The length of the foreclosure process depends on several factors, including the lender, government programs, state in which the distressed home is located and individual circumstances, among others. Foreclosures, if ever, are rarely the same.

However, there are state-by-state averages, which Lender Processing Services Inc. (LPS) tracks each month. Nationwide, homeowners facing foreclosure are collectively 611 days late paying their respective mortgages.

The top places where foreclosures on average take the longest include:

• New York (767 days)
• Florida (757 days)
• New Jersey (708 days)
• Hawaii (681 days)
• Washington D.C. (676 days)

The top places where foreclosures on average take the shortest include:

• Wyoming (398 days)
• Nebraska (407 days)
• Alaska (411 days)
• Idaho (416 days)
• Arizona (418 days)

Homes in states that follow the judicial foreclosure process typically take longer to get through the system because the courts are so overburdened. Non-judicial states, therefore, are going to typically recover faster, according to Herb Blecher, a senior vice president for analytics at LPS, in a recent interview with BusinessWeek. com.

For more on the foreclosure laws in your state click here. To search foreclosed homes for sales in your area click here.

The childhood home of Sen. John McCain’s wife, a three-acre spread in Phoenix, Ariz., is in default and headed to the foreclosure auction block on Aug. 15, 2011, according to The Arizona Republic.

It’s currently listed for $3 million in a short sale situation, which is $200,000 less than the new owner, an investor, paid the McCain’s for it back in 2006. However, the investor apparently sunk more money into the mansion, running the final bill up to $4.5 million.

The new renovations covered several upgrades, including an additional 4,000 sq. ft. of space. The home, which is where the McCain’s raised their children, boasts 11 bedrooms, 13 bathrooms, a “chef’s kitchen” and several outdoor bars, among other luxurious amenities.

McCain, who made an unsuccessful bid for President of the United States in 2008, moved to a penthouse “near 24th Street and Camelback Road” shortly before unloading their family home years ago. There is no telling if the couple would look to buy it back rather than see it go through the auction process.

Stay tuned.

“Housing Angels,” an Arizona-based operation, appear to be onto something smart.

The program connects distressed homeowners with cash-laden investors (referred to as “Angels”), facilitating short sales to avoid foreclosure situations. But the sale is only temporary.

That’s because the “Angels” then rent the properties back to the original owners at reduced price. And when the homeowners are back on their feet financially, they have the opportunity to buy back their homes for much less than what they originally owed.

It’s a “win-win” solution that AZFamily.com illustrates in the following example:

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The foreclosure crisis has hit virtually the entire nation without discrimination; however, some states, collectively, have been impacted more than others.

Arizona, California, Florida, Michigan and Nevada, in fact, top the list of 50, sustaining average home price declines of 20 percent or more. As a result, the U.S. Treasury Department has earmarked $1.5 billion to “head off” foreclosures in these states, among other, according to Reuters.

It’s been dubbed the “Hardest Hit Fund,” which was announced back in February. And it was carved out of the $50 billion Home Affordable Modification Program (HAMP) to assist responsible homeowners who have “been affected by the economic crisis through no fault of their own.”

The five states submitted proposals, demonstrating that their residents needed the housing assistance, which were all approved.

Here’s the monetary breakdown:

Arizona will get up to $125.1 million for these purposes while California gets up to $699.6 million and Florida up to $418 million. Michigan has been approved for up to $154.5 million of funding and Nevada up to $102.8 million.

In addition to the five states already mentioned, North Carolina, Ohio, Oregon, Rhode Island and South Carolina have submitted proposals for similar assistance. It’s expected that they, too, will receive approval “in coming weeks.”

Government officials reportedly expect to help 90,000 or more homeowners with its “Hardest Hit Fund.” For more information on the program, as well as the complete “Making Home Affordable” initiative, click here.

Location: Maricopa County, Arizona
City: Anthem
Price: $475,000
Zestimate: $723,747
Difference: $248,747

Note: Other comparable listings in this desirable neighborhood range from $649,000 up to $848,118. For more property details or to talk to a local real estate agent/broker about this listing CLICK HERE.

This four bedroom, 3.5 bathroom single-family home has more than 3,200 sq. ft. with a two-car garage and basement. It represents great value because it is already available at an enormous discount and there is more than likely room to negotiate with the lender on reducing the cost even more.

To check out some of the other “Deals of the Day” feel free to visit our archive.

What’s the deal of the day? We comb through our nationwide database of more than 1.2 million distressed real estate listings to showcase some of the best investments available on our Web site each morning. These listings represent just a small fraction of the amazing investment opportunities available at Foreclosure.com. To find more bargains like the one pictured above search Foreclosure.com or sign-up for FREE Email Listing Alerts.