December 31st, 2010 2:48 AM by Scott Bray
The delay between the first late payment and a foreclosure referral varies widely from state-to-state. In the distant past, it was usually when the 3rd payment is missed the 4th month the foreclosure proceedings were likely to begin.
Today, some states are taking 8, 10 even 12 months to foreclose.
The five slowest states: Massachussets 373 days, California 367 days, New York 344 days, Maryland 358 days and Florida 307 days.
A year to foreclosure is considered by attorneys and analysts to be quite a long time. It strongly implies that the banks and law firms processing these are disorganized and under-staffed. The backlog is still enormous.