Foreclosure Delays
A recent article by the New York Times indicates that while less foreclosure cases are being filed, the ones in the system are moving extremely slowly, and sometimes not at all. A Saint Petersburg Judge quoted in the article implies that lenders are not aggressively pursuing foreclosures like they once were. A Tampa Bay lawyer in the article seemingly confirmed this. One of the results of this new approach by banks is that foreclosure cases often take years before they are resolved. For example, in Miami the average foreclosure case takes 738 days from start to finish.