[Kartographer]

Ping!

[lurk]

It is theft and corruption. Call it by any other name, and it is still theft and corruption.

[The Cuban]

Good. Banks must bear responsibility for sitting on their rights. Lol

[Kartographer]

"But after effectively ending a New Jersey homeowner’s foreclosure case in November because the state’s six-year statute of limitations had expired, he wrote in his opinion, “With a proper measure of disquiet and chagrin, the court now must retreat from this position.”

The Judge is wrong law doesn't apply in such cases.

[MeganC]

I am not supporting the people who are getting their homes and not having to pay for them, but what the hell is wrong with the banks for waiting so long to recover these houses?

Forgive me if I am wondering if we’re only seeing a very small part of the story here. I can’t imagine that there’s not a compelling reason why a money-grubbing bank would not follow through on a foreclosure unless by doing so they’re somehow making MORE money.

[LambSlave]

Now we know why 40% of delinquent borrowers have not made payments for two or more years. They hired a lawyer and are trying to delay the foreclosure until statue of limitations expires.

[gunnut]

I am thinking the bank will not be able to foreclose but the “homeowner” will never be able to get clear title to the home. Every real estate transaction comes with a title search and I serious doubt that a clear title will be able to be obtained.

[dalereed]

How can statue of limitations expire when each monthly payment missed is a new date for reason of forclosure!!!

The laws in those states needs to be changed so that it doesn’t take a jdge/court to forclose!

Throw their sorry asses out in the street.

[fwdude]

Maybe Peggy Joseph was correct after all...

[Obadiah]

And there can be no doubt whatsoever that, like LBJ said, these people and their offspring will vote Democrat for the next 200 years.

[Perseverando]

As this continues to escalate over time, can the collapse of the U.S. economy be far off?

[cicero2k]

But the laws in places like Florida could prove to be a wild card. In a state where “hanging chads” helped decide the 2000 presidential election, a legal technicality could help settle the state’s foreclosure crisis.

Florida's role in the 2000 election of GWB. The NYT just can't let it go.

[Altura Ct.]

What a cluster.

[MrFred]

from the Article: “Still, the lender has some recourse: It can keep a lien on the house that must be paid off if the property is ever sold.”

so although the deadbeat may be able to keep living there or even rent out the property, they will never be able to sell without paying up.

[Daffynition]

If these people with underwater mortgages just namedrop *Chris Dodd* to Countryside mortgage company ....things will turn a round for them. Problems solved.

[minnesota_bound]

My sister stayed in her house for 3+ years after not paying before being evicted. Her title was in the hands of 5 lenders before the last one evicted her. Some of the titles papers have her name spelled wrong. Not just printed but someone handwrote her name. The amount of the loan changed from $172,000 to $192,000 and it was plain as day that someone changed the 7 to a 9 by making a loop.

The lawyer she worked with said he could take this to court but stated that the cost would be greater then what she put in mortgage payments so she stopped paying and was able to stay in the house for 3+ years.