High-end homeowners are able to remain in their houses, without making payments, for far longer than those with smaller mortgages. Nationally, borrowers with loans of at least $1 million were in default for an average 792 days last year before banks repossessed their homes. For loans under $250,000, the wait stood at an average 611 days—a difference of about six months. The numbers are current through November.
Wall Street Journal February 27, 2012
