosure proceedings can move much more quickly, because the lender does not have to go through the courts.
Judicial states are frustrating for lenders, but they are sometimes just what a struggling homeowner needs to get back on their feet. Why? John Taylor, chief executive of the National Community Reinvestment Coalition summed it up well in the article from The Wall Street Journal's blog: "A drawn-out foreclosure process gives borrowers more time to get back on their financial feet. Sometimes borrowers who experience a personal-financial shock such as divorce or job loss need a bit of a time cushion. A judicial state forces mortgage holders and servicers to work with the borrow and be patient."
If you are in danger of foreclosure in New York or New Jersey, contact Fazzio Law Offices for a free consultation. We will use the rules of the judicial states to your advantage and help buy you time, if that's what you need. Call us today at 855-743-0262 to schedule a case consultation.
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