Palm Beach County’s foreclosure filings were down again last month as the state’s new foreclosure law continues to stymie lenders.
Just 547 new foreclosures were filed with the Palm Beach County Clerk of Court’s office in September, down from 578 in August and 1,125 from September 2012.
September was the third full month for the law, which was dubbed the fast-track foreclosure law because it allows any lienholder to request a quickie court proceeding.
But the legislation, which took effect July 1, also requires to lenders to have the notes when they file the foreclosure, or provide proof of how and when the note was lost.
“They treated these seven trillion dollars worth of mortgage notes with less concern or propriety than how I treated my baseball cards as kid,” said foreclosure defense attorney Roy Oppenheim. “They literally had no clue who they sold these notes to and sometimes they sold them twice.”
RealtyTrac is scheduled to release its nationwide report on foreclosures tomorrow.
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