We had heard of people doing this free ride thing, but had first hand viewing of it over the holidays. We met a online greyhound friend in FL. over the holiday. Bought the house 17 years ago for 50k, in 2004 house was appraised for 230k and they took out a new mortgage for 160k, then a year later a second for 50k. Then her husband left her for a more youthful model, and she lost her 75k job in real estate a year later. Now the house is in foreclosure and worth around 65k, she hasn't made a payment in over two years, she's packed and ready to go when they demand it, but nothing yet as the bank can't find the paperwork from the loan. The bank has had multiple offers on the house that they accepted, but with no paper work the closing always falls through the cracks...amazing.

Delaying foreclosure: Borrowers keep homes without paying - Dec. 28, 2011