A 2002 study by Craig Focardi of the Tower Group estimated that the entire cost of a foreclosure was $ 58,759 and took 18 months. (realtormag.realtor.org)
However, the lender faces the risk that the interest rate increase could be unaffordable to the borrower, forcing the borrower into default, in which case it could be necessary to foreclose on the property (with substantial costs of foreclosure). (en.wikipedia.org)
The land bank pays only $ 151 per property, the city's cost of foreclosure. (syracuse.com)