The rich are different from the rest of us. It takes longer for banks to foreclose on homes which are worth over $1 million according to WSJ. The average home in this category take 671 days to go through the entire foreclosure process. A home worth under $250,000 takes on average, 445 days.
Why? The WSJ:
There are several reasons why holders of large mortgages are able to stay in place longer. A key factor is that banks tend to keep larger mortgages on their books, while smaller mortgages are more likely to be bundled into securities and later resold to investors with backing from Fannie Mae and Freddie Mac. Fannie and Freddie, the government-controlled mortgage giants, have set strict foreclosure timelines and will fine mortgage servicers that are found to be needlessly delaying the foreclosure process.
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