Did you know that even if you are staring down the barrel of a foreclosure, there are still ways that you legally remain at the residence for potentially years? You do not immediately have to pack up and leave. This is especially true today as opposed to four years ago.

Researchers at LPS Applied Analytics determined that, currently, it takes about 674 days for a foreclosure proceeding to run its course. Four years ago, this process only took 253 days. Even with this wider window of time, New York residents can take action to prolong the process, such as declaring bankruptcy.

For residents in New York, waiting until the last possible minute to submit forms and challenge a bank's every action will help prolong the process while declaring bankruptcy is just as effective. This can help residents stay in their homes even if they have not paid a dime for a long period of time.

In many cases, residents do not argue that they have not made payments. They are simply staying in their homes on the technicalities of the foreclosure process. In fact, almost 40 percent of delinquent homeowners nationwide have not made a house payment in the last two years.

Here in the state, the foreclosure process takes longer than the national average. Delinquent homeowners usually stay in their homes for a whopping 906 days, and that is without consciously prolonging the process.

But the haphazard fashion in which many banks went about their foreclosures has helped these delinquent homeowners stay in their homes. In 2010, some bank employees admitted they signed documents they did not understand. Now, many homeowners who have not made payments in a long time are using this robo-signing argument to challenge every move made by the bank, thus maximizing their time in the home.

Simple things like asking a bank for the documentation to prove they hold the mortgage can gain a distraught homeowner a good chunk of time. Filing for bankruptcy can also block a foreclosure or stave off a home auction until the bankruptcy process runs its course.

Source: CNN Money, "Foreclosure free ride: 3 years, no payments," Les Christie, Dec. 28, 2011