Monday, November 07, 2011 / by Lynn Horner Baker
North Metro Atlanta - According to the Wall Street Journal , the average homeowner with a home in foreclosure hasn't made a payment in 492 days. What's even crazier is that those homes are still in the foreclosure process.
That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free?
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In some states like Florida and New York, we estimate that they can live rent free for two years. We have even seen cases where homeowners were able to live rent free for three years.
If you are facing foreclosure, then I am sure that is good news. But, I'm sure you are wondering why it is so long. Let me explain.
The entire foreclosure system is backed up. There are several parts that make up the "foreclosure system." The first part is the bank's foreclosure department.
These multiple departments coordinate everything in the foreclosure process. The second contributing factor is that the foreclosure attorneys are backed up. There are only so many attorneys who are completely trained in foreclosure work.
The big law firms that specialize in foreclosures are now handling 2-3 times as many foreclosures compared to a few years ago. And the final factor is that the courts are clogged for weeks, if not months.
The courts are not going to have judges start processing foreclosures unless that judge is properly trained in foreclosure legalities. So they are scrambling to find judges experienced with foreclosures.
This is turning into a spiraling problem. Two years ago many homeowners would have looked down on someone who took advantage of the system.
Today those same homeowners are emboldened by seeing other people stay in their homes and make no payments without any consequences. That is why I think the problem is going to take a few more years to work itself out. Thinking about a loan modification?
Our North Metro Atlanta loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at Lynn@HornerBakerPartners.com to request a Free Copy.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770 579-4060
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Thanks for reading this, Lynn Horner Baker.
Lynn is a Real Estate Agent and owner of Horner Baker Partners. North Metro Atlanta Short Sales Realtor:
Phone: 770 579-4060. Lynn@HornerBakerPartners.com.
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