How to delay foreclosure for years

Slow ride, take it easy …

Many Americans are taking the Foghat approach to living these days, unable (or unwilling) to meet their monthly mortgage obligations and, in the process, living rent-free until theirs lenders evict them from their homes.

And with the average distressed homeowner able to live like this for nearly two years (674 days) it’s actually emerged as a popular “strategic” move because of the economic hardship plaguing millions throughout the nation. Indeed, according to a recent CNN Money report, nearly 40 percent of homeowners in default have not paid their lenders a single penny throughout the entire foreclosure process.

The other 60 percent in distress have made some sort of payment(s), ”looking for ways to make good with lenders and get their homes back.”

So how is it possible to live in a home for so long without paying a mortgage?

Well, first, there is the fact that the United States is in the midst of a terrible housing crisis — one of the worst ever.

Foreclosures are abundant, lenders are overwhelmed, robo-signing scandals are rampant, court rooms are beyond clogged with cases. All these conditions, and several others, add up to the foreclosure process taking much longer than it should.

But, that’s not all.

In states like Florida, where foreclosure can take more than three years or longer to complete, and elsewhere homeowners — along with their throng of foreclosure attorneys — have a few tricks up their sleeves to delay foreclosure even longer.

Among the many stall tactics:

• Challenging the bank’s actions
• Waiting to file paperwork right up until the deadline
• Requesting the lender dig up original paperwork
• Declaring bankruptcy ( in some extreme cases)

Meanwhile, the homeowners live rent-free for literally years, saving money and, in some cases, even making it by renting out rooms to friends and relatives, among others.

All the while, holding out hope that a resolution can be hatched that will help them stay put before the local Sheriff comes a knocking, demanding that they vacate the premises.