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So Who Benefits From Protracted Foreclosures? Servicers!

By Implode-Explode Heavy Industries

"One of the many themes being used to cultivate class warfare in foreclosure-land is the idea that people who are losing their homes are getting an unfair break. Many of them have learned that banks are moving very slowly on foreclosures and so they stay put until the sheriff evicts them. One culprit is crowded court dockets, which are often blamed on borrowers who are gumming up the works by fighting foreclosures. But that?s an exaggeration; the vast majority of borrowers don?t contest foreclosure filings"

Full post as published by Mortgage Lender Implode-o-Meter on November 20, 2010 (boomark / email).