Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

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The housing market outsmarted the foreclosure crisis

Loss mitigation waterfalls, forbearance and whole lot of equity are giving borrowers a fighting chance

HW+ foreclosure process.jp

For Jason Vanslette, a lawyer who specializes in foreclosure litigation, everything came to a screeching halt on March 27, 2020. President Donald Trump had just signed the CARES Act into law, and with it, a moratorium on foreclosures and evictions had locked into place.

Vanslette, a partner at Kelley Kronenberg in Fort Lauderdale, said a veritable mountain of foreclosure litigation has piled up on his desk, unable to be processed by the Florida courts. And each and every one of those cases is pre-COVID – with underwater homeowners waiting it out. 

“The courts, especially in Florida, don’t particularly care for cases just sitting,” said Vanslette. “Either you move them or you dismiss them, because they have obligations to ensure that their dockets are moving.”

For many borrowers, the waiting game is going to be their best bet. If a foreclosure is contested, Vanslette said it can take anywhere from one to two years for the loan to make its way through the legal system due to its likelihood of ending up in a nonjury trial. If it goes uncontested, the process is closer to 90 to 120 days.

“Especially now that the dockets have been delayed and the availability of judges being so strict, we’re seeing the earliest trial dates not until 2022, and that’s for the cases that are ongoing, there’s no telling the backlog,” Vanslette said. 

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