Foreclosure process

The process of foreclosure is a long and elaborate one.  So, it has been noticed that most financial institutions are taking more time to foreclose on home owners who have defaulted. Today the average time taken to carry out foreclosures in America is around two years.

One primary reason for the delay in the foreclosure process is because the number of cases has increased by leaps and bounds. On the one hand the foreclosure involves a lengthy review process and on the other it also has to face several legal hurdles.

Another important reason for the long process is the government protection that defaulters enjoy. Bill has been passed in the congress that allows property owners who have defaulted to stay in their homes for longer.

In the coming days foreclosure process will become longer. Presently defaulters can stay in their homes for an average of about 20 months before facing eviction. Analysts now believe that the average period of stay would slowly increase to 22 to 23 months.

Many attorneys say that evicting a defaulter soon is like being very unfair to the defaulter. Every defaulter has the right to retrieve his position and the government should give them a long rope. This is bound to make foreclosure process a bit long drawn one.