Professor advises underwater homeowners to walk away from mortgages | |
Anonymous Coward User ID: 365611 United Kingdom 11/30/2009 09:36 AM Report Abusive Post Report Copyright Violation | |
Avian
(OP) User ID: 801787 United States 11/30/2009 09:36 AM Report Abusive Post Report Copyright Violation | Professor advises underwater homeowners to walk away from mortgages Quoting: Anonymous Coward 365611Shouldn't they be swimming away? :D "When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it." - Frédéric Bastiat food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck |
Avian
(OP) User ID: 801787 United States 11/30/2009 09:55 AM Report Abusive Post Report Copyright Violation | I have been giving some thought to talk to BOA and offer them two choices...lower my interest rate to say 4.75 lower my loan ammount by a certain amount or walk away I can buy something cheaper locally anyways "When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it." - Frédéric Bastiat food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck |
Falconia User ID: 830376 United States 11/30/2009 10:03 AM Report Abusive Post Report Copyright Violation | Don't just walk away too quick. Many (banks, mortgage companies) aren't even following through with their foreclosure threats, if they did, they would have to show the "toxic asset", so people are currently walking away, yet nothing ever happens to the home. I know of people that have been in pre-foreclosure for over a year, even an entire neighborhood in Florida. What they need top do is just quit paying, put that money aside, and you'd be surprised at how long they will be able to continue living there. That's one of the reasons that we are just seeing the beginning of this - it's even worse than we are being lead to believe by the MSM and banks. Me thinks that they are going keep playing this out as long as they can while they continue to pillage. Nothing serious will happen til at least after Christmas so that they have a chance to get even more of the sheepl's $$. |
Avian
(OP) User ID: 801787 United States 11/30/2009 10:09 AM Report Abusive Post Report Copyright Violation | Don't just walk away too quick. Many (banks, mortgage companies) aren't even following through with their foreclosure threats, if they did, they would have to show the "toxic asset", so people are currently walking away, yet nothing ever happens to the home. I know of people that have been in pre-foreclosure for over a year, even an entire neighborhood in Florida. What they need top do is just quit paying, put that money aside, and you'd be surprised at how long they will be able to continue living there. That's one of the reasons that we are just seeing the beginning of this - it's even worse than we are being lead to believe by the MSM and banks. Me thinks that they are going keep playing this out as long as they can while they continue to pillage. Nothing serious will happen til at least after Christmas so that they have a chance to get even more of the sheepl's $$. Quoting: Falconia 830376thats what I have been hearing...if you lose your job, the payments should automatically stop after all, the job was the requirement for funding...no job no payment "When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it." - Frédéric Bastiat food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck |
Anonymous Coward User ID: 816856 United States 11/30/2009 10:14 AM Report Abusive Post Report Copyright Violation | Don't just walk away too quick. Many (banks, mortgage companies) aren't even following through with their foreclosure threats, if they did, they would have to show the "toxic asset", so people are currently walking away, yet nothing ever happens to the home. I know of people that have been in pre-foreclosure for over a year, even an entire neighborhood in Florida. What they need top do is just quit paying, put that money aside, and you'd be surprised at how long they will be able to continue living there. That's one of the reasons that we are just seeing the beginning of this - it's even worse than we are being lead to believe by the MSM and banks. Me thinks that they are going keep playing this out as long as they can while they continue to pillage. Nothing serious will happen til at least after Christmas so that they have a chance to get even more of the sheepl's $$. Quoting: Avianthats what I have been hearing...if you lose your job, the payments should automatically stop after all, the job was the requirement for funding...no job no payment interesting concept-may be the first intelligent thing i have ever seen you write. |
Anonymous Coward User ID: 816856 United States 11/30/2009 10:20 AM Report Abusive Post Report Copyright Violation | law school professor=attorney=member of bar. either this is intentional manipulation or he didn't, but is about to, get the memo. i do agree though, walking away makes sense for so many, especially the ones that bought at the end of the bubble. the thing most people don't realize is that the new construction built during this time is essentailly disposable housing anyway as the quality of materials and workmanship is horrible-just another reason to walk away when upside down on deathnote. |
Anonymous Coward User ID: 730536 United States 11/30/2009 10:20 AM Report Abusive Post Report Copyright Violation | This is what I am in the process of doing. I tried to sell the house and even had a serious buyer. I told him to go to the bank and see if he could assume the current loan. The assholes told him to just wait until it was in foreclosure and he could buy it for pennies on the dollar! I wonder if it is legal for them to give that kind of advice. Anyway, I got my first threatening letter from the bank. Said they would tell the credit bureau I was behind on a payment. Nice people, those banksters. |
Don ald
User ID: 47382801 United States 10/29/2013 08:37 PM Report Abusive Post Report Copyright Violation | Homeowners need to buy a legal dictionary and study their mortgage documents to understand what they are dealing with. A mortgage is a dead pledge the homeowner is giving Fanny Mae, that allows Fanny Mae to turn homeowners credit into 'cash' so Fanny Mae can invest it. Homeowner makes deposits to Fanny mae to cover the amount of credit the homeowner unknowingly allowed Fanny Mae to turn into cash. Either credit or cash...neither has value until the homeowner works to create it. That's what the dead pledge (mortgage) is really abut...Fanny Mae investing in homeowners credit. Fiat currency is commercial paper..it has no value until we work to *create* the value using our time energy and labor. The promissory note and mortgage are mixed together making it look like the mortgage was necessary to purchase a house but wasnt. House is purchased with credit using homeonwers first Promissory Note. The second Note, the mortgage, is the homeowners pledge of credit to Fanny Mae. Fanny Mae turns homeowners credit into cash for fanny Mae to invest, Homeowner is charged interest on fiat currency that has no value (Don ald, Donny boy) |
Anonymous Coward User ID: 8028883 United States 05/12/2014 06:44 PM Report Abusive Post Report Copyright Violation | |