Three Steps to Plan for Strategic Default

[norvman]

Keep Kicking Ass Lady... we are the 99...

[leo14t]

STRATEGIC DEFAULT IS FRAUD!!!

[norvman]

@leo14t So are credit default swaps...

[avzeolla]

@leo14t I'll tell you what fraud is. predatory lenders writing mortgages with hidden clauses to borrowers they knew would not be able to pay. investment banks buying the mortgages and securitizing them.... selling worthless notes to unwary investors.. paying the credit agencies to give false AAA ratings.... forging promissory notes, backdating, commiting perjury. this is against the law. walking away from a house that's underwater is not illegal. it's not even fraud. 

[germagic2]

I listen to you and didn't learn a thing!

[norvman]

@germagic2 Watch it 10 more times and it will sink in... 

[igspal]

@ChristineESpringer  I believe our bank BROKE (@ least) one banking law...if this IS the case, being that they sold it to FM, do I have any recourse? And, WHERE can I find an attorney to help persue any recourse (so far, I can't find ANY)?! THANK U 4 THIS VIDEO & 4 YOUR RESPONSE (in advance)!!!!!

[echovector]

A house is an INVESTMENT. Only and addle-headed brainless moron continues to throw good money after a bad investment that they will NEVER see an income from. People who have seen 50% + devaluations won't live long enough to see a return to equity. It is a business decision.

[ChanneledReadings]

We just channeled predictions on REAL ESTATE-Sept.15.11-No Recovery For Real Estate in our CR News Reports©

[troybrownrigg]

Just business , companies do it all the time!

[bleearg0102]

Great vid.

I am not in arrears but BoA started double billing me for insurance via my escrow when they supposedly became the holder in due course after Tailor Bean & Whitaker got raided by the FBI. Additionally I am still waiting for my escrow refund from the old account. While in Iraq and six months into my new servicing, TB&W tried to debit a house payment from my account. Thankfully my account was NSF because.... just a few days earlier, Bank of America juiced me for 2 payments in error.

[HighAsCaptnKirk]

bought my condo for $140k 3 years ago now worth $35k! time to walk away?! OBV

[Jollyprez]

What do you do if you've already left, but nobody will foreclose? The HOA is still billing, and the taxes are still adding up, etc.. Neither the HOA nor the bank will proceed.

[ChristineESpringer]

@Jollyprez This happened to me. My understanding is that until the property is no longer in your name, you are on the hook for the taxes and HOA dues and I don't think there's anything you can do to force them to foreclose. You should consult with an attorney in your area because I can't give legal advice.

[tommyg524]

Dont worry about the angry feedback, these are just ignorant elitisist, what is elitism you ask ? Elitism is the insertion of goldman sachs into your white house !!!!!!!!!  f'' em right back and walk ! We did, on two properties, free yourself up to invest in something else

[ChristineESpringer]

@tommyg524 Thanks, I agree.

[slimemuffen]

FYI: This is a communist movement that is attempting to bankrupt our country. It was on the news.

[perfectscotty]

Great video Christine ! I say walk away if you choose to and don't look back.

[ChristineESpringer]

@perfectscotty Thanks Scotty!

[jessikanne]

Thank you.

[mlmr11]

Well our house just went upside down this month .

We already defaulted on our credit cards because basically the banks robbed us.

Is it now time to default on the house ?

I'm kind of torn on this because we absolutely can afford the mortgage but I'm pissed that I'm paying for something that has less value than I owe.

Anyone have some advice ?

[lazyfreedom98]

Thank

You

For

Your

Comments

Hate Mail means you are correct and on target.

[hyperiontheevil]

Im completely support you Christine, the reality is that the investment banks brought all this on us all.

The banks blithely misled people into thinking that house prices would always rise and then made insane bets and leveraged themselves up 44:1 and then have the nerve to say walking away from a mortgage is a bad idea?

[ChristineESpringer]

@hyperiontheevil Agreed. And now the real story is coming out with the foreclosure document scandals. Stay tuned, because the story is just getting interesting.

[RayAir1]

As far as I am concerned I am just renting from the bank right now.

