[quote=AN]What make you think a lot more properties will get dumped on the market in the future?[/quote]
When these lenders stop playing games and begin to foreclose en masse. I am now seeing 1st TD “NOS properties” reflecting opening bid amounts of nearly twice or twice what the property is actually worth on the open market today, due to “cash-out” refis in combination with scheduled recasts of I/O’s taken out early 2007 and prior!
Something’s gotta give and I just don’t see these lenders modifying these “cash-out” home-debtors to the tune of a $400K+ “principle reduction” OR accepting short payoffs this high when they are all lower/mid-tier properties ($350K – $550K value-range). Of course, every month of postponement of the auction yields a higher opening bid amount. The average length of default is about 24-28 mos. It is astounding and cannot last. No sales have been rescinded thus far and the average number of TS postponements in my “collection” is 7 times.
