In Connecticut, as Elsewhere, Foreclosures Rebound in 2012

In Connecticut and across the country, foreclosures are on the rise as mortgage lenders struggle to work through a backlog created during the 2011 robo-signing scandal.

2012-09-19

September 19, 2012 (Press-News.org) Banks have been initiating foreclosures on homes with unpaid mortgages at an increased rate during recent months, making up for time lost during last year's investigation of the robo-signing scandal, The Washington Post reported recently. Nationwide, the number of homes entering the foreclosure process increased in both May and June 2012 over the same period in 2011, according to RealtyTrac Inc., a foreclosure listing firm.

Unfortunately, despite localized improvements in the real estate market, Connecticut foreclosures have mirrored the national trend, with new filings seeing a significant spike during the second quarter of 2012 compared with 2011.

Robo-Signing Scandal Created Backlog

Across the country, mortgage foreclosures slumped during 2011 in the wake of allegations that several major mortgage lenders had routinely conducted foreclosures without first verifying the necessary documentation, a process widely referred to as "robo-signing." Foreclosure activity dropped off dramatically during the investigation, resulting in a backlog of over 2 million homes nationwide, according to USA Today.

After several major mortgage lenders settled with government authorities for $25 billion in February 2012, banks resumed processing the foreclosures that had been delayed by the scandal. With lenders working hard to pick up the slack, the foreclosure rate has increased significantly in recent months, and some experts believe it may remain high for years or even decades to come.

Silver Lining for Connecticut Homeowners

Because of the backlog, the foreclosure process now takes significantly longer to complete than it had in the past. In Connecticut, according to National Public Radio, the process now takes an average of 559 days, compared to a national average of 348 days. For people hoping to save their homes from foreclosure in Connecticut, the delay can provide some much-needed breathing room, giving homeowners a chance to explore their options.

If you are behind on your mortgage payments and facing the possibility of foreclosure in Connecticut, contact an experienced foreclosure lawyer in your area to discuss your legal options.

Article provided by Yorio Law Group, P.C.
Visit us at http://www.yoriolaw.com

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