I totally agree with SPDRUN. Before this recent downturn, foreclosure used to be very simple for 100+ years in California. You miss enough payments, you lose the house. Period. End of story. None of all this BS loan modification crap, letting people sit in their house for 4 years without making a payment BS that the Government has created. I think it should be very cut & dry. The bank who made you a loan should be able to “take back asset” if the borrowers doesn’t pay. Just like if you don’t make your car payment your car get’s repossessed. WTF did it ever have to get more complicated then this?

If we would have let foreclosures just run their course naturally during this downturn, we would have had a much more real & healthy housing market to grow naturally post crash.