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.