[quote=hslinger]Lenders have a good understanding of what they can get out of a foreclosure, if they are better off eating $1ook of the principle than foreclosing they will eat the principle. Get over it.[/quote]
hslinger, it’s a good thing you’re not an “institutional lender.” With this kind of thinking, you would surely lose your a$$ in short order.
Under the current CA foreclosure “statutory scheme” of 111 to 141 days to trustees sale, if a lender lost $100K in “missed payments” (and followed this procedure to the letter), they would have lost $709 to $901 per day!
It is extremely likely that no one has that large of a mortgage. Folks owning multimillion-dollar properties typically paid cash for them :=]
Lenders in CA who have $100K in missed payment losses (such as the one who held the TD(s) and note(s) in sdr’s “squatting-remodeler” example) obviously allowed a jumbo borrower to stiff them into oblivion without exercising their right to complete a timely non-judicial foreclosure. It’s as simple as that.
