Why Keep Paying The Bank?

Video - Dylan Ratigan with Ryan Grim - Feb. 3, 2011

Why keep paying the bank: examining the pros and cons of walking away from an underwater mortgage.

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• Slideshow - Foreclosure Fraud

Comments

[Cheyenne]

Why indeed? But why limit the field to underwater mortgages? I'm way above water (value minus loan is more than half the loan), and wrote my mortgager last September asking to see a copy of the promissory note. Predictably, they blew me off. Not quite as predictably, I blew them off--by not making my mortgage payment.

Until I see it, the hell with them. I welcome the foreclosure suit.

[DailyBail]

http://dailybail.com/home/strategic-default-living-for-free-josh-bartlett-hasnt-made-a.html

Strategic Default & Living For Free: Josh Bartlett Hasn't Made A Mortgage Payment In 32 Months And He Hasn't Been Kicked Out Yet (PBS VIDEO)

[DailyBail]

cheyenne...what have you heard from them since you stopped paying...anything yet...

[john]

@ Cheyenne... applause...clap, clap, clap, clap...!!!!!!

[Jesse]

This is taking place across the country, people living in homes for years without making a monthly payment. That's why consumer spending is up, they spend while not paying a mortagage. The economy did not recover and the reason it takes a long time for the banks to foreclose is because the US financial institutions were insolvent were it not for the fact that accounting regulations changed.

http://www.wtffinance.com/2011/02/the-mers-bailout-more-foreclosure-delays-and-increased-consumer-spending/

[Cheyenne]

DB--

I've gotten the first 2-3 boilerplate letters. Which I just throw in the garbage.

Nothing serious yet. I think they'll let me pass. It's endgame, and they know it.

[greg]

i love the "hit to my credit score" like that means diddly squat to so many lolololo

[Cheyenne]

greg--

When confronted with this tactic, I demand that the caller guarantee me that he can drive my credit score to 0.00 If he can't or won't, I insist on talking to the supervisor. So far, this strategy has resulted in two (2) cancelled credit cards.

If you're worried about your credit score, you're stupid. EOM.

[Sagebrush]

I can walk over to the small bank in our small farmtown and actually look at my note. Are we behind the times or what?

[john]

Bernanke, You Stupid Bastard

http://www.321gold.com/editorials/denninger/denninger022211.html

[snip]

Yes, you.

And Trichet, and the rest of the Central Bank fools.

But especially you, Bernanke......

[Joseph A. Mustich]

Kudos!

The Wall St hucksters get bailed out by Bush Obama, and the people can jail..?

And who actually owns these mortgages, and where is the paper trail?

Onwards, Joe Mustich, Red Studio Farm, Washington Green, CT USA

[Billy]

After four years of going through hell, I've finally decided to fight back. Being in the remodeling/restoration business, the outlook for regaining my pre-depression income is bleak. I've tried to sell, but didn't get anywhere except to have "investors" try to s*#t me out of what little equity I might have left. Wifey had enough and hit the road, so I'm hunkering down for the duration with some "show me the note" strategies. So far they just keep sending the statements and asking if I'm interested in the Obama "plan". F%&k 'em, I'm not leaving til the sheriff throws me out.

[KingofthePaupers]

Why keep paying the bank?
Jct: Because they're too stupid to start their own interest-free time-based community currencies. So they have no alternative but to beg the bankers for loans of their chips for their collateral at interest because they're too stupid to run their own chips with their collateral with no interest. Just find the "Big Lie of Economics" to find out why you've never seen through Mammon's hypnotics before.

[Falesteeni]

Ben Shalom Bernanke....

[Bill]

Best Defense is a good Offense.

Fight them in Court and SUE THEM. Theres enough Info on the net to find how..