This was a good post Davelj. One thing that jumps right out at me is that the 30% informal payment plan enacted verses the 3% official payment plan enacted indicates that the entity servicing the loan is still inclined to roll the dice and hope that the event precipitating the NOD status was truly a one time event. In my opinion I think that while one time events do cause homeowners to go to default, the majority of offenders are chronic. Please understand I have no hard data on this, only my opinions on the American consumer in general.
