We’ve gotten the feeling that banks aren’t pursuing defaulters much after hearing anecdotal evidence about homeowners who aren’t getting calls from their banks and servicers, even though they’ve been behind in their payments for over a year.

Here is supporting evidence, a review of the 7,000 clients at youwalkaway.com, seen at mish’s site:


Once the California Homeowners Bill of Rights takes effect on January 1st, banks won’t be able to file a foreclosure notice until all loan-mod attempts have been exhausted – which would give them permission to let everyone ride.

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