Re: Mortgage Companies and Settlements
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Posted by observer
(64.12.96.205) on July 23, 2002 at 08:48:39:
In Reply to: Mortgage Companies and Settlements posted by Jo on July 22, 2002 at 23:32:06:
When they feel there is no practical resolution to the problem they will foreclose. They foreclose much quicker now than they did 15-20 years ago. The reason is, most mortgages are securitized. That is, they are packaged and sold to investors under cover of a propectus. The prospectus describes when a mortgage is considered beyond salvage and at that point, the mortgage company must begin foreclosure.
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