Perhaps some of the banks are holding off, hoping and waiting for the federal bailout programs to take the homes off their hands for more than they could get in the foreclosure market.
A good friend of mine stopped making payments on his home about 10 months ago. He starting getting calls from his lender, Countrywide, harassing him almost daily to make payments. My friend kept telling them he had no money to pay them, and to go ahead and foreclose on him. He has not heard from them since, no foreclosure notices, nothing. He said he is going to stay as long as he can. I wonder how many other situations like this exist…
