I found this bike while cleaning up a foreclosed home. I liked it and saved it from others taking it to the recycling center. Does anyone know what make, model and possibly year that it is?

I found this bike while cleaning up a foreclosed home. I liked it and saved it from others taking it to the recycling center. Does anyone know what make, model and possibly year that it is?

Without too much digging around I came across a 1950s Schwinn Corvette, although I don't think its a 100% identical bike it is i'm fairly sure a variant of the OPs.
Pictures can also be found here Just for image reference
If anyone has time, a whole host of Schwinn catalogues can be found here History Catalogues
I dont know the model name but it looks like electra cruisers.
Those dropout shapes are very typical of bikes sold under the Murray and Sears names. I'm not sure who actually manufactured the frames, though. The extended dropout was on models made in the 60's to 80's time period.
You may be able to find a serial number on the left side dropout extension, such as the one shown here:

If the serial number is not there, it may be under the bottom bracket.
Here's a picture of the whole frame:
