According to CBS News, “For homeowners who haven’t paid their mortgage in Lee County Florida, the end of the line is a courtroom where a judge whips through more than 400 cases in a single morning, reports CBS News correspondent Kelly Cobiella. They call it the “rocket docket.”
The article goes on to show how the typical case in the Lee County court lasts a whopping 18 seconds; it is definitely worth checking out!
That said, if judges are overwhelmed now, lets just think about what is going to happen as a result of the $75 $275 Billion Obama Housing Bailout.
Am I alone in thinking that perhaps the real bailout is for lawyers and judges to handle all the upcoming foreclosure cases that result from this plan?
Related posts:
- New Data: Housing Crisis Gets Worse; Many Modified Mortgages Still Delinquent!
- Obama to Detail Housing Bailout Plan on Wednesday
- Barack Obama and The Housing Crisis — Yours, Not His
- Foreclosure Anyone? Obama’s $75 Billion Homeowner Bailout: Some Say Success Is Far From Certain
- A Glut in New Constructions in New York?
Article Author: Joshua DorkinJoshua has written 568 articles for us.
Visit Joshua's Website: http://www.biggerpockets.com/
Joshua Dorkin (@jrdorkin, Google+) is the founder and CEO of BiggerPockets.Mr. Dorkin's vision for BiggerPockets has helped to propel it into becoming one of the top real estate destinations online. His vision for the site and its future has brought national press attention to both Mr. Dorkin and to BiggerPockets.
Joshua Dorkin
{ 4 comments… read them below or add one }
That is a great question! However I think that overall it will be a benefit for the housing industry. With less foreclosures there should be more resources, although much stricter Im sure, to bailout homeowners who truly need it not just to save money due to low interest rates. It is hard to reward people who drink the water instead of carry it but I think it is a necessary burden this time around.
M Petrone’s last blog post: 3 Tips That Will Save You Thousands On A Mortgage Refinance
Do we even know that the plan will work? We don’t have enough details, do we? Even the country’s largest banks are waiting to hear more about it before they decide what to do about their moratorium on foreclosures.
What are your thoughts on the fact that the courts are going to get completely overrun?
I believe Obama’s plan will work. We have no other choice, but to help low and mid-income families to stay out of foreclosures.
They say the “road to hell is paved with good intentions”. Hopefully the world will brave out the end of the Mayan calender 2112. I anticipate there will be new industries will arise from the ashes as a phoenix from the fire. But I believe it’s all a repetitive cycle as history has many a times showed us, which falls short of anyone’s own merit, but more of an age of collectivism may be “yellow brick road”.
Regards.
Mr. Green