How to live in a house and not pay mortgage?

Discussion in 'Wall St. News' started by misterno, Mar 22, 2009.

  1. This is a excerpt from the folder "CEO to delivery pizza"

    In the article posted below he claims to live in this luxury house for the last 2 years without paying mortgage.

    How is this possible and how come he is not kicked out of the house 3 months after stopped paying the mortgage?

    What is the trick here? Or maybe he is lying?
  2. 377OHMS


    Its because the loss of value of the home is much larger than 2-years worth of mortgage payments. If the bank forecloses on the home it must maintain the home and then take a bath at auction. The home inevitably sits empty and gets vandalized etc.

    Basically, they are paying the guy to guard the house. His salary is equal to his mortgage payment. Something like that.
  3. That is it? Is this that easy?
  4. Look at the date I posted this, and consider what happened since:

    Note that since then, banks have formed a tacit agreement with government; in order to get TARP funds, they agreed to a 90 day moratorium on foreclosures. The joke is on the government, as the last thing the banks wanted was hundreds of thousands (close to a million) MORE foreclosed homes clogging up their balance sheets, siphoning more money every month (taxes, utilities, maintenance).
  5. Sushi


    It's super easy. Banks font want your pos house. Just file suit against your mortgage company amdbthey will back off. Only idiots wouldn't do this and keep paying like some dumbass
  6. Nodav


    I have heard of many people doing this...its a scam where someone lives in a nice house without paying their mortgage. It usually last months or sometimes years...they make the appearance they are working with the lender's loan "workout" department. They might even send in a little money to make it look like they are paying.

    The trick is to fool the lender as long as possible. Usually people get away with free rent in a nice house for several months.
  7. JB3


    But sooner of later, you're gonna be on the street.
  8. It will also depend on the home owner and home location. If the home owner keeps the home and land clean and presently especially in low income area the Banks will work with the owners.
    Also if the properties are rural and the owner is paying the Utilities they will work with them.
  9. Deposit!
  10. #10     Mar 22, 2009