Originally published on Mon November 5, 2012 12:22 pm
By Taylor Tepper
Credit Joe Raedle / Getty Images
In New York, it takes an average of about three years for a bank to foreclose on a house.
In Texas, it takes about three months.
That's a huge, huge difference, and it's largely by design. About half the states in the country, including New York, require foreclosures to go through the courts. This slows down the process, and is intended to reduce the risk of someone being wrongly foreclosed on. In the other half of the country, including Texas, a third-party trustee can foreclose without going through the courts.