9 Investigates people turning foreclosures into free homes
ORANGE COUNTY, Fla. — Some local homeowners who haven’t made a mortgage payment in years are finding a way to keep their homes for free.
9 Investigates discovered how some people are taking advantage of Florida’s statute of limitations on foreclosures. And Channel 9 anchor Vanessa Welch found out how it’s allowing some families to go from foreclosure to a free home in just five years.
She talked to Thomas Adams, a man living in a Maitland home with a tennis court and pool. Adams has not paid his mortgage in more than seven years.
Adams owed the bank more than $140,000, but now lives mortgage free and won’t ever pay another dime.
“It was only right,” Adams told Welch. “It was justice quite frankly”
The initial lender, Federal Home Loan Mortgage filed a foreclosure on Adams’ home back in 2008. Later, the loan was transferred to Nationstar Mortgage.
“They sold my loan so many times no one knew who had the paperwork,” Adams said.