At its current pace, it will take Florida another decade before all of the foreclosures currently filed will be taken care of. Surprisingly, Florida is doing better than other states: it will take another 62 years in New York and 49 in New Jersey, for example.
All across the nation, millions foreclosures are getting backlogged. Most states, in fact, have established systems by which foreclosures do not go through the courts; however, even those states have backlogs of two to three years. The Florida Legislature has just decided to end the dedicated foreclosure courts for 2011. Indeed, the numbers are staggering: there are about two million homes already in foreclosure, with another two million in the red but not yet officially in foreclosure. Banks and courts are simply overwhelmed.
Banks have acknowledged the delay, which has been compounded by changing state laws (such as the requirement for mediation) and fraud on the part of banks (such as the revelation last year that many banks were filing false or inaccurate documents with the courts). A spokesman for Bank of America, for example, said, "Any suggestion that we have a strategy to delay foreclosures is baseless."
Although it may take some time before the banks may foreclose on you, banks are still able to take homes quickly through foreclosure for those homeowners not represented by attorney's. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today.
