Monday, July 13, 2009

let the bank walk away

While I didn't have the stones to do it myself, I've long advocated for buying a house you couldn't afford with easy credit and no money down, stop paying your option ARM when everybody else does, and live rent free while your bank works toward your foreclosure.

It turns out that this story can end more happily than I imagined.

The foreclosure, however, failed to go through after the California-based lender decided it didn't want the gutted house. Lass said he found out for certain that he still owned it from the Journal Sentinel.

Today, the house at 703 E. Lincoln Ave. sits condemned ...

The home represents a growing phenomenon known as walkaways - properties for which lenders sue for foreclosure but never take the title.

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