they bought in 2/2005, assuming 3/1 ARM that adjusted this past Feb, they still have Misti’s 401k to burn through before they start going delinquent. so let’s just assume the 401k lasts until August. NOD would not come until March or April of ’09, probably won’t get back to the bank until late ’09 or early ’10. and these were mortgage insiders who should know better. but the instinct to fight to keep that house is hard to fight. so they’ll drain everything and leave the place completely broke. when they do leave, they’ll be so angry (because they gave it their all), that they’ll probably trash the place. that’s just human nature.
