I usually search public records with a window of at least two or three month. If there are more than 400 records they pick them at random and spit them at you so I always go for under 400. I started out that way with Deutsche Bank’s Civil Court Papers. Well I had to reduce the window, narrowing it from 6/25/2008 to 7/01/2008 to get under the 400 mark. So in 7 days they had 310 entries. For July 1 there were 41 entries. Not all are foreclosures but they are related to them. The attorneys drawing up legal papers are raking in the dough. The courts must be overwhelmed, this is just one lender out of hundreds. At random I chose IndyMac Bank for the same 7 days: They had 89 civil court papers entries. I was told that some civil court judges are limited to only doing foreclosures as there are so many of them.Tuesday, July 08, 2008
Deutsche Bank Must be Jamming Up Our Courts. By Geniusofdespair
I usually search public records with a window of at least two or three month. If there are more than 400 records they pick them at random and spit them at you so I always go for under 400. I started out that way with Deutsche Bank’s Civil Court Papers. Well I had to reduce the window, narrowing it from 6/25/2008 to 7/01/2008 to get under the 400 mark. So in 7 days they had 310 entries. For July 1 there were 41 entries. Not all are foreclosures but they are related to them. The attorneys drawing up legal papers are raking in the dough. The courts must be overwhelmed, this is just one lender out of hundreds. At random I chose IndyMac Bank for the same 7 days: They had 89 civil court papers entries. I was told that some civil court judges are limited to only doing foreclosures as there are so many of them.
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Hard to rake the dough - most of the foreclosure attorneys do volume, so they only get paid once a file is closed, then theyonly get paid anywher between $50 - $100 per file. So on a huge volume there is money being made, but for the individual lawyer doing foreclosures, it's probably not worth it. Think of it like the ticket clinic.
Also, you should take a trip to a motion calendar some day - many judges are splitting them between regular days and foreclosure days because it becomes a factory of uncontested foreclosures. With the budget cuts, not a fun time to be a judge (regular caseload, plus ridiculous foreclosure caseload, minus assistants equals mayhem).
not to mention having to run for office too
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