I recently spoke to a lawyer who practices real estate law in Brooklyn. A foreclosure judgment currently takes two years to obtain. Once a judgment is obtained it takes another three years to complete the actual foreclosure. This is a result of the judges receiving orders to slow down foreclosures. The Brooklyn courts do not distinguish between commercial and residential properties.
What is a mortgage on a delinquent loan worth if it will take five years to foreclose? Are the banks marking their delinquent loans to reflect the lengthy foreclosure process in much of the country, as many counties have slowed the foreclosure process? Why would someone give out a mortgage loan if it will take five years to foreclose? Why pay your mortgage if you have no equity when you can live for free for five years?