Sell your New York City home, foreclosures deliberately underestimated next few weeks

Discussion in 'Chit Chat' started by wilburbear, Aug 2, 2012.

  1. 1- that article is 6 months old.
    2- I know a girl who lives on long island and she hasn't paid her mortgage in almost 4 years so there is a lot of truth to that article.
  2. I believe publicly traded banks have to disclose, somewhere, losses on unpaid mortgages. 4 years is probably a skewed data point. Most people can probably live mortgage-free for under a year.

    And, what happens when they find you have other assets such as bonds or stocks? Can banks still make you pay your mortgage if you're not broke?