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Loan Modification
: Mortgage Lender Implode-o-Meterfree rent for a year if you stop paying your mortgage
By Implode-Explode Heavy Industries
Former Credit Suisse analyst Ivy Zelman, the one that came up with the infamous mortgage rate reset chart, said on average it takes 417 days for a lender to send a foreclosure notice after a borrower stops making mortgage payments.
Yep, 417 days. More than a year. Oh, and it can take another year after that for the bank to finally reclaim the property and boot out the homeowner.
Full post as published by Mortgage Lender Implode-o-Meter on April 20, 2010 (boomark / email).
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