Delays in Foreclosure Processing Times Can Be Beneficial To Homeowners

By May 27, 2014No Comments

Back in 2007, with the country in the grips of the housing crisis, the average foreclosure process took 253 days from beginning to end, just over eight months. As 2012 kicks off, a new report from LPS Applied Analytics puts the average time from the first missed mortgage payment to the final foreclosure auction at 674 days.

In some areas of the country, foreclosure processing delays are even more pronounced. In Florida, the average foreclosure takes 1,027 days, just shy of three years. Why, you may ask? One of the top reasons is that homeowners are increasingly turning to Tampa foreclosure defense lawyers and successfully fighting foreclosure.

Delays Chalked Up To Those Challenging Foreclosure

In just four years, the average time it takes to foreclose on a home has more than doubled. This means more homeowners facing foreclosure at the hands of lenders are staying in their homes longer. Experts explain this trend as an outgrowth of a heightened willingness to challenge foreclosure proceedings.

Taking legal action can delay, or prevent, foreclosure in a number of ways. Challenging your bank’s actions (such as the improper “robo-signing” many lenders engaged in that first came to light in 2010), waiting to file paperwork until the deadline, submitting legal requests that your lender produce original paperwork, and even declaring bankruptcy can all help keep you in your home.

For many homeowners, the ultimate goal is to dig out of a hole and get their homes back free and clear. However, for others, just staying in their homes a little longer can be a huge financial benefit: according to the LPS study, almost 40 percent of homeowners currently in default have not made a payment in at least two years.

Contact a Florida Attorney to Learn More

If you are facing the threat of foreclosure, there are many options potentially at your disposal. Speak to an attorney today to find out how you can benefit from challenging foreclosure.