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Rise in Federal Foreclosure Filings

The Cleveland Plain Dealer reports that there has been a surge in federal foreclosure filings this year. In 2003, only eight foreclosure cases were filed in federal court. This year, the number has grown to more than 350, due to the continued log-jam of foreclosures in state court. It is reported that the federal foreclosures are typically resolved in just three to six months, which is far quicker than most state court foreclosures. In order to file a foreclosure in federal court, the debt must total at least $75,000 and the parties must be from two different states.

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This page contains a single entry from the blog posted on December 18, 2006 12:04 PM.

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