I paid $205K and my house and now it's worth $120K. We never wanted to stay here for more than five years and now it's been eight, with no hopes of ever being able to sell it. On top of it i refinanced from an ARM two years ago and that tacked another $6,000 on to my loan balance.

Since my wife got laid off I asked for assistance and the lender hasn't done anything so I quit paying.

[ChristineESpringer]

@RayAir1 I totally understand your frustration. Watch what happens with the foreclosure moratorium issues, I think they are going to help a lot of borrowers stay in their homes.

[sheracad]

Well done, Christine! Your advice is good!

[ChristineESpringer]

@sheracad Thanks :)

[bher1966]

I agree with a strategic default and that's why I'm here. I plan to do the same thing soon since my wife and I lost our jobs. Although I've saved enough to pay the mortgage for several months I just don't want to do it. I've been planning and saving for over a year and I do have my home on the market to sell, but not getting too many calls. We'll see, but September is the first month I not going to pay. I just want to secure my family and my savings.

[androidestereo]

Dude, the moment i found out my equity was gone, my "emotional attachment" to the "structure" de-materialized as well. .So, lets not get too crazy about it. Evil BOA refuses to negotiate so I'm taking drastic measures, and it goes something like this...I ain't paying!!. This bubble, fake, fictitious market was created by greed and lies by the banks and now you want ME to be "responsible" for this? I was a victim of a predatory loan by this bastards. so please... gtfo!!

:)

[voceangeli]

Don't let the losers bring you down. Contrary to popular belief, strategic default is actually following the contract. The contract says that the bank will lend you money if they get to CHOOSE the value of the collateral and they get the house if you don't pay. I went more than a year without paying and the only reason I moved was that I hated driving an hour each way to work. Save your money and screw the lenders.

[nmrushin]

Yes, your home can become an emotional attachment, but in the end, it is just a house. Owning a home is not an asset, it is a liability and if you are no longer in the position to pay for it you need to do what you have to do to get out of it. Thanks so much for posting this information.

[ChristineESpringer]

@nmrushin You're welcome! It's a popular subject.

[The300mag]

This is why the "ELITE" are hurrying to implement "Chipping" the people. Your financial debt will never go away, regardless of where you move. You will not be able to declare bankruptcy. The people will remain enslaved to their debt till they DIE!!!

[mlmr11]

@The300mag That's when I drop out ...that's my line in the sand

[1Henryetta]

People just need to pay down the principal on their mortgages. Saving thousands of dollars. When you buy a home, it should be used as a HOME not a form of financing for others things. Pay your home off!

[unytcommsys]

@1Henryetta A home is an asset, nothing more in the grand scheme of things. It is a resource.

[Oregondarkside]

People need to be responsible for their actions.

Just because someone else does something wrong does not make it right for you to follow them.

What about the people who had rental homes they where speculating the housing market with, what about people defaulting on vacation homes?

How much are you making on these actions?

[ChristineESpringer]

@Oregondarkside I'm not making any money on any "actions" whatever you might be referring to. I disagree with your comments and think you are misinformed about what's really going on here. American homeowners have been screwed -- do you think people should just roll over and let the bank get a free house? Apparently so.

[fletchneck]

Thank you for bringing up this topic!

[walkonhome]

The only person who is going to look out for your best interests is yourself. Get educated and make a decision and do not look back.

[Ralphmcd3]

This clip has useful information for struggling homeowners. Im impressed with Christines practical knowledge of the foreclosure process. Very few homeowners decide to walk away from their homes unless their backs are up against the wall. The consequences, as Christine explains here, are far too grave. Professional advice is important before making a decision to default—this video will arm you with the information needed to ask the right questions of your lawyer.

[ChristineESpringer]

@Ralphmcd3 Thanks Ralph...so glad you find this information valuable. It seems like everyone who can help is paralyzed with the fear of telling the truth. Sometimes people just need to hear common sense in a time where common sense seems to be lacking.

[unytcommsys]

@ChristineESpringer You have no idea how right you are! :) A++AAA

[ForeclosureIndustry]

Honest and common sense approach to Strategic Default.

[ChristineESpringer]

@ForeclosureIndustry Thanks!

[rodglenda]

Thank you for posting this.

[ChristineESpringer]

@rodglenda You're welcome...so glad you found value in the information.