The average foreclosure time in the U.S. has hit a record high of 631 days, according to Mortgage Monitor, a data-tracker analysis by LPS Applied Analytics.
That's nearly 21 months.
Time Moneyland's Alison Rogers attributes the startling statistic to several factors in the foreclosure process.
For example, lenders have started painstakingly reviewing foreclosures ever since the "robo-signing" scandal, in which borrowers accused financial institutions of moving foreclosures without following the proper protocol.
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