5 Years Later and No Mortgage Payments Made

Posted by By Bryan at 27 August, at 20 : 47 PM Print

With the American housing market continue to going down the drain, more and more squatters are popping up all across the nation. In some areas, people are going 5 years without paying a single mortgage payment. But how is this possible?

The Segal’s in Florida have not made a mortgage payment in over 5 years and yet they continue to be able to live in their home.

Lynn, another homeowner in Florida, hasn’t paid in over 3 years. She fears for her job if it is found out what is happening, but yet she continues to stay in her home.

An actor in California hasn’t paid his last 30 payments either.

All across the nation, the story is the same over and over again. More and more people are living mortgage free in their homes due to a slow foreclosure process. In fact, nationwide, it takes an average of 565 days to process foreclosure paperwork from the first missed payment. That means people can live mortgage free for over 2 ½ years.

How has this happened though? Well, in larger states where there are obviously more foreclosures, it takes much longer to process paperwork. In fact, in Florida, it takes 807 days to process a foreclosure. And that is if there are no appeals or other motions filed by the defendants.

In the Segal’s case, they bought their home on an adjustable rate mortgage. When the mortgage payment tripled to about $3,000 and their business took a downward tumble, they couldn’t pay anything at all anymore. But, they feel they were defrauded into buying this house, which is the reason they have been able to stay so long. If they lose their case, they will have to move out though.

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