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Million dollar mistake: Couple evicted from high-end home

A couple living in a Washington, D.C., suburb that has fought foreclosure for years has finally been evicted from their million-dollar estate, according to law enforcement. The couple, which faces personal bankruptcy problems, had not made a mortgage payment on the home since purchasing the property at the end of 2006.

An eviction order was issued by the local court. The couple was ordered to leave the home in late April. They have not released a statement about the case. The most recent eviction proceedings were almost stymied by another last-minute bankruptcy filing, but sheriff's officials pressed on after that request was denied.

The couple is said to have lost many of their financial holdings when the real estate market crashed. They had earned a fine living by purchasing and flipping houses. They would buy sub-par homes and refurbish them, selling them for additional money. The couple has said that they didn't pay on their home because they had allocated funds to save other property holdings.

You may be wondering how these people were able to stay in their house for six years after they stopped making payments on the property. The answer lies in a complex set of legal maneuvers that allowed them to halt the already notoriously slow Maryland foreclosure process.

The home's mortgage was overseen by a long trail of lenders, which caused delays. At least two of those entities attempted to foreclose on the property. The couple had filed bankruptcy in a variety of jurisdictions, a process that continually blocked any repossession efforts by banks and other lenders. A national foreclosure freeze during the robo-signing scandal also allowed the couple to stay in the home.

Source: Washington Post, "Fort Washington couple evicted from million-dollar house," Annys Shin, May 4, 2012

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