[quote=Huckleberry]Seems the discussion has gotten a bit off topic…
Does anyone else know of people (and their zip) whom have walked away?[/quote]
91902 family of 3 (1 minor child). Purchased 10/04 for $635K. Borrowed 500K interest-only. Mom left and eventually moved into rental with other man. Refused to pay her half of mtg. payment which adjusted from $1800 to $2800 a few mos. after she left. Dad filed for divorce, took out about $90K to split with mom, and stopped paying. The 1st TD foreclosed on 12/09. Not sure if its been marketed yet. Dad’s still living there, as far as I know, renting from bank until it sells. Both bachelor’s degrees and good jobs.
I think “walking away” encompasses many risky behaviors such as bleeding cash out of a property. Those that do this KNOW they are jeopardizing the roof over they (and their families’) heads but want the cash.
Huckleberry, I’m guessing that what you want to know is what is the extent that banks will PAY to get the defaulting trustor to leave quickly and quietly? I can’t answer that question. Since lenders have the right to a timely non-judicial foreclosure in CA, they would do well to exercise this right and not allow ANY squatting at all. Perhaps they are afraid of their collateral being stripped of fixtures, etc. by a bitter trustor while they wait to be evicted in a long, drawn out foreclosure process. I think this probably happens occasionally because banks loaned to anyone who could fog a mirror in recent years. Some of these people could care less what happens to their credit rating. Many of these persons probably never should have been property owners to begin with.
