I noted you specified that you are talking about bank financed mortgages only, right ? Someone with say a Rural Development Mortgage shouldn't try this because it won't work. Such loans are from the Federal government and enjoy the limitless money making power of the Fed. So even if forced to walk away from such loans the Government will haunt you for the rest of your life with such measures as pay roll leans, and tax return seizures etc.....
Fantastic advice and I completely agree with you. In fact that is what I will be pushing soon when I have my demonstration. I want to push for social responsibility and our American citizens come first!
Forget their bills if every last dime is going to these overbloated companies, our citizens must focus on self-preservation.
I agree this is not the best advice, but it sure is a smart move IF a job loss occurs. Anything you do will only delay the inevitable. Best to cut your loses and move on. No matter how you look at it, the impact on your family will be the same, you gotta leave your house.
For those who soon face foreclosure; file the paperwork with your local judicial system, to force your bank to "produce the note". The letter of the law in most states requires that the person or entity that is demanding payment of debt / loans produce the original signed paperwork. Since so many mortgages were spliced and resold, most of the original paperwork has been lost, misplaced,destroyed. This may save your home, or at least delay the whole foreclosure process. Fight the banks!
Some local judges are sympathetic to homeowners ( particularly if they are up for re-election); by following the strict letter of the law, they will rule in favor of the homeowner , instead of the bank, if the original signed note of debt cannot be produced by the creditor ( the bank).
yes. thanks for seeing it with that level of objectivity. that's exactly what I was saying.
truly, a person who ISN'T in this situation should just stay the course if that is their choice.
Many people, if they can get out of their home clean right now, should do so. Rent inexpensively (LOTS of extra housing on the market...glut of building, etc.) pay off all other debts, save money, live sensibly within means.
Over 650,000 jobs lost last week! 12.5 Million Americans are currently unemployed! Stop looking for a JOB! You need to start thinking outside the box! There is an amazing, RECESSION-PROOF business you could start for as little as $100! Stop waiting for opportunity and start creating it for yourself and others! Watch my videos, then Take Action TODAY!
Don't stop paying your mortgage payment. Try to refinance if you can, but try to make your payments as long as you can. Get out of the rest of your debt, reduce your outflow of cash, and make extra payments, if that's possible. Stopping your payment is simply going to add fuel to the fire our economy is currently experiencing. In the end, if you have to leave your home, then do so. But don't do it prematurely. If you can stay in a safe & secure home, stay in it as long as is possible.
If you think about how much interest you eventually pay on the home, yes absolutely, every person is paying more for their homes than they are worth, I'm no exception. What is nice for me is that I split the cost with my tenants. But, that is not to say it doesn't have it's drawbacks, nor that it is even secure in and of itself. I do plan to refi though, get that payment down.. It would help tremendously.
this is not good advice talk to your lender and work out a payment plan...if you stop making your payment your credit is affected and you are part of the problem...housing prices will go back up say in 10 years ...I repeat do not listen to this advice ...legally speaking!! Find yourself a good lawyer if you don't believe me...
It's great advice. I've lived without credit for 12 years and done great. My only regret is that I did not take the banks for a few million more LOL. Lawyers and bankers are suckers do your own thing - be a law unto yourself. Take any action that destroys the banking system. We are millions of time bigger and better than them. They destroy forests, animals, people now is payback time and not with money just thin air - like the money system.
So basically "refinance" mortgages because people made a BAD BET on housing prices... so basically SOCIALIZE GAMBLERS losses!
There is a difference between LOANING wallstreet money to make loans to responsible people rather than give money back to retards that think they should get money back for bad bets!
My sister and brother in law, never work , they just fraud everybody they see, IRA, insurances, client,s family and friends. They bougth their houses with no downpayment, got loans out and spend it and vacation with it. Now they are going to be bail out....by the honest hard working people. That by they way have lost half of their life income with the crisis. It tells me that being a lazy, unhonest and a smart talking lier is the way we have to be in order to get rewarded..
pay your bills...remember all those papers you signed when you bought your house? Well legally they will come after you if you don't pay. Find a lawyer if you don't believe me.
