Service of Process and Mortgage Foreclosures
The Real Estate Crash of 2008
During the great real estate crash of 2008 (a.k.a the housing bubble that burst), Process Servers were extremely busy trying to serve respondents with foreclosure pleadings on residential mortgages. There was a significant amount of evasion of service by homeowners who thought they could live indefinitely in their homes without meeting the obligations of their mortgage loan agreements. This evasion caused major headaches for lending institutions and attorneys. Here, in Florida, the tremendous backlog of foreclosures took 2-3 years typically. In a normal market, an occassional lengthy foreclosure went unnoticed. But when foreclosures reached a record breaking level, the normal 2-3 year turn around was anything but unnoticed. Something had to be done and something eventually was done. Judges and plaintiffs were, finally, unshackled by the normal onerous rules of civil procedure toward the end of the foreclosure boom. Foreclosure proceeding times were reduced by 50%.