Shorter Timeline to Judgment – Under the Expedited Procedure the lender can skip certain time consuming steps including but not limited to the Foreclosure Settlement Conference Part (in certain counties), Motion for Order of Reference and the Referee’s Oath and Report.
Reduced Costs – Because of shorter timelines, carrying costs will be reduced significantly (taxes, insurance and other property preservation costs will be advanced for a shorter period of time).
In certain counties, legal fees will be further reduced as Plaintiff can proceed absent holding a foreclosure settlement conference.
No longer will Plaintiff be responsible for compensating the Appointed Referee with a fee ranging from $50.00 – $500.00 for a review of the amounts due and owing (County Specific).
Substitute for a Deed in Lieu – Should the borrower(s) and record owner(s), if different, be cooperative and are willing to vacate the Mortgaged Premises in exchange for relocation assistance or otherwise and Plaintiff is not in an advanced stage of the litigation, the expedited procedure enables a viable option to a lender to foreclose on the Mortgaged Premises expeditiously should there be a significant number of subordinate judgment creditors that would otherwise remove the possibility of a Deed in Lieu.
Written by Michael Derosa, Esq.