Foreclosure Timelines By State With Highest

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US-02617BG
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Description

A deed in lieu of foreclosure is an agreement reached between a homeowner and a lender in which the homeowner turns over the deed to the home, and the lender agrees to halt foreclosure proceedings. Negotiating a deed in lieu of foreclosure agreement is a way to avoid foreclosure. As a general rule, in a deed in lieu of foreclosure settlement, the homeowner signs away the deed, giving the home to the lender, and the lender writes off the homeowner's debt, essentially canceling the mortgage.
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FAQ

Only two states, Connecticut and Vermont, allow for a special type of judicial foreclosure known as a strict foreclosure. Under this proceeding, the lender files suit against the borrower who is in default.

States with the shortest average foreclosure timelines for homes foreclosed in Q3 2023 were Texas (160 days); Montana (169 days); Wyoming (177 days); Missouri (211 days); and Michigan (213 days). Nationwide in September 2023 one in every 3,706 properties had a foreclosure filing.

Which state has the quickest foreclosure process? The state with the quickest foreclosure process is Montana, followed by Mississippi, West Virginia, Wyoming, and Minnesota.

ATTOM's latest foreclosure market analysis reported that states with the longest average foreclosure timelines for homes foreclosed in Q1 2022 were Hawaii (2,578 days); Louisiana (1,976 days); Kentucky (1,891 days); Nevada (1,808 days); and Connecticut (1,632 days).

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Foreclosure Timelines By State With Highest