Custom Search





Home
Site Map: START HERE
Rental Property Intro
Investment Strategy
Property Values 101
Find a Property
Financing Property
Cash Flow Analysis
Landlord 101
FREE Landlord Forms
Landlord Insurance
Tenant/Property Law
Rental Property Tax
Foreclosure Property
Commercial Property
Retirement Savings
Sell Property
Property Definitions
Rental Property Blog
Property News
Real Estate Videos
About

Follow Me!
Bookmark and Share

Owners Continue Staying in Homes 3 Years After Foreclosure


Show Your Love




Categories
Buying Rental Property
Landlord Advice
Real Estate Financing Tips
Real Estate Investing Strategies
Real Estate Taxes & Insurance
Selling Rental Property
Trends & Current Events

Mortgage Scandal

 

Although this blog primarily deals with investing in rental properties, I recently read an article from CNN Money that is so strange I just feel compelled to blog about it! 


A bizarre fallout of the robo-signing scandal is that today, defaulting homeowners can continue staying in their homes years after stopping payments of their mortgage.  Wow, talk about a sneaky way to build wealth…forget about being a landlord, I can apparently just stiff my lenders on my monthly mortgage payments and pocket the difference!


Since the scandal hit the papers, the government has made foreclosure processes much more stringent, extending the average time taken to close a foreclosure property by several months. On top of that, homeowners have found that they now have the power to further delay the process in several ways, ranging from challenging a foreclosure notice to declaring bankruptcy, each of which hampers the lender’s ability to efficiently close the foreclosure process.

Reports state that the average time taken to declare a property foreclosed has shot up from 253 days to a massive 674 days. The figure varies across cities, with the processing times in Florida and D.C. nearing almost 3 years.  Obviously this is not helping the real estate market recover.


Things have gotten to a stage where several homeowners are not even attempting to keep up with their mortgage financing payments. Mortgage borrowers everywhere are taking advantage of the reported chaos in the documentation records of lending banks to fight their foreclosure cases. Many are winning on the basis of mere technicalities.

To continue reading this story, click here.



Leave a Reply

Your email address will not be published. Required fields are marked *

Name *
Email *
Website
Comment

footer for rental property investing page