Home News Banks can't keep up with foreclosures anymore

Banks can’t keep up with foreclosures anymore

Courtesy Spencer Platt / Getty Images / AFP

With an economy in ruins, how many foreclosures do banks have to deal with nowadays? Enough that the process of dealing with homeowners in default is taking years to complete.

As a result, more and more Americans are learning that if mortgage payments are becoming too much of a burden on the old bank account, a new surefire way to curb the bills is to simply foreclose. The wave of foreclosures has swept so many homeowners into default that banks can’t deal with the droves of customers and the unfortunate filers for foreclosure are finding a positive side to the depressing ordeal.

Homeowners are quickly realizing that the foreclosure processes — in all of its complicated glory made seemingly impossible by red tape and written forms — could take upwards of two years’ time to go through. In the interim, Americans are foregoing mortgage payments and living scot free while they wait for the banks to catch up on their calling it quits.

Now it seems like the best way to buy a home is to buy your time with the banks.

With the average foreclosure taking 631 days to go through, homeowners are learning that they can stay sheltered for upwards of two years even with the banks aware. While waiting for the paperwork to go through, homeowners are learning that banks aren’t apt to approach them for missing payments if the foreclosure process is almost finalized either.

“It is happening and it’s happening more frequently,” Chantay Bridges, a senior real estate specialist with Clear Choice Realty & Associates, tells Business Insider. “They know they have a least a year (for the foreclosure to go through), at minimum, and people are taking advantage of it.”

With the US economy in shambles, living mortgage-free while planning ahead, even if for a few months, is one of the only breaks homeowners can get. In exchange often, the only sacrifice is a few points on a credit score.

Read the whole article…

Must Read

LOVE ACTUALLY LIVE, A SPARKLING MUSICAL GIFT FOR THE HOLIDAYS

Next to "It's a Wonderful Life," one of the most beloved Christmas big-screen films is "Love Actually," directed by Richard Curtis, that counts down...

NEW MUSICAL, LITTLE BLACK DRESS, CELEBRATES LIFE’S GREAT MOMENTS WITH LAUGHTER, TEARS, AND RAUNCH

By Lisa Lyons IMHO, "Little Black Dress" (aka LBD), is a show that is perfect for GNOs and...

PALM CANYON THEATRE STAGES A CROWD-PLEASING MUSICAL REVIVAL FOR THE HOLIDAYS

With the Holidays fast approaching Christmas-themed theatre productions abound practically everywhere.  Out here in Southern California’s desert paradise of Palm Springs even this world...

MUSINGS FROM THE 2019 NYC AMERICAN THEATRE CRITICS ASSOCIATION CONFERENCE

I’ve noticed a trend lately in our ever-changing theatre scene that states in the playbill/programs that “This production will be performed without an intermission.”  It...

EARLY HOLIDAY GIFT ARRIVES AT NORTH COAST REP THEATRE WITH THE COMEDY THE SUNSHINE BOYS

Most theatre audiences acknowledge that playwright Neil Simon was the true and anointed “king of comedy” not only in America but worldwide.  They also...
%d bloggers like this: