“Borrowers in California who fight foreclosure can stretch the process to 18 months, said Cameron Pannabecker, chapter president of the California Association of Mortgage Brokers and president of Cal-Pro Mortgage Inc. in Stockton.
That doesn’t take into account the woman he knows who hasn’t made a mortgage payment in eight months and hasn’t heard from her lender, Pannabecker said.
‘Now she’s afraid to mail in a payment for fear it’ll come to somebody’s attention,’ he said.”
Lenders Swamped By Foreclosures Let Homeowners Stay [Bloomberg]

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Comments from “Plugged-In” Readers

  1. Posted by badlydrawnbear

    HAAAAAAH hahahahahaha … HAAAAAAAH! hahahahahaha

  2. Posted by cooper

    Boy that can’t be good.

  3. Posted by Brutus

    That doesn’t take into account the woman he knows who hasn’t made a mortgage payment in eight months and hasn’t heard from her lender, Pannabecker said.
    Here’s a new plan for buying a house:
    Buy, hope the lender doesn’t notice you not paying, save the money you would have spent on the mortgage, go to Vegas, drop it all on black, come back, pay the late fees and catch up, avoid foreclosure!

  4. Posted by anon

    Her loan is probably on the books of Ben’s $30 Billion bail-out. Don’t worry, you won’t have to make a single mortgage payment again. Courtesy of the tax payer. Congratulations, enjoy your home!

  5. Posted by Sb

    Yep, come April 15th, we’ll all help to pay her mortgage.

  6. Posted by Dude

    I don’t think the taxpayers are paying her mortgage…yet.
    Her loan is number 247 in a pile of thousands on somebody’s desk. Or worse – it’s been cut into 39 pieces, which are now held by regional pension funds and university endowments worldwide. They can’t foreclose because nobody can figure out who actually owns the note.
    But the operative word in my first sentence is “yet.” Consider it the modern analog to “government cheese”: government stucco.

  7. Posted by tipster

    Boy, you see the mortgage interest rates skyrocketing and it isn’t any wonder why when you see how much the investors are losing.
    A one year adjustible ARM is up a full percentage point from its lows of last month. Fixed rates are up 1/3 of a percent from their lows last month, and this is in an environment in which official interest rates are falling, and are predicted to fall further.
    That really sucks for the rest of us. With ever-increasing qualification standards, and higher and higher rates, the remaining few who can qualify are able to qualify for less and less as time goes on.
    Even the so called safe FHA loans that are superconforming are up 0.5% above conforming loans. Some brokers are saying that whole limit increase is now a total wasted effort – things got no better than before. All because the investors are taking more and more of the money, and making it harder to qualify, as a result of experiences like the subject of this thread.

  8. Posted by Treeman

    “People take what they want to take,” McGee said. “They feel that they’re owed.”
    I don’t get this at all. What are they owed exactly? If anyone gets screwed in all of this, it’s the current renters, and homeowners who make their payments. Those are the ones who will feel like they are “owed” once the bailout begins.

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