According to a recent article at CNN-Money, Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure auctions, according to LPS Applied Analytics.
Nationwide, it takes an average of 565 days to foreclose on borrowers in default from their first missed payments to the final auction. In New York, the average is 800 days and in Florida, where the “robo-signing” issue is particularly combative, it’s 807.
In this article specific examples were given where borrowers have stayed in their homes as long as 5 years without making a mortgage payment.
An example of what has happened across the nation:
A borrower purchased a two-bedroom on Tampa Bay in 1998 for $135,000.
As the waterfront property’s value skyrocketed, eventually reaching $750,000, they refinanced twice (once to expand a business), and took out a second mortgage. They now owe more than $600,000 on the home, which is worth only $235,000.
Until we get out of this mess, the housing market will continue to drag! However if you are looking to buy a foreclosure in the Charlotte and Lake Norman areas, the time may be right.
Check out our FREE list of foreclosures
