Foreclosure Process ... how long does it take?   by Laurel Grandle, REALTOR Knoxville Realty for sale.

  Once a home owner falls behind on mortgage payments--around 4 months with most lendeers--the property goes into foreclosure, but the eviction doesn’t happen right away — in fact, it may take years before delinquent borrowers finally have to turn over their keys.

Data by LPS Applied Analytics shows that New York holds the longest average in the nation–mortgage loans in the foreclosure process in New York have been delinquent for 600 days on average.

Loans in foreclosure in Florida, New Jersey, Hawaii, and Maine have been delinquent for an average of more than 500 days. Close behind, California and Nevada’s home loans have been delinquent for 461 and 427 days.

Meanwhile, Nebraska and Wyoming were found to be the two speediest states — loans in the foreclosure process are delinquent by an average of 358 days.

What’s causing the long wait? Some states that use a judicial process have backlogged courts. Florida, which has some of the highest numbers of foreclosures in the country, has had to set up separate courts and bring in retired judges to help handle the skyrocketing foreclosure cases.

Government officials and agencies also cause foreclosure delays through temporary moratoriums, mandatory mediation sessions, and loan modification or assistance programs.

Plus, mortgage servicers may even cause delays, not wanting to take on the legal and financial responsibilities of owning any more homes.  A lender is NOT in the business of owning and selling homes; they must hire, sometimes, a large staff of asset managers whose purpose is to negotiate short sales and this process, which may avoid foreclosure, takes many months.  If the short sale process is unsuccessful, foreclosure proceedings follow.  The entire system is full of delays.

A foreclosure does not typically make money for the lender:  Loss of a year or more of payments plus legal fees, staff, etc., cause the process to be very expensive, which is why lenders are willing to consider short sales.  In reality, a foreclosure just stops the losses .  Althought it's frequently difficult to get investors who own the notes (mortgages) excited about spending more money to execute a foreclosure,  the longer these things take, the more it costs.

If you have questions about foreclosures or short sales, please give me a call:  Laurel:  888 966 4926

Laurel Grandle sells homes throughout the East TN Area, including Knoxville, Karns, Farragut, Halls, Powell, Loudon County, Knox County.  She specializes in Lake homes, Luxury homes, Historic homes, New Construction and is an expert at matching buyers with the right house, regardless of the area or price range, she has over 25 years of experience and has helped thousands of clients with their real estate needs.

Here is what some of her clients have said about her recently, “Laurel has an unlimited amount of patience.  My family has very specific needs and she understood them and worked with us until we found the perfect home at the right price.  I don’t think anyone else would have done that for us and we’ll always be thankful we found her and worked with her.  She’s wonderful!”  Margo

“Laurel has accommodated us on many occasions very quickly, as our schedules change all the time.  She was always understanding of the time and date changes and she helped us find a great house.”  Williams

“Laurel really knows the area and the market.  She didn’t waste any time…she showed us what we ask for in the location we wanted and made the whole move a very good experience for our family”.  Robert

“Before we wrote an offer, Laurel did a detailed market analysis for us and discussed it with us so we understood what a fair price would be.  She went over the entire contract in detail and clarified everything for us.  We purchased with confidence and we’d never use anyone else IF we ever decide to sell!”  Anne

Exit Realty Knoxville is your number one resource for all your real estate needs, including listing, sales, referrals; our EXIT agents are committed to serving you—put us to work for you:  865 389 2551   865 690 4300  TOLL FREE:   888 966 4926

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