Home owners who cannot afford their mortgage payments can get free rent. They just stop paying. It’s painless.
How long can they get away with this before the lender can foreclose. In most states, at least a year. In New York, three years.
You can save up a lot of money if you have three years of free rent. Just pay property taxes.
I don’t mean you, of course. I mean your next door neighbor.
This just gets the lender to get the legal right to evict. But he may not evict a homeowner. Is it better to have an empty house? The lender cannot buy insurance on an empty house.
So, not everyone is evicted who can legally be evicted.
To see how long it takes to foreclose in your state, click the link.