Florida Averages 806 Days to Foreclosure

by Isaac Benmergui, Esq on January 23, 2012

If your home went into foreclosure as of January 12, you’ll have a long wait before the bank finally repossesses your house – until around March 28, 2014, according to RealtyTrac and reported by the Palm Beach Post.  That’s a 40 percent increase in the past year of the number of days before you must find other accommodations.

With the third-longest foreclosure period in the nation – only New York and New Jersey have lengthier time frames – Florida did see a 63 percent drop in the number of properties entering foreclosure in 2011 from the previous year. It was almost twice the national average, which stood at 34 percent. Statewide more than 250,000 foreclosure cases are pending with close to 35,000 in Palm Beach County alone.

With a long wait time before repossession is possible, banks may be more willing to negotiate other terms for homeowners to retain their homes.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

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