Home > Avid Law Center, Foreclosure > How Some Delinquent Borrowers Stay In Their Homes For Free

How Some Delinquent Borrowers Stay In Their Homes For Free

Homeowners facing foreclosure are learning that if they are willing to fight, they can stay in their homes for years without paying their mortgage.

CNN Money reports that the average time it takes to process a foreclosure — from the first missed payment to the final foreclosure auction – is about 674 days, according to LPS Applied Analytics. LPS also found that nearly 40% of homeowners in default have not made a payment in at least two years.

How’s that possible? They are taking action. They challenge the bank’s actions, they wait to file paperwork right up until the deadline or request the lender dig up original paperwork and sometimes, declare bankruptcy.

In many cases, banks have given delinquent borrowers enough ammunition to delay foreclosure. The robo-signing scandal has paved the way for borrowers to challenge lender’s paperwork. Also, since mortgages are often transferred electronically, the official paperwork often gets misplaced so asking the bank to produce paperwork that shows it is the legal holder of the mortgage note can stall foreclosure.

If you are facing foreclosure, we strongly suggest speaking with a qualified real estate attorney to help you assess your options and best course of action against the banks to help you stay in your home.

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