“New foreclosure filings still have been slow this month despite the new law that actually was designed to speed up the foreclosure process. Foreclosure filings dropped by 28 % in July 2013 according to a report from RealtyTrac.
There are still 327,938 foreclosure cases pending in the courts. Banks are still responding to the new law but the market is beginning to rebound so lenders are interested in more short sale offers.
Since HB 87 made its way into law this year foreclosure defense lawyers are fearing an accelerated timeline for troubled homeowners to stand a defense that would allow banks and lenders to crush over their due process rights.
Banks also announced some issues with the new law specifically provisions that decreased the time to seek a deficiency judgment from a homeowner after a foreclosure. But overall Banks were supportive of the new law. “