Thursday, February 10, 2011

Missing Mortgage Payments But Staying In Homes

Luke Ford writes:

The Boston Globe reports on thousands of Massachusetts home owners who are skipping their monthly mortgage payments but staying in their homes and fighting foreclosure.

Many of these folks are asking their lenders for mortgage modifications. Others have given up on that and are instead taking advantage of the delay in foreclosing to get free housing.

Some people have stayed in their foreclosures for years!


About 36,000 borrowers statewide have not written a mortgage check in at least three months, and one-third of those borrowers are a year or more in arrears, according to the most recent data from Lender Processing Services Inc., a Florida company that collects mortgage data nationwide.