Judicial Foreclosure vs. Lender Behavior
Carrington Comments on Judicial Foreclosure in DSNews
In an article published on Nov. 29, 2018, in DSNews, Carrington EVP Rick Sharga is quoted in “Judicial Foreclosure vs. Lender Behavior.” To understand how judicial foreclosures affect lender behavior, Brian D. Feinstein, Professor at Wharton University, authored a brief titled “State Foreclosure Law: A Neglected Element of the Housing Finance Debate.” Feinstein explores the impact judicial foreclosures have on borrowers, lenders, and policymakers.
Zombie homes are created when the foreclosure process begins, the homeowner moves out, but then the foreclosure is canceled for one reason or another, leaving the home unoccupied — and often falling into disrepair. As Rick points out: “Zombie properties tend to proliferate in states that feature a judicial foreclosure process, wherein the foreclosure proceedings have to make their way through the court system. Regulations … have sometimes extended the foreclosure process beyond 1,000 days.” Read the article in DS News here.