Posted on 03/30/2015 12:35:33 PM PDT by Lorianne
In September, Susan Rodolfi celebrated an unusual anniversary: five years of missed mortgage payments.
She is like a ghost of the housing market’s painful past, one of thousands of Americans who have skipped years of mortgage payments and are still living in their homes.
Now a legal quirk could bring a surreal ending to her foreclosure case and many others around the country: They may get to keep their homes without ever having to pay another dime.
The reason, lawyers for homeowners argue, is that the cases have dragged on too long.
There are tens of thousands of homeowners who have missed more than five years of mortgage payments, many of them clustered in states like Florida, New Jersey and New York, where lenders must get judges to sign off on foreclosures.
However, in a growing number of foreclosure cases filed when home prices collapsed during the financial crisis, lenders may never be able to seize the homes because the state statutes of limitations have been exceeded, according to interviews with housing lawyers and a review of state and federal court decisions.
(Excerpt) Read more at nytimes.com ...
I would argue that because of the lien the fair market value of the house is ‘ZERO’, because the house can not be sold without clearing the lien the lien is more than the house’s value.
What bothers me the most is that it appears that she doesn’t feel bad about it. No guilt at all? It is almost like a badge of honor for her.
If this is indeed true, this country is in bad shape.
I’d be tempted to offer the bank $100 for it, pay the back taxes, and evict her.
“since if someone isn’t paying the King’s Rent, the King takes his property back...”
With the notable exception of Detroit, which has tens of thousands of properties years behind on taxes. If the government doesn’t even want your property, its lost its value.
I feel sick.
I pay and the one who doesn’t pay, gets to stay, and even may have the home at no cost????????
I know someone who has 3 homes.The home they live in ,they stopped payments over 2 yrs ago.The other homes they are making the mortgage payments.Their income is over $200k a year.The mother of one of these two came from a foreign country and needed to go into a nursing home.They said they could not afford the nursing home for mom(really a residential type facility)They pay NOTHING for mom who has now been there nearly 5yrs.
This was all by design
Yep
As I have posted many times, one thing I'll remember about the Obama years is feeling stupid for working and paying my bills.
Another thing I'll remember is feeling stupid for buying American, because by doing so I am supporting this, the homosexual agenda, and many other things that I don't wish to support.
Short sales lower property taxes. That’s why the auctions are avoided.
Many times these homes have multiple liens on them from several lenders plus back taxes owed plus penalties.
If the banks could make money on it they would have taken them, if they didn’t that had good reason not too.
Anyone taking possession of these homes will get all the liens along with it. No one with any brains would take most of these homes for free, much less pay for them.
And eventually the city will decide to take it back and will bulldoze it, or auction it off for back taxes owed.
The statute of limitations for collecting on the unpaid debt has expired, assuming the person actually made no payments in the five years.
The mortgage debt can still then be linked to the house and must be paid if sold, but cannot be used for force a sale in some of these cases.
The problem is that in many cases, the backlog of foreclosures is taking years to process, especially with law firms that had fake paperwork (dead people signing off on forms as the paralegal, backdated forms, etc) that forced the cases to be refiled, adding to delays.
These are all part of the give away to the minorities that had no pot to P** in but qualified for government guaranty loans!! The loans failed and your guaranty was paid. Then the crap loans were sold off for eviction and resale. The people would not move and the communists governments let them stay!! This entire scheme is still hurting us. It destroyed the dollars we spend. It was all about wealth transfer from people who work to people who are on welfare. It was an armed robbery. And still is.
“”That’s a fascinating question, since if someone isn’t paying the King’s Rent, the King takes his property back... “”
True; don’t pay your property taxes and the state takes the property and Post #3 asked if the lien on the property from the mortgage company wouldn’t still remain on the property in this case or others like it. Someone would have to satisfy that in case of a sale, wouldn’t they?
See - those of us who have always followed the rules and the laws are familiar with all of them...Those who don’t know have never given a rip anyway!
Thank you for the info regarding liens and all. Very interesting. Depending on where the economy goes, local governments might generally find the properties to be liabilities in the future. Many are downsizing drastically and getting ready.
Australia is looking at taxing bank accounts. Punish you for saving....
How to destroy the credit market for homes 101.
“Short sales lower property taxes. That’s why the auctions are avoided.”
In many States such as Colorado the property must be sold at the values of the property plus taxes. There is no such thing here as buying a home at auction real cheap.
Well, we all know that need is all that matters, so if these people need their homes, they should be allowed to keep them.
I get the feeling we’re getting close to the point where “Because I need it” will be the only requirement for someone to get something.
Especially homes in chi-chi areas with a pool!
I need on of those so I should have one.
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