What is foreclosure timeline in a judicial state?

Foreclosure attorneys warn: the process is slow and risky

The foreclosure process varies from state to state – 24 states require a judicial review, which means a judge must review and sign off before the ownership of a house can transfer from borrower to lender. The foreclosure backlog in judicial states is reported to be far higher than in states that do not require judicial review.

While both processes – judicial and non-judicial – have their own problems, the delays in judicial states are setting new records. In some judicial states, foreclosure attorneys have found that the average foreclosure process has increased:

  • New York foreclosure timelines increased 37 percent since 2010 and take an average of 1,019 days to complete!
  • New Jersey foreclosure timelines are the second longest – taking 964 days on average.
  • Florida foreclosure timelines rank the third longest – taking 806 days on average to process.

Once everyone began to realize the extent of the banks’ failures in the real estate crisis and their role in bringing the economy to near ruin, they began pressuring the banks to modify mortgages to keep people in their homes and stabilize our communities. But the banks responded with further modification abuses, prompting many homeowners to turn to foreclosure defense teams for help.

Why Foreclosures Take so Long in Judicial States like New York, New Jersey, and Florida

The reason for the dramatic difference between judicial and non-judicial states is not isolated to the delays caused by judicial review – although that is a contributing factor – the real problem is the prevalence of robo-signing. The banks don’t like to admit that they participated in unlawful practices during the boom years, and they often take the stance that they did nothing wrong with homeowners who try to get their loan modified.

On the other hand, if you as a homeowner are working with an experienced foreclosure lawyer who understands the foreclosure laws, you have an advantage. Your foreclosure lawyer will examine your mortgage for fraud, predatory lending abuses, and other techniques the banks used to push homeowners into homes they could not afford and then sell the loans in bundles to investors.

Many of those investors have no real proof of ownership over the loan.

How Foreclosure Lawyers can Stop Foreclosure in a Judicial State

Without proof of loan ownership, they cannot legally foreclose. This fact has been an excellent key to helping many homeowners convert their problematic mortgages into mortgages they can afford because the banks are more willing to refinance and change the terms of the loan when they realize they messed up in the original handling of the loan. A foreclosure defense lawyer can make the banks see the light.

For a no cost, no obligation consultation and review of your case call a Legal Help Group Law Firm professional right now at 877-304-9404, or fill out the “contact me” form to connect with a foreclosure defense attorney.