Someone once said to be careful of what you wish for as you may just get it. The voices clamoring for court help with foreclosures are getting their day in the sun in New York at least according to an article that appeared in the June 19th New York Times.
If you read the article, pay attention to the “voluntary” part and how it is phrased. I think the ground work has just been put in place to make it a mandatory program, at least in New York. I also think this program has the potential to change how trust deeds are foreclosed against. If I am right, the entire foreclosure arena as we know it will change dramatically.
By change dramatically, I mean it will spread throughout the United States and be mandatory in all 50 states. It will also be mandatory that every foreclosure pass through the local courthouse on its way to a settlement of one kind or another. It could mean short sales may be a thing of the past.
Before I go off the deep end and list a string of predictions, I’ll stop and ask anyone who reads the article to add their 0.02¢ to this thread. I believe New York has let a train out of the station that can’t be stopped. But that is how I think. You may have a different idea.
By the way, when you see the word voluntary attached to an attribution of a government official, think income tax. The government says it is voluntary. Until you don’t file that is…