BEND, Ore. (AP) -- Feeling hamstrung by an appellate-court ruling that is itself being appealed and a new state foreclosure-mediation law that has done little to stem the tide of foreclosures being filed, lenders turned to the courts system.
The Bend Bulletin reports that has led to an overflow of foreclosure filings in one Central Oregon court. What were once 50 filings in 2010 and 158 in 2011 grew to more than 500 filings in 2012.
Deschutes County Circuit Court is expected to get more than 1,200 foreclosure filings this year. They are drawn-out affairs that can last two years.
Foreclosures used to be handled outside of court. That changed last year, when two things happened: An appeals court ruling against a mortgage-tracking company created massive uncertainty in the industry, and the foreclosure-mediation program prompted lenders to turn to the court system for foreclosures.