Foreclosure backlogs taking longer to process

In early 2007, it took less than six months on average to complete a foreclosure proceeding in Florida. Four years later, it takes an average of 619 days. In New York, it now takes an astounding 924 days to foreclose, up from 263. In New Jersey, it takes 908 days, up from 297. Foreclosure timelines also have grown in Maryland and Virginia, though less drastically. Nationwide, the time that it takes to complete a foreclosure has more than doubled, to an average of 400 days.

The number of new cases has fallen dramatically since last fall, when several major banks halted new foreclosures after revelations of widespread paperwork problems that led to questions over who exactly owned the properties being foreclosed upon. Much of the controversy focused on “robosigning,” in which employees signed someone else’s name on affidavits or did not verify the facts they were attesting to.

Read the rest of the article at the Washington Post