The foreclosure process is taking longer than ever, which is slowing the foreclosures from coming to market.foreclosure time line calendar

 Recently there is an average 400 day period from the default notice until the day the bank reclaims the property. "That's up from 340 days a year ago and more than double the average 151 days it took to foreclose in the first quarter of 2007, at the start of the nation's foreclosure crisis.", says USA Today.

Experts say the the added delays although increase the homeowners time without monthly payments, the bank and loan-owner's losses become greater.

"April foreclosure activity hit a 40-month low, mainly because of processing delays, RealtyTrac CEO James Saccacio says. Default notices, scheduled auctions and bank repossessions were reported on 219,258 properties in April, down 34% from a year ago."

"In some cases, lenders are taking longer to begin foreclosing on loans more than 90 days delinquent because they're waiting longer to allow for modifications or short sales — when lenders take less for a house than what's owed — or other alternatives, Saccacio says."

 

Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like any information regarding the subject of foreclosures.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.

 

Resources: USA TODAY,