Re: Cat's Out of the Bag

Another one:

http://www.housingwire.com/2010/11/29/a-loan-in-foreclosure-492-days-—- 
and-growing

regards,
-Lance

On Mar 10, 2011, at 4:00 PM, Lance McLain wrote:

> 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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