New Foreclosure Study Finds the More That’s Owed, the Longer the Defaulter Can Stay

By
Real Estate Agent with BIG International Realty

RISMEDIA, July 13, 2011-  By Steve Cook  -  Homeowners living in houses worth over $417,000 can live in their homes mortgage-free without fear of foreclosure for more than a year, but those in the less valuable homes are getting thrown out in 300 days or less.

Moreover, those with a second mortgage can stay in their home, on average, longer than those with just one mortgage. Those with a second mortgage currently are staying mortgage-free an average of 393 days compared to those with just one mortgage, who are losing their homes after 291 days.

According to an analysis of more than 150,000 foreclosures over the past three and a half years by the CEO of one of the nation's leading foreclosure sites, ForeclosureRadar, lenders wait as long as they can to put losses from foreclosed properties on their books.

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