Forum Post: Encourage Stopping all Mortgage Payments
Posted 12 years ago on Oct. 12, 2011, 4:27 p.m. EST by tks18
(3)
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The pretender lenders and courts will come to a halt and the big banks will be replaced with our community banks and credit unions.
I will not pay another mortgage payment from today on!
apparently www.americanbolshy.blogspot.com has been taken down. Gee, I wonder if it was the gov. or industry?
anyone who is heavily underwater should strategically default. we have a lot of bad debt and it's not going to go away unless you make it. it's a fantasy that the housing bubble equity is going to ever come back either. so if you bought a place for 300k, similar places sell for 200k, and you owe 280k on it - you're in a pretty fawked situation.
you can get the bank to write down principal (good luck) or go into foreclosure (because you can't make payments, or make a business decision to say it's not worth making them). either way you need to get out of this bad debt.
one of obama's greatest failures is he did nothing to encourage the former where it made sense and when the banks were under duress. the latter (more foreclosures) is not politically acceptable, so no politician ever says it of course. however it is the hard medicine that is needed.
any other program, including the failure after failure federal government assistance/refinancing programs, are just there to prop up the housing bubble and try and keep your interest money flowing to banks. really they just make you debt slaves, and the new debtor's prison is your home. it's not worth doing unless there is a non-trivial principal write down in those programs.
Damn right..reduce principal on all residential single family homes to current market value...regardless of what bank attempts to make a fraudulent claim of ownership with the assistance of the judicial system and politrikans.
Yes! Visit http://americanbolshy.blogspot.com and join in the Black Friday Revolution. Let's bring down the big lenders!
The courts are beginning to hold law firm liable for illegal documents and they are getting the picture that the lenders do not have the standing to foreclose. Read the 9th district Veal case for understanding. We can win this.
I am all for people pulling their money out of bank accounts with the Big Banks and putting it in community banks or credit unions. That's fine. However, what you mentioned her is too risky. It could backfire and get people evicted. We need to be careful here.
fine... just don't complain when you are evicted.