The average Florida homeowner who went into foreclosure in November hadn’t paid his mortgage in 10 months.
The 307-day delay between the first late payment and a foreclosure referral, reported in a study released this week, was called "flabbergasting" by one financial expert who said mortgages typically go to foreclosure by the third delinquent payment.
Jacksonville-based LPS Applied Analytics, which tracks home loans nationwide and issued its November Mortgage Monitor report on Monday, ranks Florida among the top states nationally for the average length of time it takes to refer a home to foreclosure.