Starving Steve

Originally Posted by Starving Steve

Forbearance: The process of lenders meeting with borrowers to help re-structure mortgage payments so that borrowers can avoid default.

Interesting! So forbearance might begin in the UK immediately when a mortgage payment is missed, and if the forbearance is unsuccessful, the borrower (at the option of the lender) will turn-in their house keys to the bank three months after the day of default.

EXCELLENT! Forbearance should have happened decades ago when the housing bubble began everywhere, including in Canada and in America. .... We still do not have formal forbearance here in America and Canada, so we have an informal process known as "squatting", where the deadbeats stay and trash the house until the sheriff comes.

In the United States, squatting has been a long tradition, and squatters even have legal rights dating back to before the American Revolution. In places like South Los Angeles, Signal Hill, Compton, and Hawthorne, squatters have even turned nice homes (constructed in the 1950s and 1960s) into to-day's drug-dens, and when the lender inevitably ends-up with re-possession of the house, the dwelling is found to be trashed, sometimes burned-out and with tagging all over its walls.....

Another city, infamous worldwide for its squatters and decay, is Detroit. Once, the most beautiful industrial city of America, with the Fisher Building and the Fisher Theatre, the Renaissance Centre, the Ambassador Bridge, the home of the big-three automobile companies; Detroit is now a Disneyland of decay, rubble, abandoned railroad tressels, abandoned buildings, broken glass and vacant lots.