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anyone know of this?
Someone came into my job today and we got talking about mortages. This guy said that he holds the note with only his name on it and they stopped paying it about a year ago. I asked about being forclosed on he said that they dont have to leagally leave their house until the bank found someone else to buy their house. He said that it would take several years to actually force them to move out and to find new owners. This guy said that its actually very common and that once they leave their house that his wife would buy in only her name and do the same. They live rent/ mortage free and that by the time its "his turn" again that his credit is back to being ok.
I couldn't sleep at night if my dh and I did this, he said that alot of people do this all the time. Has anyone ever hear of this? Known anyone who did this? I dont see how they can get away with living without paying for several years.
Re: anyone know of this?
I think this guy sounds like a crook.
There are many EMPTY foreclosures out there because the people have been kicked out of their house. Or have a backbone and leave.
This! But, like other ppl said, there are plenty of foreclosures that are empty. I agree it sounds like he isn't giving all the details here.
All of this!! He is one of many reasons the housing market is such a freakin' mess right now. He should go to jail.
What scum.
My mom's neighbor hasn't paid her mortgage for two years (she hasn't lived in the house that long either) and they FINALLY put a notice on her house that the bank was taking it over. WTF???? TWO YEARS!!!! I can't believe it took them that long...good riddens anyway
How long you could get away with staying in the property depends in large part on the particular mortgage company involved and how back-logged their foreclosure department is (affects how long it takes for them to file the foreclosure papers, etc), plus the particular state you live in. In Michigan where my family is, the economy has been such a mess and unemployment rates so high for so long, that the state passed a law extending the redemption period after a default by an extra six months, so it's definitely possible there for the whole process to take up to two years before you get booted out. Not sure what the laws are here in NY, though.
I think for a lot of families, the foreclosure situation is the unfortunate result of the modern (crappy) economy, consumer stupidity in taking out bigger loans than they could reasonably afford, and bank greed that led to approving people for more than they should have.
I do think it's reprehensible to buy a property with the intention of walking away from it, but I don't blame people who legitimately could afford their house when they bought it, but due to unexpected job loss, etc., couldn't keep up with the payments.
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