The current batch will take longer than thirty three months to foreclose because the federal and state governments will continue to play the “moratorium” games and the debt-holders are highly motivated to pretend these assets on their books still hold full value. What we will see in coming years is debt holders’ refusal or inability to pay property taxes which will lead to tax foreclosures. That will be the end game on many of these properties—and that can take years.
We will still be dealing with this mess five years from now—even if there were no new foreclosures in the mix.
“...inability to pay property taxes which will lead to tax foreclosures.”
Who knows. If too many of those start happening we might see a moratorium on that action.
Yes and we the taxpayers are backing it obama left it off his budget $6.3 Trillion of toxic garbage.