Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Video Updates.

A new legal quirk could bring a surreal ending to foreclosure casess around the country; the debtors may get to keep their homes without ever having to pay another dime.

1. Why might tens of thousands of homeowners who have missed more than five years of mortgage payments get to keep their homes without paying?
2. Explain the wild card that might exist in Florida regarding foreclosed properties.
3. Discuss who you think is responsible for this mortgage foreclosure mess.

Corkery, M. (2015). Foreclosure to Home Free, as 5-Year Clock Expires. The New York Times, March 29 (Retrievable online at