Do you want to hear a scary statistic.
Neither do I but I have to share.
For those in foreclosure and still live in their house the average time for evictions has risen to 438 days. That is right, over a year and 3 months is the average time it takes a bank to foreclose and evict the previous owners. That is up from about 8 months a year ago.
Now be careful if you think you want to try this strategy. Some states can foreclose much faster than others, and some banks have the manpower to complete a foreclosure in a timely manner.
However, if you are broke and in trouble and you know you are going to lose your house, it may make sense to stick around “rent free” for a while instead of immediately turning the house over to the bank.
You could be saving up for the big deposit you will need on a rental house or apartment.
The average borrower in foreclosure has been delinquent for 438 days before actually being evicted, up from 251 days in January 2008, according to LPS Applied Analytics.
While there are no firm figures on how many households are following the Pemberton-Reboyras path of passive resistance, real estate agents and other experts say the number of overextended borrowers taking the “free rent” approach is on the rise.
There is no question, though, that for some borrowers in default, foreclosure is only a theoretical threat for a long time.
More than 650,000 households had not paid in 18 months, LPS calculated earlier this year. With 19 percent of those homes, the lender had not even begun to take action to repossess the property — double the rate of a year earlier . via NYTimes.com
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