Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure auctions, according to LPS Applied Analytics. Of those, two-thirds have made no payments at all for at least a year, and nearly one-third have gone more than two years.Apparently, the housing bubble was a one-way bet for some home buyers. If prices went up forever, they got rich. If prices fell, they got to live rent-free for 18 months.
These cases can go on and on. Nationwide, it takes an average of 565 days to foreclose on borrowers in default from their first missed payments to the final auction. In New York, the average is 800 days and in Florida, where the "robo-signing" issue is particularly combative, it's 807.
If they want to fight evictions hard, borrowers can remain in their homes even longer while their cases are being worked through.
Tuesday, June 14, 2011
You're a sucker if you pay your mortgage
It takes a year-and-a-half to foreclose on a delinquent homeowner:
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For the lurkers out there, if you want to have a laugh, go back two posts and see how the poster "Brite Moon" responds to my most recent question.
ReplyDeleteEnjoy the show!!!
"Apparently, the housing bubble was a one-way bet for some home buyers. If prices went up forever, they got rich. If prices fell, they got to live rent-free for 18 months. "
ReplyDeleteYou make it sound as if the folks facing eviction are all clever scammers working the system. I'd say the vast majority are financially screwed by the foreclosure. If they happen to get a year living rent free during the foreclosure process because then banks can't keep up without committing rampant fraud so what? Its better for the former owners and better for the banks since someone is there taking care of the house instead of leaving it abondoned for a months or years.