It’s no secret that the foreclosure process is a major source of frustration for many homeowners who must endure it. A primary cause for this frustration is the extensive time involved in completing the process. It is for this very reason that some people have taken to “shaming” banks to speed up the operation.
The average time frame for foreclosure proceedings continues to lengthen, in spite of the falling rates of foreclosure filings the country has seen in recent years. The latest data on the timeline for finalizing foreclosure had the average length at approximately 19 months. However, there are recent cases in which homeowners claim the process has dragged on for upwards of seven years.
For some states in particular (Florida being one of them), the foreclosure timeline is far worse than that of the national average. New Jersey, New York, Hawaii, and Illinois are the other four states rounding out the top 5 longest foreclosure timelines. New Jersey tops the list, with the most recent data citing the average at 1,103 days. Florida, which ranks third on the list, averaged about 30 months. A lengthy process could provide extra time for homeowners looking to keep their property to seek alternatives, like refinancing the mortgage. However, more often than not, it leaves homeowners in a state of financial limbo that prevents them from recuperating from the emotional upheaval and getting back on their feet.
Calling for action
Recently, New York Assemblyman Mickey Kearns took the issue into his own hands by launching a “shame campaign” targeting banks, in order to make the public aware of the ongoing problem. Though Kearns has tried (and failed) to pass legislation to prohibit extensive foreclosure proceedings in the past, his latest tactics are an entirely new approach to the problem. The shame campaign utilizes testimony from homeowners who have struggled through the lengthy foreclosure process to humiliate lenders into action, as well as hundreds of signs shaming banks who have yet to complete foreclosure. The signs are posted all over the Buffalo, New York area and target numerous banks.
It will be interesting to see if homeowners in other areas follow suit in publicly shaming banks who take too long to process foreclosures. If anything, this trend of bank shaming has brought much needed attention to the extensive foreclosure timelines plaguing homeowners across the nation. If you know foreclosure is imminent, or your home is already being foreclosed on, it’s important to enlist the help of an attorney so that your rights aren’t threatened during the process. Contact the Miami foreclosure attorneys at Graham Legal today for a free consultation.