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Speaking of lack of scruples in the housing market

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    Speaking of lack of scruples in the housing market

    So my dh ran into an ex co worker while shopping today who has been umemployed for at least a year. He got the man's current story. The man said he forclosed on his house, and then proceded to live in the home without making a single mortgage or tax payment for ONE whole year.

    #2
    Are you sure that after the house being foreclosed he still continued to live there without mortgage and taxes.

    I dont think this is possible in the times now.

    Can you please provide me some details about the person and the story how he managed so.

    Regards

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      #3
      After a house goes to foreclosure it takes at least 6 months for the bank to get the owners out. Most people move out and find another home but some people just don't care and it is sad.

      Comment


        #4
        Originally posted by momof1in150 View Post
        After a house goes to foreclosure it takes at least 6 months for the bank to get the owners out. Most people move out and find another home but some people just don't care and it is sad.

        i'm guessing with non job and no money he would have had a hard time finding a place to live...

        Comment


          #5
          In many places, eviction is a very slow process. Six months to a year isn't unusual. And arthur is probably right. With no job and no money and lousy credit, where is someone going to go. Nobody will rent to them.

          Also, the foreclosure process itself takes time. I have a patient who has not paid the mortgage since June. She knows she will ultimately lose the house but it could be another 6 months or more.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

          Comment


            #6
            Some banks are so overwhelmed with foreclosures that they can't process them quickly enough. Even when they do state and city laws may limit the speed at which they can move people out. New Jersey passed a law giving people an extra 90 days over the Holidays. People can claim certain hardships and the courts may allow them more time in the homes.

            Some banks may just let you stay if you pay anything, even $100. A house that is occupied is sometimes better then an empty house. For example, in Detroit, if the house goes empty then it'll be gutted within days, driving down the value of the home from the value of the copper pipes in it to nothing. After the house is stripped the bank has to pay someone thousands of dollars to sell the house for $1 to someone who will likely knock it over for the land.

            It’s also not uncommon for someone to be evicted and then turn around and move back in. Basically, they squat.

            Expect to see a lot more of this. It’s a downward spiral that’s run out of control. 1 out of 10 household in America are behind on their mortgage.

            Comment


              #7
              Back during our last housing bust here in this part of California, it wasn't unusual for someone to buy a foreclosed home at auction and then find themselves figuring out how to evict the former owners who still lived there. Back then, the banks were not in the business of kicking people out, only reselling properties. Those were weird times, these will be weird too.

              Comment


                #8
                I don't know anything about foreclosure, and I didn't get any details on this man. But his wife has a decent paying job he said, and it sounds they got over thier head with bills ie car payments. To thicken the plot, as I said his wife has a job, he stated his legally bogusly separated from her, lied to say he was living with family with thier child so they could qualify for assistance.

                Personally, I feel for people, but as an honest citizen who always planned to live below my means just in case, I can only shake my head.

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