Many U.S. families do not pay a mortgage on the homes they live in. Is this country becoming a squatter nation? Did you know that the average foreclosure takes 565 days, and some states like New York and Florida take more than two years? That is a long time.
With so many families facing foreclosure, there is no doubt that its fast becoming a U.S. epidemic. Still, people not having to pay mortgages for as many as five years sounds astonishing and maybe even like a fairy tale.
While it's certainly no fairy tale, Charles and Jill Segal are on U.S. couple who've done just that. They continue to live in their West Palm Beach home like they have over the past five years, but the do not pay a mortgage. In the Segals's case, they hope a judge will declare their mortgage toxic, so they live in the home while waiting for a judgement in the court case.
With so many U.S. homes in foreclosure, the fact that it takes so long isn't surprising. Could this really become a squatter nation though? Do you know anybody who lives in their home without paying? Have you or your friends dealt with foreclosure recently?