Sam Gendusa April 29, 2013

Foreclosures are becoming infamous for revolving regulations and tedious paperwork, which translate into extended delays. The foreclosure process typically takes a few months to complete, with some not closing until a year.

What’s the reason behind the delays? Foreclosure experts are now reporting delays are initiated by incomplete paperwork. When servicers provide attorneys with all the correct paperwork at the beginning of the process, delays can certainly be minimized.

It is important to be aware of new rules and regulations when dealing with foreclosures. Here are a few examples of changing requirements:

  • State-specific pre-foreclosure mandated notice requirements
  • State mandated mediation requirements
  • State mandated pre-foreclosure contact requirements

Along with these foreclosure delays, poor documentation of assignments, Due Diligence requirements, and affidavits are additional offenders. In addition, the Consumer Federal Protection Bureau (CFPB), formed in 2011, enforces bank rules, conducts bank examinations, and tracks consumer complaints in light of consumer protection. While these actions are designed to benefit the borrower, regulations enforced by the CFPB have the potential to lengthen delays.

So, can anything speed up the foreclosure process? Knowledge of most recent regulations and complete reporting will dodge most delays. The first step to a smooth foreclosure is proper documentation and awareness of current rules.

If your staff is bogged down with heaps of lengthy reports, our document retrieval services can help you compile so you can move on to more important things. Blue Streak Docs routinely works with mortgage professionals to offer complete reports and accurate information. Our services include deed-in-lieu reports and lien position reports. For more information on how we can help your company thrive, give us a call today at 727-479-0007.


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