Staying Not Paying

By Nicole Ward
|  Thursday, Jun 3, 2010  |  Updated 6:30 AM PDT
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Staying Not Paying

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Foreclosure proceedings will start on the Beety home next month, according to the Philadelphia Inquirer.

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Some struggling homeowners have found a way to stay in their homes, by triggering the foreclosure process.  Yeah, you read right.  Homeowners across the country have decided that they'll take the financial hit, in order to stay in their homes for up to a year or more.

In 20 states, foreclosure is a process that plays out in the courts, which makes it quite lengthy.  In fact, the average foreclosure now takes 438 days.  So by stopping payment, some people find that they can stay where they are while the process drags on; and they can save the money they would have spent on monthly payments.

Of course doing this will leave a black mark on your credit -- possibly creating more problems for you down the line.


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