A Mortgage Isn't a Life Sentence

This is the segment I did with someone who walked away from his mortgage, his home, and his $120,000 down payment after wrestling with the bank for months. It's powerful, and it's hopeful. "It feels great," Burton said without hesitation. "I'm starting again. I've still got my talent; I've got my intelligence. I've got my health. At least I'm free of the enormous amount of stress that I had and the frustration of doing the best I could and it wasn't good enough. It wasn't working. Ultimately, I made a decision that my physical and mental health was more valuable than this house and my investment in it." At this point in the housing crisis, if you're having problems, it's clear that no authority is coming to help you. Not bank regulators. Not Obama. Not the Republicans or Democrats in Congress. And especially not your bank. But the good news is there is hope. You have options. Ryan Grim, Lucia Graves, and Arthur Delaney interviewed 50 people thinking of walking away from their mortgages, and then interviewed them a year later. They wrote up what they found. For those who were able to walk away, it was a profoundly liberating experience. The hatred of the banks was searing, not because they owed money, but because the banks were often entirely unresponsive and dishonest. A mortgage isn't a life sentence, it's a contract. Your house is the collateral for that contract, and if you stop paying the bank gets the house. That's in the contract. There's nothing immoral about not paying your mortgage, you need to see your relationship with your bank as purely contractual. The bank certainly sees you as a number. If you're thinking of walking away from your home, you need to consider a couple of things. First, hire a lawyer who can give you good advice and negotiate on your behalf. There are legal traps to be aware of. For instance, depending on the state, if you stop paying your mortgage, your bank might be able to sue you for additional assets. This isn't common, but you should check out this list of states. Some are non-recourse, which means banks can take your house and stop there, while some are recourse, which means that banks can take your house, and sue you for assets for the difference between the loan amount and what the house fetches at auction. There's also your credit score. While it's true that your credit score will get hit for walking away, the formula for calculating it is secret. Some people report getting credit card solicitations within months of walking away.

 Read the full Article here A Mortgage Isn't a Life Sentence

Here is a related article from my blog several months ago.  It is nice to see someone else having the common sense to say the same thing. 

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Fraud being uncovered in some states regarding foreclosures and big banks

  from FDN web site

This month, FDN attorneys have been successful in both Oregon and New Jersey in compelling, by court Order and over objection of the “bank’s” attorneys, the production of PSAs, trust formation documents, trust prospectuses, and documents as to the alleged authority of MERS. FDN attorneys Jeff Barnes, Esq. and Philip Anderson, Esq. in Oregon, and Jeff Barnes, Esq. and Michael Jacobson, Esq. in New Jersey, have obtained court rulings compelling this critical discovery. In other cases where Mr. Barnes was able to obtain this discovery by court order, it has been revealed that the purported assignment to a trust years after the trust closed violated the very requirements of Mortgage Loan Conveyance provisions of the PSA. Thus and in conformity with Weisband, the loan never made it into the trust. The resultant lack of standing, lack of chain of title, and lack of real party in interest issues are scheduled to be argued by Mr. Barnes before various courts in February, and a trustee in a bankruptcy case in Mississippi has filed an adversary proceeding based on evidence that the purported assignment of the loan, which was done years after the trust closed, was ineffective as it violated the restrictions of the PSA.










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Elisabeth Warren needs a lifeline from the Obama Administration

Elizabeth Warren all alone in defense of the home owner. You can see in this video clip from Bloomberg News that banks are still running over the tax payer with no let up in sight. 
Huge bonuses for Wall Street Criminals who ran the economy into the ground, as the country uses up savings and 401 k funds to try and weather the economic collapse. There is no justification for the profits the bankers are reaping based on the free money offered by the fed. The idea of helping banks was to help the country and to get the toxic assets off the books.
The Fraud Of Money & Banking: Scene Three: The Fraud Of The Fraud
What has happened since the banks fleeced the country. See the full list here at More Financial Reality.

Government is being run by the banks. The executives who have wiped out trillions of dollars in capital have been handsomely rewarded. The government has been brainwashed into letting the banks bitch slap them. It is rather pathetic that this has gone on for nearly 4 years and not a single thing has been done to change the system.

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Elizabeth Warren continues to side with the homeowner but is left powerless to make any meaningful change to the system. The land of opportunity has be overtaken by the self interested elite as we allow politicians to lie daily without consequences. No party is better than the other and it seems they are more willing to throw mud on each other than actually do anything for the American people.
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My disdain and disgust grow exponentially as the crisis drags on into another year. Each day I hear more rhetoric from people who know nothing about reality. The clamoring over jobs is just stupidity until the housing crisis is settled in a way that is equitable to home owners and not just the banks.  The flow and velocity of money in the economy are directly related to the housing industry. Any economist who says differently is not worth their weight in salt. Few people have taken the time to study what caused the crisis. The unwillingness to understand something so fundamental to the economy is perplexing but understandable. As long as the finance industry is running the country the politicians will bow in their honor.

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