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Decline of Filings for Wisconsin Foreclosures Not a Trend



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By : Scott Zahid    99 or more times read
Filings of Wisconsin foreclosures have reached its lowest point in a period of more than two years. However, housing market analysts believe that is not necessarily a beginning of a trend.

Instead, this decline may be a result of the controversies that surrounded improper foreclosure proceedings that were recently discovered. These improper proceedings included the infamous “robo-signing” incident where bank employees filed and signed foreclosure papers without reading or validating them. This resulted to thousands of foreclosed homes for sale in Minnesota and other US states.

Analysts add that economic problems like a high rate of unemployment haven’t seen much improvement.

Over the past year or so, U.S. Attorneys began their investigation into foreclosed homes for sale in Minnesota and other foreclosed properties across the country. As a result, mortgage companies paused their proceedings in order to be reviewed. The investigation is mostly directed towards whether or not employees verified the information on foreclosure documents before filing them.

Once the foreclosure documents are deemed flawed, the homeowner could easily have grounds to challenge the validity of the documents. This could result to a few cases where the homeowner is allowed to keep the house. However, most cases will give the homeowners chance to have more time to pay off their mortgages.

“It’s one of these things where it could be real or it could be illusionary. I’d question whether it’s real,” says Russell Kashian. Kashian is an economics professor at University of Wisconsin-Whitewater. He believes that the decline in filings of Wisconsin foreclosures is a result of the mortgage companies pausing their processes.

In southeastern Wisconsin, foreclosure filings were down by as much as 8.7%. This is compared to the number of filings from November of last month. However, experts believe that the as long as economic problems persist, filings of Wisconsin foreclosures will climb back up again.
Original Post: http://www.mostlyforeclosures.com/blog/wisconsin-foreclosures-trend.html on MostlyForeclosures.com, your source of listings of foreclosures.

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