Cops do not like to force people (esp families) out of their homes. They, (for the most part) see themselves as good guys. In the end they are the ones who have to force you out, they are the ones with the guns, lets start putting the pressure on them. Squat in your own house, there was a congresswoman who suggested the same thing.
Now the problem is much bigger then people not being able to afford the adjusted mortgage increase. People everywhere will loss there jobs becuase of these types of problems, they should have just let the banks, AIG and so fall so that the markets can build it self back up, but now it is getting much worse, all they can do is print money and increase the nation debt until we become the new China, working for slave wages. People can only take so much. Everyone please prepare. Peace and Love
I understand, I also was in the mortgage industry. From mortgage loan counselor, loan processor, loan officer and I even worked in the forclosure department. I saw this comming years ago, when the Fed and all the banks allowed these crazy loans go through. A lot of people say they should not have gotten that loan, that may be true, but it was the banks that allowed it to happen. They knew exactly what the risk were and looked the other way while they put more money in there pockets....
Sometimes you can take the foreclosure to court and the Bank cannot prove they still own the loan, it has happened now the judge's are starting to throw out some cases because the banks packaged and sold the loans so many times they can't prove its theirs.
12 percent of mortgages are late or in foreclosure right now... and now commercial real estate is going bust but they'll still asking for massive amounts of money for commercial real estate.
I dont get this mentality. I just dont get it. Where is the advice to sell your car and take the bus, sell your jewlery, clothes, toys, furniture, technology, anything you have in your house that you dont absolutely need. Anyone who bought a house and now cant afford it made a bad decision and now needs to live with the consequences. Following your logic people should stop paying for everything they have on credit. Why stop at the house? How about credit cards, cars, boat loans. TERRIBLE ADVICE!
Pay those that loaned you something. The banks loaned you credit created out of thin air. Pay them back with thin air. All banks are fair game. The only mistake you can make is if you take them for less than everything you possibly can preferably in the millions. Get as much credit as you can, buy silver/gold bury it somewhere safe and go bankrupt. Play their game - they are criminals. Declare banks and bankers fair game - they truly are the scourge of the earth.
Aren't the Chinese pissed at us because we owe them so much money? Would they send in foreign troops to this country to quell riots because of the financial crisis? Would Obama allow that? So if I don't pay my mortgage don't they have a legal obligation to kick me out? Would Obama take away our guns so we can't defend ourselves from these foreign troops from China who will kick us out of our homes, maybe even kill us, so they can move in their own citizens?
Exceptionally brave of you to broadcast that message. It's no surprise that banks aren't foreclosing--because if they did and then have to sell in foreclosure, they'd basically screw their whole portfolio. Right now the banks are trying en masse to get people to mod or refi so that they don't have to admit loss in value. Meanwhile banks are getting bailouts and the tax payer and simply not pay. We'll see how long this charade will last.
After reading through every comment (there are a lot for a new vid!) one thing became clear - 90% of people agree with this video, and 10% are in angry disagreement with it... and possibly violent. The racial slurs are pointless and really aren't going to change anyone's mind. I'm glad you blocked him. But most people agree with you and I think you (Jacob) should relax and not feel so defensive. This is your position - stick to it! I agree with you and will point others to your videos.
Forgive this 4th posting. I just wanted to commend Jacob for this video. We Americans are a proud people. We want to follow through on our commitments. However, there is a time when the best thing is not so obvious. So to all of those who are struggling to make this hard decision. Take comfort in knowing that these circumstance are not ordinary, and you may need to do the unthinkable. And to Jacob, good video. A bottled water "cheers" to you for this one.
You DO sound a little stressed today- hope it gets better. You're a good guy for putting this out for those who need it. If they're in that situation, they could find themselves homeless if they're not careful.
not stressed--except for perhaps trying to over-explain and trying to be sure people understand what I'm saying rather than just reacting to a kind of uncharacteristic message from me. either way, though, thank you! :-) I appreciate your friendship
Another perspective #3. Banks don't actually lend money; they lend credit. IOW, they create the money that the home seller recieves in escrow.
