Some foreclosed home owners are finding a way to keep their home mortgage-free by taking advantage of their state's statute of limitations with foreclosures.
States that must approve foreclosures in court before they become final are facing huge backlogs in the court system, which has caused some foreclosures to drag on for years. When these cases get dragged out five years or more, some home owners are citing the state's statutes of limitations for reason why lenders can't take possession of the home now. They can then continue to live in the home, without ever paying another dime to their mortgage. States like Florida, New Jersey, and New York are seeing some of the largest numbers of these cases.
Read more: http://realtormag.realtor.org/daily-news/2015/03/30/foreclosed-owners-find-way-get-free-home
http://realtormag.realtor.org/daily-news/2015/03/30/foreclosed-owners-find-way-get-free-home
This is why I am staying away from NY & NJ, though we love FL!