Foreclosures a legislative concern again
TALLAHASSEE, Fla. – Nov. 18, 2011 – Florida lawmakers on Thursday began looking again at ways to speed up foreclosure cases that now can take two years or more to wind their way through state courts.
Florida’s requirement that foreclosure cases go before a judge continues to slow the process, according to a senate interim report and statistics compiled by the Mortgage Bankers Association, which on Thursday released its latest findings on foreclosures and delinquent loans.
Florida is one of roughly half the U.S. states that require foreclosure proceedings to be handled in the courts, a requirement that has led to a backlog of cases that critics say is slowing Florida’s economic recovery.
“The foreclosure inventory rate remains quite elevated, but is at the lowest point since last year,” said Michael Fratantoni, MBA’s vice president of research and economics, in a statement. “The disparity in loans in foreclosure between the judicial and non-judicial states continues to widen as backlogs continue with more new foreclosures entering the pipeline.”
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definition of judical & non-judical foreclosure
Florida’s requirement that foreclosure cases go before a judge continues to slow the process, according to a senate interim report and statistics compiled by the Mortgage Bankers Association, which on Thursday released its latest findings on foreclosures and delinquent loans.
Florida is one of roughly half the U.S. states that require foreclosure proceedings to be handled in the courts, a requirement that has led to a backlog of cases that critics say is slowing Florida’s economic recovery.
“The foreclosure inventory rate remains quite elevated, but is at the lowest point since last year,” said Michael Fratantoni, MBA’s vice president of research and economics, in a statement. “The disparity in loans in foreclosure between the judicial and non-judicial states continues to widen as backlogs continue with more new foreclosures entering the pipeline.”
click here to read the rest of the article
definition of judical & non-judical foreclosure
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