Walking away from your mortgage

[JakeStarkey]

kwc57, you need to answer the questions instead of giving simple blow off answers, because you seem to be getting your butt royally kicked.

And, Neubarf? You caught my attention on your previous post about a protectionist sphere and buying and dismissing Chinese holdings of our bonds. Please explain that more in detail. PM me if you wish.

The Federal Reserve has the capacity to make money electronically out of thin air. Since the US government created the FED, we can also ask them to make Debt disappear into thin air. If the Board of the Fed agrees, the debt can be dismissed. We will do that after we fund Social Security for the next twenty years. Remember we do not really pay the Fed interest on the Bonds that they buy. We technically do but they take most of that interest and put it in the treasury after some operating cost deductions. In the future we will just have them burn the bonds. Now, I know that people will say that the Fed is too greedy to do that. If I were president, they'd do it in an instant as soon as I snapped my fingers. We will see who is President when it is asked for.

Thank you very much. I am going to think about this for awhile.

 

[JakeStarkey]

No, KCW, you are merely posting links as if they are evidence unto themselves. They are not. You need to explain (as you did a bit about PMI). The law and cultural interaction are often two different matters. The law did not permit lynchings, but they occured because of the culture. The law does not like walking away from mortages, but culture believes that banking has been conducive to the meltdown with stupid loans. The final result with be somewhere in between.

Borrowers can "regulate" the industry by acting more or less in concert. If enough mortagees walk away, the courts will force the banks and mortgagees to come to a consensus and reconciliation. The banks are very, very foolish if they believe they are going to collect every dollar on foolish loans. Won't happen. And the defaulters can continue to live content and satisfied lives.

 

[stevenwm]

Hello USMB Members.

I need someone`s Advice.

In 2006, I was forced into a chapter 13 Bankruptcy,to save my home.I took out this mortgage,in 1999 and it was transfered,to a so-called mortgage servicer in 2004.The mortgage servicer,made a claim against me for over $2,300.00 in default charges.My bankruptcy case had a Trustee paying my mortgage directly to the servicer along with their so-called default charges.

In October of 2009,My BK Attorney,forced a detailed payment history out of the servicer on my account,at my request.I went over,the transaction payment history,and discovered that from the time the servicer went to servicing,my mortgage from 2004 until I filed them bankrupt,the servicer had received all of my payments ontime within,the 15 day grace period,but held my payments in an escrow,and posted them late after the 15 day grace period on purpose,for their profit.

Also the payment history,revealed the same practices during my bankruptcy.The servicer done this 60 times on my account,when the servicer had received every payment before or on the due date,or within the 15 day grace period.The servicer for one made a fraudulant claim, against me in a Federal Bankruptcy case,and the payment history I have proves it.

In october of 2009,I carried my complaint,to my BK Attorney,and I had every,error highlighted.Also I have carried my own insurance and the servicer has been covered,and yet the servicer has force placed insurance on me,even though the servicer has had proof they have been covered without a lapse in coverage.

My BK Attorney sent them a letter,pointing out their errors,and told them to correct the account and bring it current,or he would be forced,to seek it out in front of the BK Judge.The BK Attorney letter,cost me an extra $1,600.00 when my Attorney said it would only cost me a $1,000.00.

The servicer,sent my BK Attorney a letter,never saying they were wrong,and they had removed late charges,since a Trustee was paying my ongoing mortgage.The servicer claimed,they would bring my account current and refund me the force placed insurance money,which they are still silent on.

My BK Attorney,is aware of my servicers,fraudulant claim against me,in the light of the payment history,and yet refuses to so anything about it.Also I am out of the over $2,300.00 payed out to the servicer in my BK Case,and 4 years of forced placed insurance payments,when I have had proof of coverage without a lapse in coverage,and the extra $1,600.00 for extra BK Attorney work,which I was not at fault over.

I dont know what I should do,or who I should complain to?

I have been sent a letter by my BK Trustee,that my case is completed,and the papers have been filed for my discharge,which I am waiting on now.I have had to start,once again,to send payments directly to my servicer.

I tried, to get mortgage origination documents,from my servicer,and they said I would have to contact the originator of my mortgage,and was given their address.The originator on my mortgage,closed in 2004 and yet my servicer directed me to them.My servicer says someone-else is my note holder.

I went also to my local,court house and the mortgage is recorded,and only the original lender,is on the mortgage and note,and they are out of business,and noone-else is assigned on my mortgage,as filed 11 years ago.

Also my servicer,has been using a forbearance account as my payment history shows,during my BK Case while my BK Trustee has been paying them directly,a month ahead of time on each payment for 4 long weary years.I just know the servicer,is waiting on my BK Discharge,so they can demand I am in default again.I owe less than $15,000.00 and have lived here for 38 years and am 44.

Any advice,would be deeply appreciated.

Thanks again.

Stevenwm.

Louisiana.

 

[calvin]

In Bankruptcy you need qualified bankruptcy attorney, the first thing a bankruptcy lawyers would do to find out the possible alternative to over come bankruptcy. Once you start filling petition with a statement of your assets and liabilities, in that case bankruptcy is the only option you are left with

 

[calvin]

bankruptcy can be a scary outlook, people need expert advice on such matter from bankruptcy lawyers. get advice and be safe.

 

[topspin]

these people won't be buying houses in the next decade, it's a free ride now to the bottom. A near zero credit rating. Would you even loan these losers money for a used car?

 

[marryroy02]

There are several factors to weigh, especially mortgages and payment changes, but draining cash with huge monthly payments for an initial value can never be a great loss, especially if there are cheaper rents large number of Americans who area.if less water on their mortgages would be better financially if they left their homes.