From the Washington Post,
“I have even begged them for a foreclosure,” delinquent mortgage-holder Charlotte Jensen said. When she realized she couldn’t save her Glen Allen home last year, she filed for bankruptcy, packed up her family and moved out. Nearly a year later, Bank of America has yet to take back the home.
I have seen homes staying on the delinquent list longer and longer. So far I have had one client stay in their home for over a year with making a payment. Some have gone ever further. You can’t bet on how long it will take but it leads us to hope that banks are going to be more flexible on their offers.
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You would think that lending institutions would have gotten a clue by now. Restructuring a mortgage benefits everyone. Defaults cost them a ton more money and resources, and if they just set up departments that can handle these new trends efficiently, everyone wins and they minimize their losses.
Currently there are over 2,500 foreclosures in Portland itself. Just the sheer volume of dealing, administrating and assigning personnel to manage foreclosure proceedings have to be costing them a fortune!