Desperate borrowers mail in home keys when they can’t make house payment

The Saint Reportsaintblog, Uncategorized0 Comments

foreclosure_map Noelle Knox reports in USA Today how desperation is seeping into the lives of borrowers whose mortgages now exceed the value of their homes. Some simply mail in their keys to lenders rather than trying to work out a new payment plan and despite the damage they do to their own credit ratings.

In a review of the mortgage foreclosure crisis at the street level, Knox quotes one banker in New Jersey says one in seven of his customers with sub-prime loans is in default.

The Foreclosure Data Bank lists more than one million foreclosed homes on its website.

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