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re: Mortgage Delinquencies are Spiking
Posted on 7/17/20 at 7:04 pm to Lickitty Split
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.
1
Posted on 7/17/20 at 9:28 pm to McLemore
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.
This wont happen
Ppl have equity they can sell worst case
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