Foreclosures on homes with federally backed mortgages can't be filed, but things could get chaotic for borrowers, lenders and courts when the moratorium is lifted, a Miami attorney predicts.
A deluge of new court filings could be expected to create an instant backlog unseen since the financial crisis, and the mortgage amount that had been on hold will become due, said Victor Petrescu, a partner at Levine Kellogg Lehman Schneider + Grossman.
He represents lenders ready to file about 10 residential foreclosures and keeps a close eye on government protections adopted in response to the coronavirus pandemic.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
