Hidden Backlog of Foreclosures

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"Virginia and Richmond don’t have the hidden backlog of legacy foreclosures still trickling through the pipeline," Blomquist said. "For the most part, that backlog has been cleared out."

So that’s definitely slowed things down. But as that’s been happening, the backlog of foreclosures just keeps building up and building up. And this problem just keeps getting bigger and bigger. MARTIN.

In large part due to the foreclosure backlog, property value in Las Vegas dropped from. While making repairs to a home in Florida, a plumber discovered $20,000 hidden in an air duct. It turns out.

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The explosion in foreclosure filings has produced a substantial case backlog in the courts. The average foreclosure action in Florida now requires 853 days to complete, more than double the national.

In those states, the courts play a role in the foreclosure process, prolonging the time it’s taking lenders to tackle their backlog of foreclosure cases. fourteen states saw an annual increase in.

Hidden Backlog of Foreclosures Posted by Michael Shedlock at 3:42 AM Disclaimer: The content on this site is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy.

A massive and growing backlog of hidden foreclosures: There is an enormous inventory of housing that is not yet on the market. Millions of homeowners in financial difficulty have simply stopped paying.

The Department of Veterans Affairs has promised to eliminate its entire backlog – more than 820,000 claims nationwide. Humvees against an emerging weapon of choice: homemade bombs hidden along.

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Short sales can be time-consuming. Depending on the lender’s backlog of short sales, the process can take up to 12 months. What is a foreclosure? Unlike a short sale, a foreclosure is initiated by the lender. In foreclosure, the homeowner has defaulted on their loan and the ownership of the home reverts to the bank or lender.