We met with many clients in the last year that were over 12 months behind on their mortgage payments. The shocking fact is that they still live in their home and do not face foreclosure sale as of this date. Why this is shocking is because traditionally, a home would be foreclosed upon within 6 months of missing payments. In fact, if we traveled back in time to 2000, you would never hear a home owner say, “Yes, I am 12 months behind on my mortgage and still living in my home.” This would have been a complete fantasy at that time.
So, why is it that a consumer can be behind over 12 months and not have a foreclosure sale upon them? There is a lot of guessing by consumers as to why they can be behind on their mortgages over 12 months and still be living in the home. Some consumers believe that the mortgage companies know they were in the wrong and that is why they know better than to foreclosure on them. “I was told that Obama would save my house under the HAMP program.” “I also heard that mortgage companies will not throw someone out of their house because it would be bad press.” These are some of the ideas that consumers have.
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