Foreclosed Homeowners Live Free for a Year in Some States

With the average foreclosure now taking 438 days, delinquent borrowers are finding that they can live in their homes without making mortgage payments for at least a year. But there is a catch. That nationwide average may not apply in your state.

The states with the longest wait time before foreclosure are those states that require a judicial foreclosure, which means the bank or investor must take the case to very crowded courtrooms. There are 16 states that require a judicial foreclosure: Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Nebraska, New Jersey, New Mexico, North Dakota, Ohio, Pennsylvania and South Carolina.

But even if you don't live in one of those states, your state might be taking action to slow down foreclosures and at least require a mediation before you lose your home.