[floydpink]

I just had dinner with a good friend who is an executive at a very large bank with lots of knowlege.

According to him, the average time for a bank to move forward and complete a foreclosure is 3 years, which essentially means you can stay rent free for 3 years, not considering the implications regarding credit and the uncertainty of eviction, not to mention hounding from bill collectors.

He says, locally, it is a longer period due to the amount of foreclosures in our area.

If nothing else, it buys you plenty of time to decide, although your credit will suffer.