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.
I'm buying my next home in New York.
the way I see it, the only reasonable State is Texas with 3 months of legal process to evict…..The other tend to favor the owner which is unfair to the American Taxpayer.
What's even more unfair to the American taxpayer, Mary, is banks repackaging loans over and over again as investments. An individual mortgage can be bought and sold many times at multiples of it's original value. This creates a fraudulent value that creates a debt which will ultimately have be paid by the American people.
The dems in Congress and democrat presidents have caused uncaluable losses to responsible home owners.
Didn’t work for me! I tried 1 1/2 yrs to find a way to save my home (co-owned 35 yrs w/ex-husband) but according to several attys, & CitiMortgage, MY CIRCUMSTANCE was unusual and never encountered before! My Ex refinanced OUR property (I signed due to co-ownership, but it was HIS refinance) and due to a disability income, he finally had to file bankruptcy. I offered CitiMortgage the amount he still owed ($68,132.51), but they refused to work w/me. I attended the Sheriff’s Sale; no one bought it, so bank (Freddie Mac) bought it back for $60,000 – 2/3 of what they wanted. Again, I offered to NOW buy it for the $60,000 Freddie Mac bought it for at the Sheriff’s Sale. No dice! I was evicted 4 months after CitiMortgage & Freddie Mac successfully TOOK MY HOME away from me! I worked w/my Congressman’s office for which they involved the U.S.Comptroller’s office to investigate. Guess what? the attys for CitiMortgage told my Congressman’s office I involved them “too late”! Therefore, the U.S.Comptroller just simply, dropped their investigation!! It gets worse! AFTER they evicted me, Freddie Mac SOLD my home 6 mos later for $10,000 LESS than my last offer! THEN, because I proved to the County Recorder’s Office as well as the County Auditor’s Office AND my Congressman that my name WAS INDEED on my Ex’s refinance loan, they all agreed, I need to get an attorney! Freddie Mac finally called me one year AFTER THE sheriff’s Sale ASKING me what I wanted! I told them that I want my home back! THEN, they STATED … “If you wanted to save your home, it would have been simple enough for your Ex to have (simply) “quit claim” the home to you”!! THAT STATEMENT – THEIR KNOWLEDGE OF SUCH … was NEVER TOLD US WE Could have done In the 1 1/2 yrs I TRIED EVERYTHING KNOWN TO ME TO SAVE MY HOME! Foreclosure may have been an answer for some, but never to me! “Politics” got in the way, and a Citizen lost everything worked for in 30 plus yrs towards home ownership – the “American Dream”, right? Losing my home in such an unscrupulous way took away some of my Life and the ache is still very much an ache that doesn’t go away!
Funny how the states with the longest eviction times are blue states. Go figure.
only morons would fall for this. you will still owe money, but when they attach your earnings and your credit is nill, who wins?