http://money.cnn.com/2011/06/09/real_estate/foreclosure_squatter/index.htm?iid=Lead
These cases can go on and on. Nationwide, it takes an average of 565 days to foreclose on borrowers in default from their first missed payments to the final auction. In New York, the average is 800 days and in Florida, where the "robo-signing" issue is particularly combative, it's 807.
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"It's very hard to save," said Jill Segal. "Our company's billing is 90% off and my husband is only working about four days a week."
Lynn, who didn't want her last name used, purchased a two-bedroom on Tampa Bay in 1998 for $135,000.
As the waterfront property's value skyrocketed, eventually reaching $750,000, she refinanced twice (once to expand a business), and took out a second mortgage. She now owes more than $600,000 on the home, which is worth only $235,000.
Living in this foreclosure limbo is "Hell," Lynn said. "I feel like I'm locked in a box. I work for a financial organization and if this came out, it could cost me my job."
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Meanwhile, he has cobbled together some income streams -- small acting parts, teaching acting classes and even handyman work.
"In a way, I feel like I'm lucky because I haven't had to pay any 'rent' for 30 months," he said.
But he feels like he's always under a cloud. "I haven't slept in three years," he said. "It's terrifying. I have to have the ultimate poker face in front of my kids."
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These cases can go on and on. Nationwide, it takes an average of 565 days to foreclose on borrowers in default from their first missed payments to the final auction. In New York, the average is 800 days and in Florida, where the "robo-signing" issue is particularly combative, it's 807.
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"It's very hard to save," said Jill Segal. "Our company's billing is 90% off and my husband is only working about four days a week."
Lynn, who didn't want her last name used, purchased a two-bedroom on Tampa Bay in 1998 for $135,000.
As the waterfront property's value skyrocketed, eventually reaching $750,000, she refinanced twice (once to expand a business), and took out a second mortgage. She now owes more than $600,000 on the home, which is worth only $235,000.
Living in this foreclosure limbo is "Hell," Lynn said. "I feel like I'm locked in a box. I work for a financial organization and if this came out, it could cost me my job."
-----
Meanwhile, he has cobbled together some income streams -- small acting parts, teaching acting classes and even handyman work.
"In a way, I feel like I'm lucky because I haven't had to pay any 'rent' for 30 months," he said.
But he feels like he's always under a cloud. "I haven't slept in three years," he said. "It's terrifying. I have to have the ultimate poker face in front of my kids."
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