Are you finding that paying your mortgage is a burden? Not to worry. Depending on the state, you can cross that line off the budget and stay in your home for awhile. In New York, on average, you’ve got more than 1000 days:
CHICAGO (MarketWatch) — Backlogs in foreclosure processing are causing delays in home-price improvement and could wind up affecting the cost of a mortgage.
The situation appears worst in New York, where it takes an average of nearly three years — 1,072 days, to be exact — for a home to go through the foreclosure process. It’s not much better in New Jersey, where it took an average of 931 days to foreclose on a home in the third quarter, according to statistics from RealtyTrac.
There are a lot of reports out there at the moment touting the “recovery” of the housing market and the significance of a falling foreclosure rate. In many instances, however, the drop in the rate is because lenders are taking longer to foreclose, not because homeowners are in a better position to pay.