[Deathmonger]

The foreclosure process usually takes about 2 years once that “recovery” phase is reached. By that time many of these people may well have been able to refinance their loans.

How are they going to refinance in the next couple years, when they can't refinance now, and are likely to be in a worse equity position if home prices continue downwards? You have to have some decent equity in order to refinance into conventional loan programs, especially as underwriting standards have tightened. I don't see that loosening anytime soon.

[RockinRight]

Some of them will have more time to bring their credit scores up.

It’s not perfect but BETTER than what will happen, now. That’s all I’m saying.