Boston Real Estate for Sale

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. The results vary depending on the state you live in and the urgency of the lending institution that you are dealing with.

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.

The following excerpts are from The Wall Street Journal:

… 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.

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