The default foreclosure process can be a long and daunting task for servicers and attorneys to deal with on an ongoing basis as many states have to wait months, even years, for a foreclosure to be issued against a distressed homeowner.

As a result of these long timeframes, attorney fees increase for servicers trying to file a foreclosure and for borrowers who are trying to prevent losing their property. Also, the extensive process hurts the overall housing economy because these properties will eventually hit the open market and cause home prices to fall in the future.

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