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Foreclosure Process Gets Longer
Banks and mortgage servicers are taking more time to foreclose on defaulting home owners–a process that can take up to 2 years now, USA Today reports.
Meanwhile, defaulting home owners are being allowed to stay in their homes longer. In December 2010, the average borrower in foreclosure went 507 days without making a mortgage payment, according to LPS Applied Analytics. (Prior to the housing crash, the norm was considered 250 days in default.)