With all the postponements of trustee sales, it seems that if any defaulting borrower could just fog a mirror, the servicer would give them a break.
Apparently, they’ll go farther than that – from a reader:
My sister passed in mid 2007 from cancer. She was widowed and lived in Oregon. She put down 10% in 2004 for a house with 80/10 mortgages from Greenpoint. Greenpoint failed in late 2007 and Capital One stepped in to take over. Our family decided, since the house was the only Oregon asset and the holding cost during probate would offset any equity, that rather than going through probate to sell it, the bank could have it.
Two years ago this week I was in Oregon with my wife clearing out and securing the house because the bank was in foreclosure mode. Now here we are, two years later and the bank still has not foreclosed, postponing month over month and even refiling after the foreclosure deadline passed and cancelled the original filing. I’m glad I turned off the water and drained the pipes in the house since it was freezing while we were there. I can only imagine what that house looks like after being vacant all this time…
Hopefully some bandos are living there – do they have bandos in Oregon?