[quote=pencilneck]I’m not defending Mr. Mortgage’s record. But NODs & foreclosures are still historically very high.
The current Tsunami of defaults has been going on for so long that it has begun to feel normal. I don’t think a second huge wave is likely, but we are not at all done with the first wave.
Just an observation…[/quote]
I agree, pencilneck. My recent research indicates that a lot of NOD filings in the “first wave” (or more recent wave of mid-2010) have not been followed through by lenders. Either these owners who are behind in their mortgages should be “permanently modified” or be foreclosed upon in the coming months, plain and simple.
I find it diabolical that this did not happen over a year ago. It’s just prolonging the pain for those borrowers who are following the rules and paying on time. It’s also wasting precious time for those high-equity and free-and-clear sellers who have put a lot of time and money into their properties and would have to dump them at bargain basement prices today if they wanted to sell and retire elsewhere. So many remain and wait for a better day instead of rent their properties out (and possibly incur damage before sale) to enable them to pursue their long-held plans for relocating upon “retirement.”
