What Every Homeowner Needs to Know Right Now facing foreclosure – Irvine Real Estate – Irvine Homes for Sale

by Robert Mack on December 13, 2010

in Latest News, Sellers

For those living in the state of New York, a foreclosure can take up to 600 days to become final. This amount of time is longest in the US, but other states are not far behind.

Foreclosures that take place in New Jersey, Florida, Maine and Hawaii have a delinquent rate of more than, on average, 500 days; Nevada and California 425 days, on average.

For many homeowners and lenders that question is why does it take this length of time to finalize a foreclosure?

There are several answers to that question. The first is perhaps the most common.

Many states are under the judicial process when it comes to foreclosing on a property. Courts in these states are simply overwhelmed, causing long delays.

In some states, such as Florida, the problem has become so prevalent that retired judges have been called in to hear foreclosure settlements. Another cause for delay is government rule-changing which often requires mediation between lenders and homeowners.

Also, programs such as loan modification can cause significant delays. This is one of the most common complaints against the HAMP (Home Affordable Modification Program) that the government set up to help distressed homeowners.

While these represent only a few of the factors that can cause delays, they are the most common. As of today, no one seems to have any valid answers as to how to streamline the process.

Read how the average foreclosure in California takes 425 days to be finalized!

Posted on Irvine Orange County Real Estate Market News

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Post by Robert Mack

Robert has written 727 articles.

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