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The Real Estate Bloggers

The Real Estate Bloggers


From Default To Foreclosure – 16 Months is the Average

Posted: 29 Nov 2010 04:15 AM PST

Foreclosure2If you are in default on your mortgage do not feel like you need to leave your home immediately according to a study by LPS Applied Analytics. The average home that has missed their 3rd monthly mortgage payment takes 492 days to go from the initial foreclose filing to the bank taking possession of the home.

Now here is a big caveat. These statistics do not apply to every homeowner. If you are going into foreclosure you can not expect to live for free for the next 16 months. The results vary depending on the state you live in and the urgency of the lending institution that you are dealing with. So do not read this post and think you are safe.

The time it takes to get the foreclosed loan processed through the banks and courts has risen from 244 days in 2007 to the 492 in 2010. This is mainly due to the volume of mortgages overwhelming the banks and the courts and problems at the banks due to robosigning.

In recent months, the number of borrowers entering severe delinquency — meaning they missed their third monthly mortgage payment — has been on the decline, falling to about 700,000 in October, according to mortgage-data provider LPS Applied Analytics. But it’s still more than double the number of foreclosure processes started.

As a result, banks are taking progressively longer to foreclose. The average borrower in the foreclosure process hadn’t made a payment in 492 days as of the end of October, according to LPS. That compares to 382 days a year ago and a low of 244 days in August 2007. via the WSJ

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From Default To Foreclosure – 16 Months is the Average

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