A foreclosure filed today in Florida will linger in the courts until March 28, 2014, before the bank takes possession, a timeline that has increased 40 percent in the past year.
RealtyTrac analysts, who released new foreclosure data today in a 2011 year-end report, blame the increase in time from initial filing to bank takeover on the robo-signing scandal that pushed lenders to review and redo paperwork in thousands of cases.
At 806 days, Florida ranks third nationally for the average length of time it takes to foreclose on a home, trailing only New York (1,019 days) and New Jersey (954 days). The national average is 348 days.
“The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages,” said Brandon Moore, chief executive officer of Irvine, Calif.-based RealtyTrac.
Read : “Foreclosure wait time drags to 806 days in Florida” an article by The Palm Beach Post