Foreclosure Process Gets Longer

Call Debbie to evaluate how the foreclosure vs. the short sale will effect you!

From Realtor.com

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.

A backlog in foreclosures has occurred within a number of the nation’s banks, triggered by the large number of home owners defaulting on loans, a lengthy review process for loan modifications, and recent lawsuits that have accused banks of improperly filing foreclosure documents .

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.)

Read the rest of the story……

 

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About Debbie Robinson, REALTOR®

Selling Real Estate in Northeast Georgia from Braselton to Lake Hartwell since 1997. Graduated from the University of Georgia in 1980.
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