Homeowners Delaying Foreclosure for Years

Washington, DC, Jan. 2, 2012 -- Homeowners facing foreclosure are learning that they can stay in their homes for years, as long as they're willing to put up a fight, according to a CNNMoney story.

CNN reports that delinquent borrowers are using a variety of tactics, including challenging the bank's actions, waiting to file paperwork until the deadline, requesting the lender find original paperwork or declaring bankruptcy.

Nationwide, the average time it takes to process a foreclosure has risen to 674 days from 253 days just four years ago, according to LPS Applied Analytics.

Nearly 40% of homeowners in default have not made a payment in at least two years, according to LPS.