Posted by 101livescan on 10/17/11 8:58am
Msg #400730

Foreclosure Tsunami Coming Soon

Listening to First Business news, I just heard Peter Ticktin, Florida attorney specializing in foreclosures, says there is a foreclosure tsunami coming across the nation. So many people not paying their mortgage debt in his country. Like the snake that ate an elephant. Homeowners must go through the process of foreclosure to settle the debt. That means more people taking walks from their homes, after they live in them as long as possible without making payments.

Far from over, but we're not on the verge of another recession???? hmmmm.

Reply by Margaret Paddock on 10/17/11 6:29pm
Msg #400772

Would not be a surprise with such an awful economy and people still not finding jobs add to that those who just don't want to pay and walk away and are allowed to.
I've seen paperwork in refinances lately that I've never seen before. Lenders are becoming much more cautious. I'm not sure if that is making it harder for people who need to refinance or not, but I do know people that live in more expensive homes seem to be the ones doing more refinances at least here in AZ.

Reply by ReneeK_MI on 10/18/11 5:53am
Msg #400816

est 1.6 million foreclosed homes in 'shadow' inventory ... n/m