Default Borrowers Could Score Free Homes in Some Statesadmin / 0 Comments /
Want a free house? Just stop making payments on your mortgage for five years. That’s the unsettling message lenders fear that courts in Florida, New Jersey and New York will send to default borrowers if judges uphold these states’ statutes of limitations on foreclosing. According to a recent New York Times article, “there are tens of thousands of homeowners who have missed more than five years of mortgage payments” and their lenders could end up missing the opportunity to seize their homes because of a failure to complete the foreclosure process within the states’ required time-frames. Lenders say several factors have caused the long delays in foreclosing including 69 federal changes to mortgage modification programs, the need for a judge to sign off on foreclosures in these states, and an overwhelming inventory of homes with delinquent mortgages.
To learn more, read the entire article.
Image credit: Phil Sexton