Figure 2 - Foreclosure Inventory as of January 2015 Judicial Foreclosure
Figure 2 - Foreclosure Inventory as of October 2014 Judicial Foreclosure
Chicago is located in a judicial foreclosure
state, and even when controlling for economic factors, the evidence strongly suggests that judicial foreclosure
laws are holding back the real estate recovery in those markets.
McGee pointed out that Illinois is a judicial foreclosure
state, which means lenders must sue defaulted borrowers in court, and await a judge's decision.
Florida is a judicial foreclosure
state, which may contribute to longer foreclosure timelines and higher seriously delinquent inventory levels.
The special servicer has initiated the judicial foreclosure
process and is moving to install a receiver.
Figure 2 C Foreclosure Inventory as of July 2014 Judicial Foreclosure
The special servicer has begun judicial foreclosure
and expects it to be completed during the first quarter of 2003.
Another would aim to replace judicial foreclosures
for defaulted mortgage debts and the resultant extensive court proceedings with simpler nonjudicial foreclosures.
The bills call for a temporary moratorium on foreclosures, requiring just cause for eviction from foreclosed properties, and requiring judicial foreclosures
- the right to a day in court.
Most major servicers and beneficiaries proceeded in filing an unprecedented number of judicial foreclosures
and left the newly enacted mediation program without any participants.
Dunbar said that federal requirements in Fannie Mae and Freddie Mac loans--which underwrite perhaps 80 percent of Florida's mortgages--require judicial foreclosures