HOUSING: The Bigger the Loan, the Longer to Foreclose
Saturday, September 17, 2011
The North County Times -- When it comes to foreclosing, lenders see some delinquent homeowners as more equal than others.
Mortgage debt of more than a half-million dollars seems to get lenders to look the other way for an extra month compared with those who owe far less, according to a North County Times analysis of foreclosure records.
...That means lower-priced houses, which are also ones with smaller mortgage debts, make tempting targets for foreclosure, because asset managers can expect to sell them easily, said Norm Miller, a professor at the Burnham-Moores Center for Real Estate at the University of San Diego. Higher-priced homes may languish unsold for months longer.
"They're much easier to sell," Miller said of the lower-priced homes. (Full Story)