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Sufficient law protecting consumers is more important than continuously funding those multinational bankers out sourcing all jobs and small business opportunities overseas. If people don't make this govt waking up, they'll come back on all people of this country as man made tsunami again and again repeatedly.
People must govern govt, not the other way around. Go to vote or no law is on your side.
beancube2010 1 year ago
Walk away from your mortgage. Even if you are in a state that doesn't protect mortgage holders, the money the bank wants you to pay is nowhere near as much money as you would be paying in interest on your underwater home.
monkeyman1140 1 year ago
It's very hard to listen to this. Very hard.
desertr0se2007 1 year ago 2
It's not coming around you asshole. It's going dowm. The system needs to stabilize. His house won't be worth 800k in 10 years. Try 300k tops. The economy is in trouble, I don't know how people afford to buy these houses when the average income is about 28k a year.
upinflamezzz 2 years ago
Oh...I don't know Mr. Up in Flames, that house may be worth 800k in ten years. Hell, it might be worth 10 quadrillion dollars, if you get my drift. You might want to start developing a green thumb. Get working on that vegetable garden. Not just in the back yard either, front yard as well.
drmodestoesq 2 years ago
Aren't there any consequences of "walking away" from a mortgage contract? How does it work?
Here in Europe you would be sued and at a certain point in time most likely would have to declare private bankruptcy, which means your liabilities will never expire, and as soon as you own a cent you have to pay back your former debts...
lbreuss 3 years ago
o no in the great us you file bk every 7 years,you lie about income get about 100k to 500k and say ahh i cant pay,then you get your bitch to do it,its insane
creten69 2 years ago
In the rest of Europe, you cant get a mortgage without guarantors so if you walk away, your parents, friends or family could lose their home too.
Welcome to the Great Depression II
earthling10 2 years ago
oh no,09-10 the word will be recovery,mabey it might be inflationary.The poor will suffer and die in 3rd worlds,but we'll be all ight.
creten69 2 years ago
@lbreuss Yes. There are consequences, but they outweigh the benefits of staying in a crappy mortgage. A lot of people are willing to stay on, but the banks are assholes about it and want the 800K mortgage when the house is work less than half that!
The damage is to your credit, but you can fix that with a few years of renting and saving. Count on the politicians to screw the people somehow on this. Our country is owned by banks, not people.
wowhornby 1 year ago
2009 the word will be Depression
dave777blaster 3 years ago 2
7 Months after your comment, its looking even more likely you could be correct.
earthling10 2 years ago 2
This has been flagged as spam show
It amazes me that no one is addressing the real cause of foreclosures. Mortgage fraud. Not on the part of the homeowner, but the banks. Banks don't lend money. Your signature on the promissory note creates the funds that the bank drafts a check made out to you which you instantly sign back over to the bank thus creating the loan account. Your signature on the note paid for the house in full. The bank merely inserts itself in the scheme as servicer of the loan. The BANK NEVER OWNS THE HOUSE.
yngwiefreak 3 years ago
"We don't use writers.."
No?
Really?
ImpliedBodyMan 3 years ago