Lenders Becoming Reluctant To Intiate Foreclosure Actions?

In Central Florida, the Orlando Business Journal reports:

• Home foreclosure numbers continue to soar in Central Florida -- but some experts say the real, untold, figures are significantly higher. In a "normal" real estate market, homes typically are repossessed after the homeowner misses several payments.

• But now, anecdotal evidence shows that many lenders have yet to send foreclosure notices to scores of homeowners who've missed more than a year's worth of mortgage payments. The reason? Many lenders don't want the ever-growing number of foreclosed properties to become bank assets, says real estate consultant Jack McCabe.

• That's because homes aren't selling quickly these days, and banks and lenders would be stuck with these depreciating assets on their books, says Jeffrey Schimmel, an associate who does research on banks and real estate for Situs Cos. in Boca Raton.

For more, see Banks starting to postpone foreclosures (Experts: Lenders don't want more depreciating assets on their books).