NY Foreclosures Down 88% After Ruling That Lawyers Must Review Paperwork

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On October 20 a New York judge ruled that foreclosures require a signature from bank’s attorneys affirming that they have checked all paperwork. Since then weekly foreclosures have tumbled from 800 to 100, according to the New York Law Journal.

The 88-percent decline is more than foreclosure lawyers expected. It’s also much greater than the normal Christmas slowdown.

Other rulings have clogged the filings, including a Dec. 1 ruling in Suffolk county that threw out 127 foreclosures for failing to file affirmations, according to Daily Finance.

A similar phenomenon is happening nationwide, with foreclosures at a two-year low after new regulations and uncertainty following with foreclosure-gate.

[Image via the New York Law Journal]

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The original version of the story appears here: http://www.businessinsider.com/new-york-foreclosures-are-down-88-since-robo-signing-gate-2010-12

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