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re: Mortgage Delinquencies are Spiking
Posted on 7/16/20 at 8:50 am to wutangfinancial
Posted on 7/16/20 at 8:50 am to wutangfinancial
Why do you think it will take years? I think at most it will take 2.5 years. As soon as the forbearance period expires the mortgage companies are going to be hiring or contracting with a ton of people to foreclose on these houses. The foreclosure process differs by state but they can typically be evicted and the property auctioned in a short period of time.
3
Posted on 7/16/20 at 8:57 am to Lickitty Split
quote:
Why do you think it will take years? I think at most it will take 2.5 years. As soon as the forbearance period expires the mortgage companies are going to be hiring or contracting with a ton of people to foreclose on these houses. The foreclosure process differs by state but they can typically be evicted and the property auctioned in a short period of time.
Are the banks going to want all that inventory, or are they going to give people additional chances to work with them?
Posted on 7/16/20 at 9:01 am to Lickitty Split
quote:
The foreclosure process differs by state but they can typically be evicted and the property auctioned in a short period of time.
I'd have to check the concentration by state, but if it's Florida, California, and Northeast states it takes several years, just like you said (2.5 years). They have the most ridiculous laws to keep people in their houses. When I used to work for a servicing shop there were stories of foreclosures in the Northeast where squatter laws prevented us from getting people out of their foreclosed house for over a year.
Russian hit another point that you're overlooking. How many people are technically delinquent on student loan payments right now that are still working?
This post was edited on 7/16/20 at 9:03 am
Posted on 7/17/20 at 7:04 pm to Lickitty Split
quote:
Why do you think it will take years? I think at most it will take 2.5 years. As soon as the forbearance period expires the mortgage companies are going to be hiring or contracting with a ton of people to foreclose on these houses. The foreclosure process differs by state but they can typically be evicted and the property auctioned in a short period of time.
In non-judicial f/c states like Ga, it's very fast. It doesn't always move fast, but at the beginning of a crash especially it can move fast because there is less concern with confirming the sale to collect a deficiency, and the volume is still manageable.
Then wheeeeee.
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