Monday, August 1, 2011

Foreclosure Filings Decrease

In May, foreclosure filings decreased over 30% from May of 2011. Most industry analysts believe this is due to lack of lender action, rather than an actual decrease in defaults or an increase in a stable market. The Wall Street Journal reported a shortage of attorneys to handle foreclosures, which may contribute to this fall in foreclosure numbers. Even for homes already in the foreclosure process, there is a backlog. Courts are not tolerant of this lack of action by lenders, and threatened to dismiss the cases, essentially rendering lenders back to the beginning of the entire process.

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

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