How long does it take for a bank to foreclosure on a homeowner? Surprisingly, it takes approximately 761 days from the last mortgage payment to when the bank finally forecloses on a home according to LPS, a technology and mortgage data firm based in Jacksonville, Florida. Foreclosures are dragging in the State of Florida and take about 6 months longer than non-judicial states. As a result, the overall Parkland and South Florida real estate market is negatively impacted.
The repossession process in Florida remains low with less than 2 percent of the foreclosure inventory going to auction. Florida’ s Governor Rick Scott and other lawmakers are calling for court influence on foreclosures to be ended. These lawmakers believe that a faster process would help stabilize the housing market. But opponents to Governor Scott believe that not having a third party court system involved in the foreclosure process would allow banks to quickly push homeowners out of their homes.
I believe that banks must follow proper protocol before being able to foreclose on homeowners. Distressed homeowners should also be able to receive enough notice in order to move out of their homes. Only time will heal the real estate wounds from bank foreclosures and short sales. But, if we are already behind 6 months from the rest of the country with non-judicial influence, we can help speed up the process in order to get our real estate market back on track in Parkland and the rest of Florida.
Know the neighborhood. Know the value. Know your hometown agents: The Parkland Parrot Real Estate Team. If you are interested in buying or selling a home in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.