I blinked twice at the figure: 638 days. That’s the average time it takes from an initial missed payment for the bank to complete foreclosure proceedings and change the locks in Florida, the Foreclosure State. Nearly two years of free rent..
In the 27 states that allow foreclosures to bypass the courts altogether, the averages range from 392 days in Arizona to 511 days in California, both of which have more foreclosures than snowbirds these days.
If you’re a homeowner facing the possibility of foreclosure, these numbers may offer some relief. Two years, give or take, is a long time between nonpayment and eviction, perhaps long enough for circumstances (a job), or a miracle (an inheritance) to save your home.
But for the rest of us homeowners fretting over our plunging property values, as well as frazzled real estate agents who now use a calendar instead of an egg timer to mark their listing’s days on market, these are heartbreaking numbers.
So perhaps next time you run into someone complaining about the evil bank taking back their home you should ask “So, how long has it been since you’ve made a payment?” I hate to see anyone lose their house when it’s truly not their fault, ( loss of job, medical bills, etc. ) but really? Two years without a house payment?