3 years no payments

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2011 Apr 11, 4:59am 2,336 views 5 comments

So, imagine this: Buy a condo for $240K, PITI + HOA nearing about 1800 a month, stop paying and still be in pre-foreclosure 3 years later.

1800 X 36 months = 64,800 saved (assuming you live there rent free, albeit that's a tad awkward when not paying HOA)

Condos in same building now selling for $80K. If this continues into next year, buy condo outright in cash.

Any other stories similar to this?

FortWayne @ 2011 Apr 11, 12:49pm

In CA they used to take up to 2 years to foreclose, so some people did pull that off. It is non recourse, so nothing other than a bad credit rating.

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