It has been seven years since the subprime mortgage debacle. In the ensuing years, thousands of homeowners have not made a "P&I Payment" and are still living in their homes. Now, according to the New York Times, those homeowners may get to keep their homes without having to pay another penny. What? The reason being is that lenders, especially in Florida and New Jersey, have waited too long to foreclose, or due to the fact that statutes of limitations have been exceeded, usually five years, in the case of real estate. See, squatters do have rights!
Isn't America great where one can now get a free "home!" Welcome to the new normal.
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