posted on Feb, 24 2009 @ 06:52 PM
keep in mind, that if they start the foreclosure process, you technically don't have to make a payment, additionally, if they can't provide the
note, you don't have to make a payment until they do. Afterall, why would you make payments on a house, to a lender if that lender didn't have the
original document that states how much, and on what bill cycle you are to pay?
If you were making 700 payments before the default, and you drug it out for 3 years, thats 21000 you can put down, when and if they find the loan doc.
Additionally, keep in mind, you sitting there for so long could result in you owning it, you may want to consider looking in abandoment laws. If the
original owner abandons a property(lender) and fails to maintain it(which in essense forces you to), you could then technically charge them for
maintenance fees to the property, not sure how that would work, but sure would be funny to charge them $800 a month for maintence when you owed 700,
and refuse to have them pay you, then sue for damages and actually win, remember, owernership could default to you, by court rule if they refused to
maintain it, and you were forced to maintain it. I would check local law though.