Mortgage-Free Homes for Delinquent Borrowers?

TWL_2015_apr_blog1Thousands of underwater borrowers in states like Florida, New Jersey and New York may get to stay in their homes without ever making another mortgage payment. Despite failing to make a single mortgage payment in five years, these homeowners may benefit from their lenders’ failure to foreclose in a timely manner. According to an article published this week in The New York Times, “lenders may never be able to seize the homes because the state statutes of limitations have been exceeded.” Part of the problem with executing a timely foreclosure for many of the lenders in question is that a judge must sign off on foreclosures in these states.

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Image Source: Oliver Symens