New York now boasts one on the longest time-frames to foreclose in the country. It now takes an average of 1,061 days to foreclose. Seems part of the delay may be cause by re-defaults of those borrowers whose loans were modified. It appears though that the Foreclosure Settlement process may be helping somewhat. Part of the reason appears to be now borrowers are "required" to bring all of their financials to the first court appearance. This will give the bank a quick view of the borrower's finances to see if a modification is possible. The best part of this, at least for the banks anyway, seems to be that vacant properties can now move quicker through the foreclosure process. This in turn will allow the banks to sell these properties sooner. If you've ever lived next to a "Zombie Home" this is welcome news.
THE FULL ARTICLE CAN BE FOUND HERE: http://www.newyorklawjournal.com