It's called fractional reserve banking. A bank can lend 9x what it has in its vaults. So the money they lend does not really exist. It is a future promise to give them your future earnings.
Caution: If ppl did not pay off their loans, there would be massive inflation. That's the catch. But we are in a time when there r more imp things.
Another perspective #2. Banks purchased insurance when they invested money in your house. This insurance is called a credit default swap. As the value falls, their insurance rate rises; even worse, their insurance down pmt rises too.
When a judge lowers the value of ur house, some contracts adjust this as well. So, by having a judge legally lower the value of your home, the bank can sometimes dodge a bullet as well.
Another perspective. By putting yourself in a stronger financial position with a cramdown, u actually helps the overall banking system: As the economy falls, fewer will afford payments, thus more foreclosures. If you become part of the crowd that can bear the collapse, the banks are more viable; albeit they are less profitable.
Therefore, taking a long term view of mortgage pmts sometimes demands that you take a little pain now, rather than a lot of pain later. That goes for you AND the bank.
When the "bank" finally comes to foreclose it ices the contract with TPTB. They will own all at that point-- the home, the land, and you (even more than it did before)!
[insert here: evil hand-wringing gesture by dark shadowy figure proclaiming "Muhahahaha!"]
I couldn't find the "bad advice" you said this would be. It all seemed like very good advice, actually. My guess is that you said it's bad advice in case anyone blamed you for something they did, or whatever. In any case, great video, something to definitely think about. It's not EXACTLY my situation, but it resembles it, and the article is a good read.
Using savings to pay mortages is not a solution, you have to keep cash buy for future emergencies.
If debts are not possible to pay, cut to the chase, declare your self bankrupt. It will take the pressure off, and give you a space to regroup your options fro survival long term.
Being realistic and honest with yourself is the only way to go, as hard as it may seem. (Things are NOT going to get better in the immediate future, despite the hype from the media, who being told not to panic folks.
What is the average interest payable now on mortages today?, could you just pay the interest, and put the balance into a investment,( or insurance policy) hence profits may go towards initial loan. or is that a impossible scenario.
e.g. a endowment for the length of orig mortgage balance.
If the amount owing is overwhelming, consider going bankrupt and rent somewhere else. otherwise you will never own a house, but pay many times for it.
Its tough, but the outcome determines your family's future.
good points. Also, I assume you know that I am not in question personally on how to proceed?
It sounds like you are asking a more general question.
I was a little concerned after "jacobthewhiten*****r"'s comments that folks might think I am trying to figure out what to do personally or calling for some kind of help?
Let me state categorically that is NOT the case :-)
Aside from that, I don't know if understood the first part of your question/comment very well...explain?
Jacob, I appreciate your honesty on this topic. If tax payers are having to foot the bill to bail out these banks than I think it is perfectly fine to miss a few payments if it means keeping food on the table. Please don't take to heart any nasty comments you may receive. To anonymously insult a person is at the top of the list of cowardly things to do in life. Please consider the source before taking it personally.
thank you. honestly, I'm not posting this clip as some kind of "oh, poor me" thing at all. In fact, besides mentioning that I am upside down in my home (I'm there with about 8 MILLION other homeowners in the US alone), I didn't talk about my own situation at all.
this is just about survival strategy. pure and simple.
Thank you very much for your kindness and support. does mean a lot!
I thought you were a good guy Jacob but I was fooled. Even if you felt this way you should have KEPT IT TO YOURSELF MAN. Since you didn't, I am sure the e-begging will come next.
Look what we have here ladies and gentleman! Another George4title desperate and broke crackpot Youtube advisor. Since when does a broke person that lives in his fathers tent or a man who is under water and barely has enough to feed his kids get so much clout and 5 star ratings?? I guess considering the state of our country that is almost to be expected, everything is fucking ASS BACKWARDS. Especially when Jacob Nordby turns into a nigger you know the end is near people.
I'm not a Christian, but the quote comes from the bible. A quick google search reveals...
