A recent article in the Washington Post reports foreclosure filings fell to about 260,000 last month nationwide, 17 percent lower than in January 2010. In areas where judges and law enforcement have taken aggressive actions against faulty foreclosures, the drop was even sharper.
In Maryland, where Wells Fargo and Ally Financial last month dismissed pending foreclosures because they were approved by a “robo-signer,” foreclosures fell by 70 percent from last January. In Massachusetts, where the state Supreme Court in January invalidated some foreclosures and called into question many others, there was a 66 percent fall.
In Florida, where law enforcement officials are considering criminal charges in foreclosure cases, there was a 54 percent decline. January was also the third straight month in which the number of foreclosure filings fell under 300,000. The trend comes after filings reached above 300,000 for 20 straight months, according to a report released Thursday by Irvine, Calif.-based RealtyTrac.
The number of foreclosure filings began to drop last fall after large mortgage servicers such as Bank of America, J.P. Morgan Chase and Ally put some foreclosures on hold after admitting that some of them had been improperly prepared. Much of the slowdown is expected to be only temporary, until the reviewing of procedures, resubmitting of paperwork and federal investigation is complete.
To read more on the story, visit: http://www.washingtonpost.com/wp-dyn/content/article/2011/02/10/AR2011021007496.html
Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.