The Foreclosure Process: Why Is It Taking So Long?

The two most common questions we get regarding foreclosures: How much is it going to cost and how long is it going to take? The costs are substantial—a com-bination of title search fees, attorneys fees and court costs.

Now for the timeframe: It depends (everyone’s favorite legal answer). According to RealtyTrac.com, the average foreclosure in Ohio takes 571 days to complete. This is the 9^thslowest state in the country. New York, however, is the slowest state, with an average time of 1,072 days to complete a foreclosure from start to finish. Texas gets the award for the fastest foreclosure process--which usually only takes about 97 days to complete.

In Ohio, some counties are much faster than others. Some smaller counties are months behind on their general filings, but working to catch up. Some of the counties with the longest waiting periods to set a sale are Lake (about 6 months from the date the sale is requested) and Summit (about 6 months as well). The timeframe for Cuyahoga is about 2-2.5 months from the date the sheriff’s sale is requested. If you have any questions about the whole foreclosure process time-frame or timeframe to set a sale in your county, please contact us.

More on Community Associations