My neighbor has been living in his 3700 sq ft. house, and hasn't made a mortgage payment since January, 2008. The lender started foreclosure in July, 2007. A payment plan was worked out, and the foreclosure was put on hold. He stopped paying in January, 2008. The lawyers for the lender did absolutely nothing as far as re-starting the pending foreclosure action until about a month ago. These law firms just have so many cases that they cannot keep up. Plus, there are certain tactics that foreclosure defense lawyers use, that I doubt he will forced out before the end of this year.
I used to work at a mortgage servicing operation a long time ago when I was much younger. The people who worked at these operations were typically in their 20s/30s and not paid top dollar. I dont remember one person who actually cared about what they did or was very happy to have a position within the operation. The operation was extremely busy and it was commonplace to see files stacked everywhere in the aisles with no apparent type of organization. There was a queue of calls coming into the center each day with the average rep handling over 100 per day. It seemed generally disorganized. That was back at some point in the 90s. I can imagine today these servicing operations are undermanned and handling way more then what they were designed for. The people working there are probably thoroughly demoralized over seeing their co-workers layed off and dont see a future, but continue to grind work out each day for a check. There are specific loan workout departments within each servicer and you can work out a payment plan or some other type of deal. Basically, you are shucking and jiving them buying more time to stay in the house. So when they start the foreclosure proceedings you call them up and work out a plan. They will stop the proceedings and that will buy more time. Your file will be stuck somewhere waiting in a queue for a while. If the servicing operation isnt advanced, then your file will be waiting in a stack for quite a while. In the end, you get to live in a house free for several months to a few years. You will eventually get a black mark on your credit, but will have saved up a lot during that time. Remember, we are talking about fraud and basically a criminal enterprise. Most authorities wont bother to investigate and it would be hard to prove in any event.
that's exactly right. I know a guy goi g on 5 years now without paying a dime. Bank totally stymied. Afraid to make a move. What a fortunate time to be in foreclosure. Yeah eventually he might be kicked out but in the mean time he saved serious coin. Almost enough to buy smaller place cash.
Not paid mortgage for the last 5 years???? Come on now, this is a serious discussion. You are joking right?
So you think anyone who isn't a deadbeat is a dumbass? You also said "sucess is 90 plus% luck." You're such an incredible loser.
"huh? " are you a product of the feely good american educational system? it is no wonder the US is losing out on a global basis.
I doubt 5 years... not only does that sound off base but you have zero credibility based on other stupid shit you've posted. Anyway... when the backlog gets cleaned up this scam is going away... then the deadbeats will have to move back into their parents' basements with the rest of the cockroaches. Some judges are doing it right now... this is how it should be done... I'd love to see the looks on the freeloaders' faces who thought they might scam the judge. 2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge http://online.wsj.com/article/SB123491755140004565.html
I just looked at the link above from WSJ and please take a look at the 19th slide in the link. It says the family did not make any mortgage payments since January 2008. Is this a joke? I don't think this family constructed a perfect scheme to getaway from mortgage payments, seems like the bank is giving them a free ride for whatever reason. Here is my question; What are the perfect conditions for someone to live in a house mortgage free as long as possible within legal terms of course I don't want to hear anyhting illegal. I am not an employee of AIG, Lehman Brothers or Goldman Sachs though I might sound like it