“I have even begged them for a foreclosure,”
Delinquent mortgage holder Charlotte Jensen told the Washington Post in response to the fact that a year after she could not afford to pay her mortgage and has moved out of her house, Bank of America has yet to take back her former home.
With a glut of delinquent mortgages on the market these days, lenders are having a difficult time actually following through with a foreclosure. During the first quarter of this year, the share of all homeowners seriously delinquent on their mortgage but not yet facing foreclosure more than doubled to just over 3 percent, or about $227 billion in loans. According to Inside Mortgage Finance, there was a total of $97 billion in such loans during the same period in 2008.