Only a court in a judicial foreclosure
or the applicable governmental entity in a nonjudicial foreclosure may make a determination of abandonment, which must be based on credible evidence.
Lenders receive no benefit from the judicial foreclosure
process above the benefits they would receive through a nonjudicial process.
Similarly, 44 percent of the national risk-in-force has been allocated to states which employ a judicial foreclosure
After taking the lead in the fight against nonjudicial foreclosure legislation, it became clear to the section that the interests of all Floridians would be better served by seeking well-reasoned reforms to Florida's judicial foreclosure
Foreclosure activity increased in states that primarily use the judicial foreclosure
process, a court-ordered process initiated by the lender that can take months, or even years to complete.
David Simmons, R-Altamonte Springs, asked to see the specific language of the Dodd-Frank bill but said he doesn't think much change is needed to current state law to help speed judicial foreclosures
Florida had some of the metropolitan areas that saw the biggest annual declines in foreclosure activity, likely aided by the fact that Florida is a judicial foreclosure
state which requires courts to sort out foreclosure issues in such volumes that significant hurdles are inevitable.
The large backlog likely stems from the judicial foreclosure
process in New York, where the process is more prone to delays because judges have to sign off on all foreclosures, according to the Wall Street Journal.
The foreclosure process is currently taking on average approximately eight months to complete in non-judicial foreclosure
states and 15 months in judicial foreclosure
These opinions prevent the use of judicial foreclosure
by PACE programs in Florida and directed Leon County and the Clean Energy Coastal Corridor to modify their programs to only use existing non-ad valorem tax bill collection methods.
One reason for the irregularities, Blomquist suggested, is Florida's judicial foreclosure
process, which has left the court system with a substantial backlog.
California would effectively become a judicial foreclosure
state and costs will be passed on to the borrowers and the taxpayers," Stone says.
The case law in Florida is fairly supportive that once you completed a judicial foreclosure
, the bona fide purchaser is protected from having their foreclosure transfer overturned," Fields said.
Examples of relevant litigation issues include judicial foreclosure
, bankruptcy and related adversarial proceedings, cash collateral and sequestration orders, receiverships, DIP reports, affirmative defenses, counter-claims, lender liability claims and/or exposure.
However, affidavit issues surrounding judicial foreclosure
processes figure to increase an already-huge shadow inventory of distressed and unsold properties.