Psychology of Foreclosure

[James McGovern]

Why do so many take zero action when going through foreclosure. Many have received appreciation in the value of their property where it would make sense to sell and move 

[Chris Seveney]

Quote from @James McGovern:

Why do so many take zero action when going through foreclosure. Many have received appreciation in the value of their property where it would make sense to sell and move 

 We deal with this on a daily basis and its human nature to procrastinate - in 80%+ of teh situations today we are seeing borrowers file BK before letting it go to foreclosure. It is rare that an owner occupied home is going to FC over BK if there is significant equity.