Hidden Backlog of Foreclosures

"We were hit pretty hard," Haworth says. His caseload exploded from fewer than 1,000 foreclosures six years ago to a backlog he estimates is now 20 times that. State budget cutbacks forced a reduction.

RealtyTrac, an online marketplace for bank-owned property, counted more than 1.6 million foreclosures in the U.S. in July. RealtyTrac’s Rick Sharga says demolition programs like Cleveland’s only start.

During the AG’s investigation, banks had been sitting on lots of homes that were in default because basically they were afraid to move ahead with foreclosure, with this lawsuit hanging over their.

In the past two years, those two factors alone have resulted in a backlog of almost a million claims. office and one will most likely see caseworkers at their desks hidden behind stacks and stacks.

Let me be clear. A foreclosure is never a good thing for a homeowner. It signifies not only a loss off financial security but also perhaps a loss of cherished memories – not to mention good credit. But in the big picture, having a lot of foreclosures completed means the real estate market is getting.Read More+

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The backlog of foreclosed homes that was created by lengthy judicial reviews and long foreclosure timelines are entering the market in states like New York, Florida, New Jersey, Arkansas and Hawaii. Illinois is a judicial foreclosure state , which means that foreclosures must be processed through the courts. court backlogs can lead to long delays.

She said the increase in Denver, however, may be due to the public trustee’s office dealing with foreclosures that are coming in, causing a backlog of previously filed foreclosures that have not been.

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Bankruptcy will only temporarily stop foreclosure.. Contents [hide]. There is a tremendous backlog of foreclosures in this country and,

Like many who endure foreclosure, Simon complains that his lender has no interest. She says the negotiation process can have a lot of hidden costs for the borrower. Kat Lane: As a matter of course.

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Foreclosures can be tricky, so we've created an educational video series to help you learn more about the benefits and pitfalls of buying distressed properties.