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows." -Timothy 6:10
I'm very interested in wealth and prosperity, and I have encountered this misquotation many times. It's very common.
We both know it is the MONEY-LENDERS, who have over a very long period of time, worked so hard to enslave us all.
As they control and issue the DEBT/MONEY, so they also control our labour for many years into the future.
As young children we are taught to WANT, it is this WANTING of things we do NOT really NEED, which keeps most of us DISCONTENTED, and up to our eyeballs in DEBT.
The illusion of WANTING is what is behind the imaginary idea of PROGRESS.
I think there is a lot of this going on and MUCH more to come. I know people struggle because they feel it's unethical..just like Merrill Lynch Execs making a $10mill bonus for running their company into the ground. There is no "corner bank" loyalty anymore. WE are tired of being screwed - the price? Banks will LOSE BIG. Credit cards are just as bad as houses - personally I say default on credit cards first - then your home. nice video
What I want to know is this.. why is nobody talking about CREDIT CARD DEBT, and predatory lending on CARDS??? Hellooo... heck they were givin' 'em out like sticks of gum, seemed everyone has at least 3... what about those interest rates?! One card I'd mail payment in 3 weeks ahead,and they still tried to say I paid late and jacked my interest rate, it was crazy!They all do it,in my experience!Total racket!This is crazytown!Stop the ride,I want off!!
If youre upside down on your mortgage and unemployed and you still have money in the bank, then absolutely you should stop paying your mortgage. If the bank forecloses, demand that they produce the note. The bank may have difficulty in producing the note, and this will delay the foreclosure. By the time the note is produced, maybe you will have found a job. But most likely you will have not, so be prepared to make alternative living arrangements.
well i go to work assuming that my pay wil be buying 10 loaves of bread at the end of the week ,but lo and behold, i can only get nine ,somebody is robbing my wages ,so what goes around comes around.
They manipulate inflation just so that we people get %$#.Play the same game they are playing with you ,besides all that money was made out of thin air ,pay them with the same.
We have fallen one payment behind on our equity loan because of back surgery I had in October. Yesterday, A Chase rep came to my door to see if we wanted to work out some arrangement to lower payments and such.
We are still above water on the mortgage but, I get a feeling not for long. What do you make of this visit Jacob? Banks getting desperate? Thanks!
Thanks Jacob. I just found it odd that they would go "door to door" and when we called the bank they did not understand why someone from the bank had come to the house. We called the person that left the information and they never returned the call. Might of been a mistake/scam of sorts, strange days indeed!
Good! Break free from the system, credit is just a way to enslave us. Break FREE, live wisely, less dependent, a truer, happier life. If you do not have cash, do not buy, period. Teach your children to be free as well, you owe them this simple teaching. It's the best gift you can give them. Ever! Bye, I gotta go, but again, peace and smiles.
Pride, pride, what a beautiful word! "pride, pride, it's all pride, above the earth and below the sky!..." This is the reason, it's because of PRIDE that we are still in this discussion. You know it's true, do not lie to yourself. If we are scrubbing toilletes to prove a point that we have pride because we are doing that for a higher cause such as putting food on the table but at the same time we are hurting ourselves because we are not fighting for our rights, then this pride is lost. Peace...
Housing prices are way over inflated because of the easy money policies of the Fed and now prices should come back to earth based on the free market. Now the goverment wants to keep me out of the market by keeping prices artificially high.
I'm an apartment renter without a kitchen table or a dishwashing machine or a washer/dryer etc. I've paid off my debt over the last 3 years. So the idea of someone being in a house they can't afford because they over leveraged themselves not making payments for a year is completely unfair.
I'm not suggesting that they "be in a house" for the long term. that would be wrong and it's pretty much what Obama is trying to suggest....."just help everybody stay in these houses".
Baloney!
Let broke people admit it.
Sure they'll stay put for a little while, but eventually, they'll move out and into smaller, more affordable quarters.
It's the propping up of the whole damned mess that will only prolong the suffering.
