DAILY FINANCE: ….“I was looking for a way to get back to a larger city, and this was the only way I could get out of this house,” says [Gene] Kessler, who paid $800 to YouWalkAway.com to help guide him through the process known as strategic default. He’s anticipating a move to a warmer climate and a more active art and dating scene in Santa Fe, N.M.
First notices of default jumped 33% in August, a nine-month high and the biggest month-over-month increase since August 2007, according to figures by RealtyTrac released Wednesday.
“There are 3 million to 4 million seriously delinquent mortgages that under normal circumstances would be in foreclosure but have been kept out by procedural delays and paperwork problems,” says Rick Sharga, RealtyTrac senior vice president. The recent spike in foreclosure starts suggests lenders are “hitting the restart button” on cases that were delayed by documentation problems such as robo-signing, he explains…. (more)
