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SC Judges Find Problems in Lists of Bank Foreclosures Documentation

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By : John Cutts    99 or more times read
Paperwork for some properties under lists of bank foreclosures has been found to be either incomplete or missing, according to some judges in South Carolina who specialize in foreclosure cases. A number of court judges have estimated that one case out of four handled by state courts can have documentation problems.

State judges have reported that they halted the processing of properties in Columbia foreclosure listings and in other state area listings with missing or incomplete documents. They also temporarily stopped cases wherein lawyers who represent banks and lenders are unaware that the homeowners they are foreclosing on are still trying to find a way to save their properties.

Masters-in-equity or foreclosure judges have stated that they halt the processing of properties under foreclosure lists in South Carolina if their owners are being sued while in the process of negotiating with their banks. They also added that cases can be postponed up to two months and in rare cases, can be dismissed altogether.

A court order has reportedly been issued by state Supreme Court Chief Justice Jean Toal which stated that if enough number of cases involving properties under lists of bank foreclosures were delayed for long periods of time, she would allow foreclosure judges to dismiss these cases. Toal has reportedly added that banks that used short cuts in processing foreclosed properties will have to live with the consequences of their actions.

Meanwhile, recent housing market reports find listings of foreclosures in the state continuing to grow as more people lose their jobs and household incomes decline. In a span of three years, the state has reportedly lost almost 130,000 jobs, with South Carolina ranking sixth in the whole U.S. in terms of unemployment rates.

This, according to housing market experts, led to more homes getting foreclosed. The total number of houses scheduled for auctions in the current year is believed to be already higher than the total number of foreclosures for the whole 2009.

An estimated 4,600 dwellings were reportedly under foreclosure during the January-September 2010 period, a number which is only 150 properties short of the total recorded in 2009. The lists of bank foreclosures for October has yet to be added to the number and analysts expect the 2010 foreclosure total to exceed last year's figures by a considerable margin.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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