posted on Sep, 19 2008 @ 08:50 PM
The short answer to your question... They will continue to grow.
My neighbor lived in his house without making a payment for nearly 18 months. After electricity, car payments, food, etc... he banked a little over
$24,000 over that period by not making his mortgage payment.
He bought the house when values were high and put little or nothing down, so he was weeded to say the least. He felt that the banks "screwed him
royally" over the years and figured if it's going to be like this, he may as well bank the money until he was kicked out. He figured he'd be out in
a little over 90 days.
After what felt like an eternity to me I stopped by one day and asked him if he had caught up his payments and decided to stay, he said "no". I
asked him if they started to kick him out yet and he said "not yet", "they called a couple of times and wanted to add payments on to the end of my
loan but they aren't kicking me out yet".
About 18 months after he stopped sending his payment in he was finally out. He finally moved out around January of this year, well before this most
recent collapse. I've got a feeling if everyone just stopped making their mortgage payments, we'd have our revolution! What could they possible do?
Think about it!