Foreclosure crisis clogs up court system

Miami /
Oct.October 22, 2010 01:00 PM

The national court system is being inundated by record numbers of foreclosures, as clerks struggle to keep pace with fast-changing dockets where banks have canceled hundreds of hearings and judges are deciding if they should dismiss cases that rely on affidavits prepared by robo-signers, the Wall Street Journal reported. Even if the outcome of most cases is unlikely to change, the added scrutiny is causing massive delays, particularly in Florida, which had one of the most drastic real-estate boom-and-bust cycles in the country. There were more than 476,000 loans in foreclosure in Florida at the end of the second quarter of 2010, or about 14 percent of all the state’s home loans. Last year, the state legislature gave the courts $9.6 million to bring back retired judges to handle foreclosure cases. But judges who worked to resolve those problems aren’t convinced that they’ve seen the last of them. “It’s a constantly changing landscape,” said Judge Jennifer Bailey of the Dade County court. [WSJ]

 

Related Articles

arrow_forward_ios
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
8000 West Broward Boulevard, Mall
Lender pays $43M for Broward Mall in foreclosure auction
Lender pays $43M for Broward Mall in foreclosure auction
A rendering of the project + a Google street view of the building at 3034 Oak Avenue and  (L-R) Developers Nick Hamann and Jeremy Wacks, with Douglas Elliman’s Jay Parker (Google Maps)
Lender seeks foreclosure of stalled Arbor Coconut Grove project
Lender seeks foreclosure of stalled Arbor Coconut Grove project
Terreno Realty's W. Blake Baird with 8050 Northwest 90th Street (LinkedIn, Google Maps)
Lender sells foreclosed aviation maintenance site in Medley for $20M
Lender sells foreclosed aviation maintenance site in Medley for $20M
Renderings of new Miami Collective site with Gamma Real Estate’s Jonathan Kalikow (The Collective, Gamma Real Estate)
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
The Collective's Reza Merchant and renderings of new Miami location (The Collective, LinkedIn)
Collective undone: Lender targets planned co-living site in Wynwood
Collective undone: Lender targets planned co-living site in Wynwood
Vivian Dimond with 230 Lincoln Road (iStock)
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Raz Ofer with 1568 Drexel Avenue (Dade County, Google Maps)
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...