It takes mortgage servicers 30% longer to complete a foreclosure in Orange County, Calif., than it did a year ago, according to new figures compiled by ForeclosureRadar.com.
The analytics firm noted that the time needed to process a sale or move for a repossession now takes at least one year.
ForeclosureRadar.com reported that for August it took lenders an average of 411 days to foreclose on a home as measured from the filing of a default notice to the actual trustee sale or auction. In August 2010 it took 317 days.
In California, servicers must wait at least 90 days after a borrower stops making loan payments to file a default notice, meaning that foreclosures averaged a minimum of 501 days to complete a foreclosure in August. (The figures were first reported by The Orange County Register.)
