From David Streitfeld at the NY Times about how some homeowners don’t care how long they’re in foreclosure. A few excerpts:
Foreclosure procedures have been initiated against 1.7 million of the nation’s households.
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The average borrower in foreclosure has been delinquent for 438 days before actually being evicted, up from 251 days in January 2008, according to LPS Applied Analytics.
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More than 650,000 households had not paid in 18 months, LPS calculated earlier this year. With 19 percent of those homes, the lender had not even begun to take action to repossess the property …
Streitfeld provides an example. One lady said “the longer I’m in foreclosure, the better.”
File Under: The rent-free approach.
