Here’s how this video was described on Google:
Delaying foreclosure can give you the time you need to take action on your foreclosure. People have used these techniques to assist them in doing loan modifications, erasing their mortgage, selling on a short sale and just delaying the foreclosure so they can live in their home as long as possible.
There are legitimate ways and legitimate reasons to delay a foreclosure, and some are listed here. Some of these methods however would make me uncomfortable. I suppose for the folks who were not straight with their lender on the way in though, not being straight on the way out is not a problem.
I have a friend who now has been living in their 1.6M property for 20 months without making a single payment.
He and I laugh about it periodically that he remembers telling us 18 months ago that the bank was likely to kick them out any day.
Not a good way to live, but if you’re good at forgetting your worries, attempting to negotiate short sales on an impossibly underwater house with 3 mortgages is a start. He told me he and his agent are now quite adept at pitting the 3 different lenders against each other. The first still hopes to be made whole.
I realized that living in a place half the size, we have paid $50K in rent since then. Depressing.
Welcome to the californication of America. I love the California weather and other things but this is sooo California it makes me want to puke. Way too many attorneys. Igor is mad
Chuck-
It is depressing, isn’t it? For those of us who thought we could rent and patience would reward us, it’s clear we were wrong. It looks like the reward would have been better if we had lied on loans and bought an overpriced house- then made no payments like your friend, or negotiated a lower loan amount.
Still, I always believe that what goes around comes around. I’m not sorry to be a renter.
in addition to angryrenters.com, please add homedebtors (like moi && wife) who DIDnt
[ HELOC to the hilt to buy a Hummer with 22" rims (ewww), ritzy vacations, HDTVs (including one for each pet), blah blah,
and are now crying poverty and pleading for a loan principal reduction ]
boy, were we stupid.