New York is in a State of Foreclosure Backlog

In 2010 there was a major backlog of foreclosure cases in the State of New York. As of February 2010 there were a total of 80,000 pending foreclosure cases. The estimated time that the customer was late on their mortgage was 900 days which is about two and half years.  However, in October 2010 a rule was passed that bank attorneys had to verify that the paper work they were submitting was valid and accurate.  Therefore, this has slowed down the number of foreclosure filings, and allowed for the backlog of foreclosure cases to be worked on. As of March 28th, 2011 there was a decrease in filling from 80,000 to 74,000, which was a 7.5% drop.