Re: Cat's Out of the Bag

On Mar 10, 2011, at 3:45 PM, Peter T. Chattaway wrote:

> On Thu, 10 Mar 2011, Lance McLain wrote:
>> And I have to say that this is one of the advantages of owning  
>> versus renting.  If you miss your rent, you get kicked out after 30  
>> days or so. If you miss your mortgage payment, you can go as much  
>> as 18 months without paying for housing before the bank kicks you  
>> out!
>
> Really?  Huh.  We make our payments every other week, so 18 months  
> would be something like 39 payments.  Would it *really* be only on  
> the 40th payment that we got kicked out?  I find that hard to believe.

Time frame of foreclosures continues to lengthen
LPS Applied Analytics said that the average time frame for processing  
a mortgage foreclosure in the U.S. has reached 17 months, up from  
about 11 months two years ago. Mortgage servicers and lenders are  
faced with increased volumes of defaulted mortgages, contributing to  
the lengthened foreclosure process.

http://www.smartbrief.com/news/cba/storyDetails.jsp?issueid=1714B222-8947-4019-A8A3-7DA0F4F924A1&copyid=1B56E08E-2F88-45C9-87DB-17F44FDEF23A

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