When A Foreclosure Takes Three Years

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Dealing with foreclosures remains a long and arduous process in some states. Just ask residents in New York, where according to data cited by CBS MarketWatch, a foreclosure can take up to three years.  Processing times are generally longest in states with judicial foreclosure processes, where the courts are involved in finalizing the foreclosure.

The outcome of this slow-moving process is ongoing stress for troubled homeowners and the potential to create more risk for future home buyers in certain states, MarketWatch suggested. Those risks, according to MarketWatch, come from a potential fee hike that could increase lending costs in certain states and lackluster home prices caused by a constant overhang of distressed properties.

Click here to read more in MarketWatch

Click here to see how long a foreclosure takes in your state

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