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Tens of thousands of homeowners just discovered the fastest way to a free house: Just stop paying for it…
The New York Times reports those who stopped paying their mortgages during the housing bust (but kept living in their homes) may be in for a surprise: a free house.
That’s because states with “judicial” foreclosure laws—like Florida and New Jersey—take so much time to evict “squatters,” the statute of limitations is expiring on these cases. The cases against them are getting thrown out.
From the NYT:
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Bank of America, for example, has initiated the foreclosure process on roughly 20,000 mortgages that have not been paid in at least five years. The bank estimates that 90% of those homes are still occupied. The courts are not the only source of delay. Over the years, the federal government has made 69 changes to its mortgage modification programs, forcing lenders repeatedly to scrap previous offers to homeowners and extend new terms. |
It’s a wealth stealer free-for-all: the latest insult to those hardworking Americans who “do the right thing”… like honor their financial obligations. The taxpayers’ bailout of Wall Street’s largest banks cost $750 billion. Then they funded write-downs of debt for homeowners who borrowed too much. Now they’re funding a legal system that incentivizes and rewards squatting and default…
Regular Daily readers know taking on high debt is the last thing we recommend. If you’re drowning under the weight of mortgage debt… car payments… student loan repayments… and/or credit card statements, there are ways to get your situation under control. And you won’t have to destroy your credit rating (or damage your morals) to do it…
To learn two important ways to get an immediate handle on an out-of-control debt burden, read today’s next items…
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