2014 First Quarter Foreclosure Update

Jun - 12 | | No comments. | Blog, News, News

Lenders are increasingly using U.S. courts to foreclose on delinquent homeowners in states where it’s not required to reduce the risk of falling afoul of new protections.

In the first quarter of 2014, banks filed 2,348 court notices in non-judicial states, which don’t require court involvement, according to data compiled by Irvine, California-based mortgage data provider RealtyTrac Inc. That compares with only seven notices in the first quarter of 2013. The shift to the courts comes after laws were passed in states such as California and Hawaii that give consumers new tools to fight foreclosure, said RealtyTrac Vice President Daren Blomquist.

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