Recent data shows the foreclosure rate increased dramatically in September. While many homeowners across the nation are knee-deep in mortgage delinquencies, data suggests that they will still hang on to their homes even if they haven’t made a loan payment in twelve months.
Lender Processing Services, Inc., one of the nation’s leading mortgage analysts, released its September Mortgage Monitor report yesterday, showing that timelines for foreclosure proceeds have increased sharply in most states.
New York, New Jersey, Florida, Maine and Hawaii are all states that require a judge’s signature in foreclosure proceedings, and the current timelines in those states currently exceed 500 days.
via Foreclosure Rate Increased in September.
