Foreclosures Now Taking 17 Months to Complete

USA Today is reporting that the average borrower in foreclosure spends 17 months in the foreclosure process, up six months from over a year ago. This is probably not the end of the extension process due to the huge volumes of defaulted mortgages. The delays are partially caused by time-consuming reviews for loan modifications and additional delays that were caused by improperly filed foreclosure documents. Some lenders may be intentionally slowing the foreclosure process to balance their books and avoid further damage to delicate local markets.

Post a Comment