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Foreclosure Backlog May Provide Unexpected Relief to Homeowners

Due to the backlog of foreclosure cases throughout the U.S., it appears that homeowners may be experiencing some unexpected relief. Nationwide, new foreclosure cases and repossessions are down by about a third since last fall, according to leading real estate data firm LPS Applied Analytics.

According to calculations by LPS, it would take lenders 62 years to repossess the 213,000 homes in New York that are currently in default or foreclosure, at their current pace. In New Jersey, it would take 49 years. In Illinois, Massachusetts and Florida, it would take 10 years. These states handle foreclosures through the court system and therefore are prone to take longer, but the foreclosure system is also bogged down in states where foreclosures are processed outside of the courts. It would take 3 years to address all current foreclosures in California and 2 years in Colorado and Nevada.

Sheer volume has much to do with the backlog, as well as the fact that more homeowners are fighting foreclosure. Lenders also seem to be in no hurry to add more repossessed houses to their portfolios. Several years ago, homeowners may have worried that the sheriff would show up any day to kick them out of their homes. Today, it make take much longer, buying valuable time for homeowners to get their finances in order or to consider alternatives to foreclosure.

Involving an attorney may provide a viable way of delaying foreclosure. At Jacoby & Jacoby, our Long Island bankruptcy and foreclosure attorneys are experienced in representing homeowners in foreclosure proceedings, buying valuable time to help save their homes or help them work out alternatives to foreclosure, such as short sales, to get rid themselves of a property that will simply continue to drain their accounts dry. Strategic default is another method that is increasing in popularity, where homeowners are purposefully defaulting on their loans.

Interested in discussing your options in the face of foreclosure or threatened foreclosure? Contact our firm today to talk to a Long Island foreclosure defense lawyer who has the experience and knowledge to assist you.

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