It’s no secret the real estate market is full of foreclosures and properties on short sale. This has severely backed up the court system – it’s just inundated with foreclosure cases. This past Sunday, the New York Times ran the story “Florida’s High-Speed Answer to a Foreclosure Mess,” it was the front-page of the business section. It’s not just a hot topic in Florida, but a matter that has plagued our entire country.
Foreclosed properties present opportunities to buyers hunting for great deals; however, the legal system is struggling to process the work. The New York Times article gives readers a real sense of the amount of workload being dealt with in Florida…
“Florida law requires that banks argue their cases before a judge if they want to recover property from borrowers in default, and 471,000 such cases were pending in Florida at the end of July, according to the Florida State Courts administration.”
It’s unfortunate that so many individuals are going through a foreclosure process. At the same time this is a tough situation for those borrowers, this is clearly a difficult case management issue for the court system. This creates another glaring matter, is each foreclosure case on the docket being handled justly with care and diligence for each party involved? It’s vital that the backlog does not cloud the judgement in the legal system.
The New York Times article voices this concern when it quotes the attorney, Mr. Combs. He raises this issue…
“If you are an individual whose house is being foreclosed and you hear these judges are being paid to clean out the backlog, under a realistic appraisal of human tendencies, do you think that the average judge would be biased in favor of prematurely terminating your case to clean out the backlog?”
The topic is a serious matter taking place in South Florida and there’s no easy answer. The legal system must justly deal with these foreclosures, while juggling efficiency and a backlog that might begin to spread into other areas as resources are pulled. Clearly, there’s no simple answer to the foreclosure topic – the banks, the borrowers, and now the courts each have their own strategy.
Visit the New York Times article in full – “Florida’s High-Speed Answer to a Foreclosure Mess”