Courts see foreclosure filings rise even with new stringent requirements
The New York State Office of Court Administration (OCA) released the 2014 Foreclosure Report showing that foreclosure filings steadily increased since 2011, as well as a spike in the amount of homeowners represented by legal counsel.
It is estimated that 44,469 foreclosure filings will be filed by the end of 2014. As indicated in the OCA report, new filings dropped significantly in 2011 to 16,655, likely due to new rules instituted to protect homeowners from robo-signed mortgage documents.
“In large part due to new court rules that took effect in 2011 requiring that plaintiffs [banks] meet additional requirements when pursing a foreclosure action…filings dropped…in 2011 and…in 2012,” the report noted.