Isis my friend, i know what i'm saying, I've BEEN there, I've DONE that, schooling isn't everything, does not make anyone wiser than anyone necessarily I agree, but again, I know what I am talking about. I'm pro-pride in life by doing all you can (limited, off course) to put the food on the table, but one must fight for his/her rights as well to serve as an example to his/her youngs about the meaning of freedom and honesty which should start from the top down, as "to lead is in fact, to serve".
Unethical!??? The banks and Wall Street are the malign unethical lenders and manipulators. Just do the pay and chase mehtod, pay one month, don't pay for three, you could probly stay in your home for 3-4 years stretching;? then declare bankruptcy. Maybe my friend here can explain something like the pay/chase game better. Yeah I made up the title but I never done it bu I have talked to people who lived in there homes for about 15 months while defaulting. The banks are deceivers remember that!
hmmm. its ok to make the payment when the home is apritiating but when the home is losing equity just stop paying? Im not sure what the answer is, but you have to take care of your family some way. I think its better to just move out. if you cant pay. I dont think its fair to the rest of us citizens who make the payment each month. On the other hand, what good is an empty house? not providing shelter for anyone? this is a very difficult thing.
I don't think that we can see the current situation (temporary though it is--ALL things come to pass, after all) through the normal "belief window".
In other words, I am just going to assume that most people watching my videos would normally pay their bills and stick to their obligations no matter what.
Right now, the rules of the game are shifting dramatically....
i lost my job in july last year my wife works out of our home and we take care of an elderly lady and we still make our house payment but we are staying a couple months behind because a couple thousand may come in handy when the banks crash i am prepared for bad times here i have stocked up on food my family could eat for at least a year people need to quit keeping up with the jones down the street but i am affraid its to late for that now
Ha, and I would not scrub toilettes or wait on tables or flip burgers to make few miserable bucks, why should I? Why did I spend so much money and dedicated so much time going to school? In this matter, the system failed me, I did not fail the system, I do not owe anyone anything, I do not have to feel guilty, nobody in the same situation should as well. By flipping burgers I am saying "you are right and you win". Sorry, I may sound unreal, but I know that I am not totally wrong on this.
Why should you? How about pride. There is pride in flipping burgers to take care of your family and obligations. You think bcuz you went to college you are above manual labor? Someone owes you a cushy job bcuz you are educated?
Systems fail, bad things happen and that is how character is formed.
My comments may seem harsh but I have my reasons which, although normally I would not I will share my personal experience, my parents started going to the casino after they retired, long story short, their house was foreclosed on (this was 10 yrs ago) and they lived in a nasty hotel for a year. My brother ended up giving them his house bcuz no one would lend them anything. It nearly destroyed them. To let your children see a mistake so ugly well lets just say I learned alot about choices & life.
my parents never owned a home while I was a child. We moved 13 times (later I learned that several of those were basically evictions--although we didn't know at the time).
I stood in lines to get government commodities--cheese, powdered milk and peanut butter...
I've seen the harsher side of life and I've been an entrepreneur with big visions.
I DON'T have a college education and I have always worked unbelievably hard.
Ouch, ok your story is way worse than mine, at least I was already out of the house.
Took me 8 years to get a 4 year degree since my parents were bankrupt & I had to work my way through & in the end I didn't even need the degree to do what I love, so college is overrated, especially nowdays.
Big visions usually take big credit, are you sure it would be wise to flush it down the drain bcuz the banksters are ass clowns?
the problem with big credit is that in a big downturn...sometimes a person has no choice but to pull the Big Plug. sucks, but sometimes the choice is better made sooner rather than later.
anyway. thanks for your converation today. I am happy to have the controversy. Your point of view is valid even if we don't agree.
I am very sorry to hear your story - believe me, I understand what its like to have a parent that is out of control. All I will say is there are a lot of GOOD people that are having very BAD times. It doesn't make them bad people. I think the majority of people would pay off everything they had if they had the means. For a lot of us; we 're simply out of options and are looking for a way through, not a way OUT a way through.
I'm guessing that if you find yourself starving to death, you would lose all that pride.
