Living rent-free

[George P.]

So just I fully understand - when the SS property is listed on the MLS, the homeowner gets to live there for free until its sold, right? Meanwhile unpaid property taxes are racking up (another loss for the bank), and property values (in the area) go down each month, and the bank is losing money every extra months the property is not sold, right?

[James Ward]

That is it in a nut shell. Not to mention the months of back payments they missed to get them into the foreclosure situation in the first place.

I saw a situation where the property owner lived in the property nearly 17 months for free while the Short Sale totally went through. And at the closing, they acted like it was a huge hassle to have had to move.