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States with Court Intervention Top Foreclosure-Inventory Rates

blogs.marketwatch.comJune 2, 2013

By Ruth Mantell

In April the three states with the highest foreclosure inventory as a percentage of all mortgaged homes in April were Florida, New Jersey and New York, each of which is a judicial state, according to CoreLogic, an Irvine, Calif.-based analysis firm.

“Judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics,” according to CoreLogic’s report.

In judicial states, lenders must give nonpayment evidence to the courts to move borrowers into foreclosure, rather than issuing default notices directly to borrowers without involving the courts.

In April, the foreclosure-inventory rate was 9.5% in Florida, 7.4% in New Jersey and 5.1% in New York, compared with a U.S. rate of 2.8%. Among non-judicial states, the highest foreclosure-inventory rate was in Nevada, which was hit particularly hard when the housing bubble burst.

A drawn-out foreclosure process gives borrowers more time to get back on their financial feet, said John Taylor, chief executive of the National Community Reinvestment Coalition, a Washington-based advocacy group. Sometimes borrowers who experience a personal-financial shock such as a divorce or job loss need a bit of a time cushion, he said.

“A judicial state forces mortgage holders and servicers to work with the borrower and be patient,” Taylor said.

U.S. foreclosure inventory declined 2% from March to hit about 1.1 million homes in April. Compared with April 2012, there were 24% fewer U.S. homes in some stage of foreclosure.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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