Read my post “preforeclosures in Poway”. There are definitely preforeclosures going on. I just don’t know what happens next… will the house go to auction?
Regarding lender leniency: What lender will let the homeowner live for free? They have to do something to get their money.
Once they’re behind, the homeowner can’t get help with refinancing. It is hard to get a loan, if not impossible, with “mortgage lates”. At some point, the homeowner runs out of CC, refinancings, HELOCs, and is out of money to make the mortgage, and by then it’s even harder to get caught up on default amount.
I don’t know if there have been these preforeclosures for many years. I just checked the first time last week.