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The number of Foreclosure Lawsuits is increasing but the number of eviction auctions is dropping. The first wave of Foreclosures has ended. The middle class is now the target and they are not silent about Foreclosures and evictions. Lenders are under pressure from the Federal Government and Federal Taxpayers to modify Mortgages, work out their loan payoffs, and keep Borrowers in their homes. Lenders are also under pressure from State and mostly Municipal Governments to keep people in their homes so as to preclude the increasing incidents of vandalism of empty houses, and to maintain a rapidly dwindling Tax Base in an increasingly Great Recession.
These developments are not simply local. They are happening from Coast to Coast. This is particularly valuable information to Mediators who conduct Residential Foreclosure Mediations. See, e.g., Alana Semuels, "Many Borrowers in Default Stay Put as Lenders Delay Evictions/Despite Being Month Behind, Many Strapped Residents Are Hanging on to Their Homes, Essentially Living Rent-Free. Pressure on Banks to Modify Loans and a Glut of Inventory Are Driving the Trend." (Los Angeles Times Online, Saturday, February 27, 2010); Prof. Rachel G. Bratt, "Fixing the Homeowner Default Trap" (Boston Globe Online, Sunday, February 28, 2010); Erica Noonan, "Foreclosure Crisis Hits Affluent Towns" (Boston Globe Online, Sunday, February 28, 2010).
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