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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Executive Summary – It is running 14.5 months on average for a mortgage lender to accomplish an eviction. The more sophisticated people probably stretch this out to 20 months. This figure is rising as the people use more and more different tactics to forestall the foreclosures. Many force the lender to show the wet ink agreement which most lenders cannot do. Some file bankruptcy. The sheer volume of foreclosures is slowing things down too. If the mortgage payment is say $2800 a month and the person stays in the home without making payments for 14.5 month that is $40,600 in their budget. Then add in to this money saved from not paying property taxes and insurance and you easily hit $50,000.
Considering in almost every case the value of the property is lower than the resale value the people are thinking making the mortgage payment is like sending good money after bad. These are strategic foreclosures and it is estimated there are now over one million of them. By strategic what is meant is that these people could make the payments if they wanted to but chose not to because of the declining value of the real estate. When the time comes for them to leave they just become renters. A home requiring a $2800 payment could probably be rented for $1200 or less. The $50,000 savings gives them a chance to get caught up on all their other payments, take a vacation, fix the cars etc. This is going to take its toll on the banks.
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