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.

John Smoltz’s vacant land in Wyoming headed for foreclosure

Retired Major League Baseball (MLB) pitcher John Smoltz has an outstanding $1.6 million balance on a vacant piece of property in the Snake River Sporting Club, which is located in Jackson Hole, Wyoming.

If the former eight-time All Star and one-time Cy Young Award-winner doesn’t reconcile the debt with his lender the property will be put up for public auction in a foreclosure sale on Aug. 23, 2011, according to Jackson Hole Daily.

It’s possible that Smoltz, who now serves as a color commentator for the Atlanta Braves, the team that he spent two decades as a starting pitcher and closer, simply walked away from the investment. Snake River Sporting Club was described as “troubled” and has been embroiled in a bankruptcy case since 2004.

Smoltz retired from baseball in 2009. He is the only pitcher in the long, distinguished history of the sport to record more than 200 wins and 150 saves in a single career.