Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE?


Posted by Jim V on January 29, 2009 at 22:24:13:

In Reply to: Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE?
Posted by fp on January 29, 2009 at 19:46:28:I think that depends on the individual, and results will vary depending on what general approach is being taken. Is it possible to extend foreclosure timeframes? Undoubtedly. Does it benefit the homeowner? That's a maybe. Generally speaking, there are homeowners who realize their debt isn't going to be able to be serviced and are looking to restart their lives. That, to me, is a wholesome analysis of an overall financial picture. Others, who perhaps don't have significant other resources, just want to prolong the time where they don't have to make mortgage(td) payments. That's a ticking clock and if the only motivation is to extend the timeframe, the obvious end result is foreclosure. Wanting to stay in a home is far different than being financially capable of affording a home.

It's pretty obvious to anyone who has a history in mortgage related industries when a borrower can afford to stay in a home, readjustments in borrower spending might be enough to make it feasible.

Legal manipulation in an attempt to force longer term borrower possession isn't really in the best interest of the borrower, or readers, IMO.


Follow Ups:

Current Discussion

2008 Archives

2007 Archives

Earlier Archives