This transcript is automatically generated
It's nationwide it takes on average stands -- 82 days so what's the big difference here to sort it all out.
And to tell me why need to continue paying my mortgage it's a Fox News senior judicial analyst judge engine -- this story fires me up I -- -- yes because three years I -- I could see for college.
If I just sit in my -- There would be a lot of adverse consequences to you if you if you took the position that.
They've filed a notice of foreclosure they have sued me which -- -- to do in New Jersey.
Four for closure therefrom not -- pay them.
-- first of all your debt would increase.
And secondly your your credit rating would be would be destroyed currently any equity you might have -- -- house will be worn away by the increase debt.
-- you know how works with time is if I ever got record judge I plead hardship by say something in the bank works with me well I think you know I -- deal.
OK my -- of his not a defense.
What is it defenses that the bank didn't downsizing cross its -- and that's why.
States like New Jersey New York have what what you have characterized as judicial foreclosure foreclosure that must be approved by a judge after consent her trial.
It's to avoid.
The robo stamping foreclosure that occurred in other states like Florida.
-- bank chests well you know this a couple of plants here where they should have filed a -- stamp their name meant.
Submit the document store clerk works -- everything's filed here bingo the bank owns the house and the homeowner never had an opportunity to say I never saw that.
I never read it and never agree to -- that's not my signature so -- they judicial.
Version of foreclosure.
Forces the banks to be honest to dot every high and cross every T so they don't like it because it takes them three year is to get their money.
It's arguably the states the twenty states that are judicial thought they were doing a good thing when they declared themselves to -- -- they did they thought that they were protecting the homeowner.
From a bank that might seize the property had to quickly.
But to just to give me an example let's say you bought the house for 100000 and you -- of 7525.
You you oh the the 75000.
But let's say that the house is worth 50000 so you stop paying.
-- foreclosure goes through the bank sells the house for 50000 -- itself the fifty.
-- -- -- bank that 25 -- the difference between what you borrowed in what the bank got back from the foreclosure so foreclosure doesn't wipe out everything.
It's just one way that the bank can get any portion of what you owe the bank Rite -- back to the.
And we only have a few seconds but now it is closed -- that clock.
Can the states -- they're judicial status.
Yes if they they could enact legislation which would which would change the foreclosure proceeding but you're not gonna like this.
That would only pertain to mortgages that were given.
After the date of the legislation to grant but yes yes because you you cannot take -- -- this is due process right.
From somebody that once had -- you can say that in the future.
If the bank wants -- -- you can't get before judge but you can't change my law for people who already borrowed the money and contract levels there but not apparently in Washington.
Net well it would you can vote with your feet you can live in Washington you're actually or you can live in Massachusetts -- in the managers.
-- -- -- -- -- -- But I don't end up above and a thinking exactly -- that guys.