It is amazing the difference in the time of processing a foreclosure from state. I did not expect to see Massachusetts the number of days in comparison to other states. This is a miserable experience no matter how long the process takes. How hard it has to be for so many people. I have a hard time just thinking about it. I have seen the homes of people who had to get out without enough time to get all their belongings. Horrible no matter how long.
So I was a bit curious about the Foreclosure process seeking out new and updated information as well as the time line associated with it, I came across an article on RealtyTrac which gave the average time line according to your state of residence. You have some places like Maryland, Alabama and Virginia where the process takes anywhere between 45-79 days however, in the state of New York, the process is upwards of 445 days!!!
And to add fuel to the fire according to LPS Analytics featured on CNN in 2007 the average foreclosure took about 250 days however, as of December 2011 its now at a staggering 674 days!!!! So for those of us who reside in the state of New York, we can expect the process to go past 1 year closing in on 2 years. For many unfortunate homeowners facing the foreclosure crisis, not only is the process flawed, complicated and emotionally taxing- its long and drawn out which makes it even worse.
My question is why does it take so much longer for the foreclosure process in the state of New York?
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