Which State Has the Longest Foreclosure Processes?
Which state takes the longest to complete a foreclosure? New York. Roughly their foreclosure process should only take up to 445 days to complete. but it is much longer. Do you know what I could do with my money if I didn’t make my mortgage payment for a year? Seriously? Is this right?
With the volume of foreclosures hitting some of the highest we have seen in recent years, the lender’s ability to process the paper work efficiently and timely has been in issue, hence the “robo signing debacle”. To assist with delaying the process and to get borrowers and lenders to work together a lot of states have required both parties to attend a mediation to see if they can come to some sort of an agreement. However, in the end and in most cases the homeowners end up in foreclosure any ways. It seems most of the lenders are not willing to participate and even though this process has helped some homeowners but obviously not enough.
So if you are reading this and have missed one or two payments, you will want to continue reading because in most states, the foreclosure process begins after the 2nd or 3rd missed payment. So what do you do if you cannot bring yourself current? How do you stop from going further into trouble? Usually, the lenders will only accept all back payments to stop a foreclosure; your best bet is to apply for a loan modification, repayment plan, or special forbearance to head off further incurred fees and the possibility of a foreclosure.
According to LPS Applied Analytics there are about 2.1 million mortgages in some sort of a foreclosure stage. The national average for a loan in foreclosure is roughly 492 days, an increase from 289 days back in 2005. However, in New York it is about 604 days and in New Jersey about 544 days. At this point with so many people struggling economically and some homeowners willing to let their home go to foreclosure, while they pay off other debt we ask ourselves how do we fix this problem?
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