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The Law Offices of Lance Denha P.A. have recently released their analysis of the first quarter statistical foreclosure data in the U. S. and its impact.
The number of homes just beginning the foreclosure process rose by 7% in March for a third straight month, a sign that the nation’s housing problems are far from over, according to RealtyTrac, which tracks the figures. Foreclosure filings were reported on 572,928 properties during the quarter, down 2 percent from the previous quarter and 16 percent from a year earlier, but mainly because the process of removing people from their homes slowed during the Robo Signing issues of last year, RealtyTrac said. “The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated,” said Brandon Moore, chief executive officer of RealtyTrac. A default notice, scheduled auction or bank repossession was reported on one of every 230 U.S. housing units in the quarter.
The decrease in foreclosure activity was caused primarily by declining activity in the so-called non-judicial states, led by Arkansas, with 79 percent drop, and Nevada, with a 62 percent drop. Recent legislation or court cases in those states have disrupted the normal foreclosure process, according to RealtyTrac. Previously in most non-judicial states, foreclosures were processed without court intervention. “These types of foreclosure actions simply required certain types of notifications be sent to the homeowner and publication according to state statutory law,” said Lance Denha, principal attorney for the Law Offices of Lance Denha. Legal action sought by homeowners however has changed the landscape. Mr. Lance Denha noted in an article last month that “homeowners should understand that they have the ability and opportunity to convert these types of non-judicial foreclosures into the judicial courts via filing wrongful foreclosure actions, temporary restraining orders, quiet title actions, etc. should they discover wrongdoing associated with their mortgage.”
The 26 states that typically require a judicial review of a foreclosure saw the pace of filings pick up in the first quarter or 2012. States with the biggest increases in foreclosure starts included Nevada ( up 153 percent), Utah (up 103 percent), New Jersey (up 73 percent), Maryland (up 53 percent) and North Carolina (up 47 percent). The year-over-year pickup in filings in the first quarter was highest in Indiana, Connecticut, Massachusetts, Florida, South Carolina and Pennsylvania. All were up between 23 – 45 percent. Many defenses can be made by the defendant in a foreclosure defense case in court because at times it can be very difficult to determine the name of the holder of the note, the assignee of the mortgage, and the parties with both the legal right and standing under the Constitution to enforce notes, whether in state or federal court. Mr. Lance Denha states “These cases can be highly defensible if not winnable.”
It is highly advisable to seek legal expertise to determine the best course of action moving forward in order to gain an understanding of the particular direction best suited for the client. The Law Office of Lance Denha P.A. is committed to ensure that every possible avenue is pursed so that the homeowner’s legal rights are preserved. Actively monitoring the ever changing landscape of foreclosure laws, recent foreclosures across the nation as well as state imposed rules and procedures associated with foreclosure, is vital to ensure and protect these rights. The Law Office of Lance Denha P.A. is a multistate law firm and helps legally defend wrongful foreclosures against homeowners and utilize any and all legal tactics available to help accomplish preserving homeowner’s rights. For further information or assistance, please call at 954-840-0770.