Last year, many foreclosures were cleared out of the court system without a final judgment – due to lenders not being able to come up with the needed documents in time to prove their case at trial, or fraudulent practices. Many foreclosures were also settled via a deed in lieu of foreclosure, loan modification or short sale. However, it is likely that these cases will likely be back in the courts within the next 18 months, as predicted by local real estate attorneys. Although foreclosure rates throughout southwest Florida are at their lowest level, many lenders are now rushing to refile these cases, creating a flurry on the court's docket. Foreclosure filings throughout southwest Florida surged 70 percent from the previous year, creating a backlog of over 16,000 pending foreclosures in Sarasota, Manatee and DeSoto counties. Statewide, that number is 377,272 as of October 31, 2012. Circuit Court Judge Lee Haworth estimates that it will take another four years to work through these cases at current processing speeds. The average foreclosure in Florida takes more than two years to process from start to finish, according to RealtyTrac Inc., a foreclosure data providers. Florida last fall has regained its title as foreclosure capital of the United States.
Contact Us Now!
Have questions or need our services? Fill out the form below or call us toll free at (888) 786-1418.