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This figure falls in the higher spectrum of foreclosure frequency. As of August 2014, the foreclosure rate was 33.7%, 1.7% up from the last year. The rise in foreclosure activity has been most significant in New York and New Jersey, the two most densely populated areas in U.S. Closely following them is Florida. [36]
State courts remain sharply divided on the propriety of this practice. State supreme courts in Maine, Arkansas, and Kansas have ruled against MERS right to file for foreclosures. MERS has however won court cases in other states such as Michigan, [23] affirming its right to initiate foreclosures in those states. [21]
But completed foreclosures rose 8% from March, suggesting that while fewer new cases began, the resolution of existing cases sped up, according to real estate data provider ATTOM's April 2024 U.S ...
Following the subprime mortgage crisis of the late 2000s (decade), foreclosures, originally just one aspect of the firm's business, became its primary business. It became the largest foreclosure firm in the state, involved in 40% of all actions in New York. [4] It opened a satellite office on Long Island, in Westbury, to handle the extra business.
In March, the U.S. Bank Trust Company filed a foreclosure notice against Moss in New York Supreme Court, stating "You are in danger of losing your home" due to owing $46,106 plus interest.
Nobody likes empty, foreclosed homes in their neighborhood. In the best-case scenario, a bank or some similar entity is keeping the grass cut, the driveway weeded, and the squatters out.