Hat tip to Blue Streak for sending this along, though the MSM should figure out that the banks aren’t “choked”. There are plenty of homes ready to be foreclosed that are deliberately being postponed for months and years. Is anyone surprised that the national average is 449 days of free-rent!
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Scum Scum Deadbeat Scum. I pay my rent “homeowners” live for free. Quite the incentive to not cheat the system.
Get the squatters out. Get paying owners in.
I’m with Shadash. I wouldn’t hire a weasel like that “pest control” jerk to do any work for me. What a freakin’ crook. While I can empathasize with folks getting a bad break in a crummy economy, that does NOT justify stealing, which is what this is.
Come to think of it, maybe I would hire him for a large and expensive job, and then not pay him. He should be able to relate to that.
Not that I condone what is happening, but if someone just walks away and sends the keys back to the bank, then the house will likely stay vacant for a year or so anyway. Vandals are likely to break in, the lawn will dry and go unmowed, and neighbors will have a mess next door. If a “squater” stays in the house for a few years, at least they maintain the house, make minimal repairs, and at the end, the bank gets a decent house back, and the “squaters” get a free place to live. It is obviously a bank decision to do this, so don’t blame the “homeowners.” Re-doing a trashed house would cost the bank more than two years missed mortgage.
MarkinSanDiego,
There’s no such thing as a free lunch. The only reason deadbeat scum “homeowners” like the ones featured in the video aren’t getting evicted is because banks are scamming taxpayers to stay in business.
I promise you at the right price someone would buy the deadbeats property and maintain it.
For me, there’s no moral issue here. The foreclosure procedure is clearly listed in the contract, and these homeowners (they haven’t been foreclosed yet) are simply following the rules. It’s one of the few forms of contracts out there that makes it perfectly legal to not pay the bills.
Now if you refuse to pay the exterminator after they did their job, that’s a problem. There’s no “refusal to pay” clauses built in such a service agreement, and the exterminator can use any legal means at their disposal to get paid including putting a lien on your house!
A bit screwy, isn’t it?
The length of time to foreclosure and eviction varies from state to state. An attorney friend of mine who does evictions and foreclosures here in Texas can remove you from your home within five months of your first missed mortgage payment. States like California take much longer both because the law allows it and also because there is a huge caseload of foreclosures pending which slows the process down even more.
Whatever happened to mortgage insurance?
This was totally predictable when they started referring to the foreclosure squatters as “victims.”
What else did they expect when they enacted “foreclosure moratoriums” and told the lenders not to foreclose on people who stopped paying their mortgages?
The govt/lenders got exactly what they asked for, and the taxpayers will have to foot the bill. It’s not the way I would have handled it, that’s for sure! If I had my way, the recession would be much nearer to an end, and we would have spent a fraction of the govt money that we’ve spent on making the corrupt borrowers and lenders whole.
Meanwhile, Alan Greenspan says he didn’t see anything wrong with keeping rates so low for so long.