Foreclosure process: How long (or short) is it in your state?

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.

Hawaii Foreclosure Homes — Deal of the Day

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Location: Kaloko “Big Island,” Hawaii
City: Kailua Kona
Price: $412,650
Estimate: $481,859
Difference: $69,209

This three-bedroom, one bathroom home is an ideal “starter home or investment rental” located at the top of Kona Wonderview. It boasts a nice back yard with picket fence, two storage sheds and additional parking on front lawn.

Just a couple coats of paint and a little TLC and you’re move in ready!

Note: other comparable listings in this neighborhood range from $396,667 up to $681,807. For more property details or to speak with a local real estate agent/broker about this listing CLICK HERE.

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.