How Long Does Foreclosure Take?


Quick Answer

The average foreclosure took approximately 572 days, or 19 months, to process in the first quarter of 2014, according to Nolo. Multiple states take more than a year to process foreclosures, and some states take up to three years to complete.

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Full Answer

States with the longest foreclosure times include New Jersey, New York, Florida, Hawaii and Illinois. Foreclosures in New Jersey take an average of 1,103 days to complete, which is more than three years, notes Nolo. Homeowners in Illinois have 830 days, or more than 27 months, until a foreclosure is finalized.

States with fastest foreclosures are Alaska, Texas, Delaware, New Hampshire and Alabama. Alaskan residents can expect foreclosures to occur within 151 days, or slightly more than five months. The other four fastest states also take a few months to complete foreclosures, according to Nolo.

Foreclosure on a home begins when a homeowner misses two or three payments. At this juncture, a lender may send the homeowner a notice that the mortgage is in default, and then the homeowner must bring the loan current within 30 days or the foreclosure process begins. Depending on the state, foreclosures must go through the court system or simply serve notice of a sale to the homeowner, as referenced by Nolo. In most instances, a homeowner does not have to vacate the property until the actual day of the property's sale to a bank.

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