One Homeowner's Foreclosure Clock: 2 Years and Counting

By Laura Rowley

Losing your home to foreclosure is traumatic, no doubt. And for a variety of reasons--from internal bank bureaucracy and missteps to slow-moving government programs--the pain can stretch out for months.

It takes an average of 336 days for a home to move through the foreclosure process, from the first day a default notice was filed to the final disposition of the property, according to the latest report from RealtyTrac. That's the longest average since 2007.

For Janet, a 48-year-old attorney and mother of five who asked that her full name not be used, the process has stretched out for nearly 900 days, and counting. That's more than two years without paying a single mortgage payment.

Her story is a lesson on how to keep a roof over your head.

"It requires fortitude -- never take no for an answer -- and an ability to not become intimidated by paper," says Janet, who now lives on Social Security disability payments. "Paper is just paper. If it's a 40-page form, fill it out and send it in. Never let the process get in the way of the goal -- to stay in your home."

Read the rest of Janet's story on DailyFinance.

Also see:
Mortgage Mod Hell: Trapped Between Lenders, Collectors

HAMP Mortgage Modification Program Still No Help
The Mortgage Fix That Can Save the Economy

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