How long is the foreclosure process taking?? Say one stops making payments on their mortgage, does it take 6 months to be foreclosed on?
No, it is now taking up to 624 days. That 624-day foreclosure timeline is the national average, according to Lender Processing Services (LPS).
LPS says timelines in judicial states continue to extend at a greater rate. The time from last payment made to foreclosure sale in judicial states is 761 days, which is six months longer than in non-judicial states.
Looking at the national foreclosure population, LPS says almost 40 percent of loans in foreclosure have not made a payment in two years, and 72 percent have not made a payment in a year or more.
The company reports that delinquencies are now almost 2x and foreclosures are 8x their pre-crisis levels. DSNews
More and more foreclosures (REO) to come…more