Quote Originally Posted by bkkandrew
A standard mortgage runs for a maximum of 25 years, which would mean payment completion in 1995. Multiple equity withrdawals must have taken place (to the shame of both the loan officer and the mortgagee) since 1970 to be in a position of foreclosure in 2008.
OK, maybe I'm being genuinely thick here, but I still don't see how that's the only or the likely scenario & I certainly don't see where it's implied.

The way I see it: Lady & Hubby buy home in 1970. Probably mortgaged (but nowhere is that said, it may have been a cash buy). By 1995 when hubby dies it is either already fully paid up, or hubby's death insurance pays it off. 1997 swings around (the first time that it is actually quoted that she remortgaged) and lady is finding it hard to make ends meet, so she decides to release a little equity. Crackpot/usurous bank (take your pick) decide to let her go ahead & lend to her. Downward spiral begins over 11 years where lady cannot possibly repay & keeps borrowing. Bank keeps allowing her to dig herself deeper into debt.

Surely, from the small amount of history that we have, this is the most likely scenario?