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At first glance, it appears that many Americans became more proficient at stopping the foreclosure process across our nation during the second half of 2010. Statistics reveal that the pace of foeclosures dropped as we approached the end of the 2010 calendar year, but a closer look reveals that this process slowed due to the revelation that thousands of documents related to this process might have been improperly prepared and processed. In light of this current situation, banks and related entities instituted a temporary moratorium. Mortgage services paused on the papers related to this process so that they might more closely follow the letter of the laws pertaining to home foreclosure. According to RealtyTrac, foreclosures are down and in December of 2010, they were down over 25% from the same time last year. December’s numbers were so low that they equaled the most significant drop in foreclosure filings in approximately five years. The problem is that this slow down, which started around October of 2010, will eventually pick back up as institutions resume the paperwork process in early 2011. Mortgage services report that they will move forward now with foreclosures as they have reviewed and verified that they are processing accurately. Due to new regulations, the foreclosure process will take longer, but that fact is not alleviating home owners anxieties. The worry for our nation is that the backlog of foreclosures will add up and 2011 will see foreclosure fillings jump even higher. Author: Stephen Johnson
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