free rent for a year if you stop paying your mortgage

Former Credit Suisse analyst Ivy Zelman, the one that came up with the infamous mortgage rate reset chart, said on average it takes 417 days for a lender to send a foreclosure notice after a borrower stops making mortgage payments.

Yep, 417 days. More than a year. Oh, and it can take another year after that for the bank to finally reclaim the property and boot out the homeowner.