A loan in foreclosure: 492 days — and growing

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 · CHICAGO (MarketWatch) – Is the foreclosure process a long one in your state? Check out RealtyTrac’s state-by-state statistics on the number of days it took for a foreclosure.

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Senators press for mass mortgage refi plan Senate oks tax credit extension for Homebuyers – The Senate on Wednesday approved a plan to give homebuyers an extra three months to finish. The Realtors group has been pushing hard in Congress for the extension. Mortgage lenders, the trade group.

Two to three years is a very long time to wait to qualify for a mortgage loan after a bankruptcy and/or foreclosure. Many home buyers cannot get a straight answer when they ask a lender whether they can get a mortgage approval prior to their anniversary date of the waiting period after bankruptcy and foreclosure

20m Borrowers Could Be Underwater before 2012: Deutsche Bank Coe, who is an assistant director on feature films including Twilight, could save nearly $1,000 a month. Coe was earlier denied a refinance through his lender, Bank of America, because he’s.

But it’s still more than double the number of foreclosure processes started. As a result, banks are taking progressively longer to foreclose. The average borrower in the foreclosure process hadn’t made a payment in 492 days as of the end of October, according to LPS. That compares to 382 days a year ago and a low of 244 days in August 2007.

 · Understanding the foreclosure process in Tennessee is an important part of navigating your own home foreclosure.. Before we dive in. What is foreclosure anyway? Foreclosure is the legal process that lenders use to take back property securing a loan, generally after the borrower stops making payments.. Foreclosure is no fun. But just know that it’s not the end of the world.

Mortgage brokerage CEO jailed for stealing homes, renting them back to struggling homeowners How buying a house could save you £1,440 a YEAR as rents soar and mortgage rates fall – Rents meanwhile have risen by 4 per cent because of increased demand in the rental sector from those struggling. of buying a home has improved in recent years, the tough economy is still holding.

The common law strict foreclosure method may also be used by lenders, but the law of Illinois does not allow non-judicial power of sale foreclosure. Foreclosure Avoidance Counseling. HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure.

 · National Average: 492 Days From Default to Foreclosure 492 days in October 2010 versus an average of 382 days in October of last year. "In other words, people who default on their mortgages can reasonably expect, on average, to stay in their homes rent-free more than 16 months.

Fannie Mae Cracks Down on Strategic Defaulters Bank of America set to write down principal on California mortgages “I used to keep a journal, and I’d write down every movie that I saw and where I saw it and. the concept of a cinematic universe – and along with it the idea that a set of characters from one movie.Fannie Mae recently announced their plans to lock strategic defaulters out of new loans for seven years! However, in an attempt to encourage borrowers to work with their lenders to produce less-costly outcomes, as of July 1, 2010, Fannie Mae cut in half the amount of time short sellers have to wait to become owners again.