Even uncontested foreclosures can get ensnared in the legal mess

A report released by the Mortgage Bankers Association on the first quarter shows that the non-judicial states are on the “mend” while the judicial states continue to reel under the backlog of foreclosures; in this respect Florida tops the list.

The chief economist of the Association Jay Brinkman said, “The loans in foreclosure in the judicial and non-judicial states are moving in different directions. The increases we saw in inventory were in Florida. The decreases were in California, Arizona and Michigan”. The last three states are non-judicial.