AND YOU WONDER WHY THE GOVERNMENT’S LOAN MOD EFFORTS ARE HEADED NOWHERE. THIS IS A LOT BETTER DEAL.

Default as windfall. From CNN/Money:

Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they’re willing to put up a fight.

Among the tactics: Challenging the bank’s actions, waiting to file paperwork right up until the deadline, requesting the lender dig up original paperwork or, in some extreme cases, declaring bankruptcy.

Nationwide, the average time it takes to process a foreclosure — from the first missed payment to the final foreclosure auction — has climbed to 674 days from 253 days just four years ago, according to LPS Applied Analytics. . . .

And while some borrowers are looking for ways to make good with lenders and get their homes back, many aren’t paying a dime. Nearly 40% of homeowners in default have not made a payment in at least two years, according to LPS. [Emph. added]

These people sure don’t sound like the helpless victims Elizabeth Warren has made such a name for herself by speaking up for. . . . “Conniving deadbeat” is closer to the expression that comes to mind. Then again, if you get to live rent-free for close to two years on average as a result of your conniving, the returns can be substantial. . . .