Good article from Jazzman. I have a friend who is a bankruptcy lawyer for the DOJ here in San Diego who has mentioned the large number of cases he’s seen where people are living in their houses up to 4 years without paying a mortgage and the banks doing nothing.
I found this comment in the above mentioned article:
[Once a bank forecloses on a property that starts the clock on when the bank must unload the property. Federal law allows banks to hold on to foreclosures for 5 years with a second 5 year extension if selling would do them harm].
I think the housing market here in town is extremely vulnerable and the gamble that buyers are taking isn’t one we’re comfortable with. We can’t afford to buy a home as nice as the one we rent so we’ll continue to rent.
