“Under normal circumstances, the banks would be able to cover the cost of maintenance, upkeep and property taxes by just reselling the property, but these are desperate times, and banks are resorting to somewhat desperate measures in some cases,” said Daren Blomquist, a vice president at RealtyTrac, a real estate analysis firm. “It is more of a factor now because property values have come down and will not cover all these costs when the banks resell the property, if they can resell the property.” When the housing bubble burst almost six years ago, millions of Americans were forced to vacate their homes within months of defaulting, in a system that worked like an eviction mill, often resulting in vandalized properties and bitter feelings between banks and borrowers.

Image Credit... The New York Times

Since then, the average time it takes to complete a foreclosure has nearly tripled nationwide, from four months in 2007 to about a year at the end of 2011, according to RealtyTrac, with the slowdown most evident in some of the hardest-hit states, including California, Florida and Illinois. Homeowners in Florida who default can now expect to wait more than two years in legal limbo, the one big upside being the opportunity to remain at home without paying for home.

As a result, the relationship between many borrowers and lenders is softening from outright animosity to something that more resembles a détente.

Michelle Murray-Clark is one of the beneficiaries — or so she calls herself on a good day. A grocery clerk who found work last month after three years of unemployment, Ms. Murray-Clark has not made a mortgage payment in 40 months. American Home Mortgage Servicing, the loan processor, has not taken steps to evict her and is working on a third attempt at a loan modification.