I understand your thought process on this, but sometimes life just doesn't work out that way.
If you feel that you are too educated to do something beneath you, then that is of course your choice and you will have to suffer the due consequences for your pride.
There are many people out there, much more educated than yourself, who would give their left nut for a toilet scrub brush job right now.
part of the problem goes back to what Peter Schiff and others have been saying for awhile.
the jobs we keep talking about (menial) like McDonald's or toilet scrubbing...those are all SERVICE jobs, not PRODUCING jobs. So, American has lost a huge percentage of its productive capacity and eventually the service sector dries up.
Nothing wrong at all with scrubbing toilets, but that don't fix the problem in the big picture
My hypothesis is that in the NWO America's "place" is handling investing, insurance and pharmaceuticals. We will never do manufacturing again especially with the carbon taxes coming.
Scutter, Peace, do not get angry, as I had said, I've been there, I've done that, trust me, I am the humblest person you would ever meet in your whole life. But you can't say that how educated I am or not because you don't know anything about me. Anyway, I understand your anger, u may be going through hardship and u think my ideas are arrogant. We may be lost in translation, it's OK. I just believe that we must not be passive in all of this, we must fight to be heard, so things can change.
I was just replying to SHEROCKS because I thought the comment they left was pretty arrogant.
The middle american mom or dad out there trying to feed their kids isn't worried about service jobs vs producing jobs. They just want to be able to feed their babies.
Sorry, it just pisses me off when someone thinks they are too good to do something they feel is beneath them, even if it means survival.
That kind of Arrogance is the worst kind of extravagance.
i agree with most of your videos but not to sure about this one i have lived my life without car payments or credit cards and purchased my home on contract from an individual i live within my meens i understand that people do have problems but my opinion on these people losing there houses a big part of them got there on there own with all there credit cards and new cars and bank loans and sorry but i dont fell sorry for them they should lose there homes its not my problem to pay there way
you did the right thing and you should be proud of that.
seriously, I'm not suggesting anything but a massive reality check for all those Americans who having lived overleveraged, pampered, credit card lives for decades.
Jacob is right, for those who have lost their jobs and cannot find another one, it's time to stop and think of plan so not to become one more (or one more family) joining the "tent city". Hey, it's easy not to understand this type of conversation when your life is good and all is well, as there are many people not affected by any of this, but for those who are going through this (especially the guy in the middle-middle class, not excluding the lower ones), they know exactly what Jacob means!
I Stop paying my car 3 months ago. there all like pay us! i'm like, make me! and how?!.. there like, please pay us.. we give u a gold star!? i'm like, ok then no times 2!
they haven't taking my car yet. and i'm still waiting. i only owe like 8,000 but there after me after not having a job in 4 months.
Screw the BANKS!! for Screwing US!! where is my bail out!?
wow, tough times call for tough decisions. Like Jim Rogers is saying become a farmer! or Start community gardening. Wealth in potatoes, corn, and the like, or rabbit farming. The massive food distribution network should break down too, though I guess local militia may have to be formed to protect the crops and communities farming them. at least your families will have food, and a sense of community should develop, and then a local economy based on the barter system, like in the depression
Anyone who can make their mortgage payment should make it bcuz they signed a contract. No one forced people to buy/re-fi when prices were at their HIGHEST, I didn't I am still waiting for the bottom.
What you are suggesting is so risky, maybe one bank is taking a year to repossess but others may not. Everyone should have 6 months of expenses in cash set aside in case you lose your job & if you didn't you had no business buying a house in the 1st place.
nice for you to be so smug with this comment. lots of hurting people out there and THEY are who I'm speaking to...not the self-righteous, arrogant bastards who have nothing but judgment and criticism in their hearts.
PS...IF someone CAN make the payment, they should. I do agree with you there. the trouble is, lots of people are still making the payments even when they CAN'T.
Get a second job, do whatever it takes to do the right thing. Don't tell me you can't get a job waiting tables or flipping burgers. You just want out bcuz you don't wanna pay the payment you agreed to pay. Call me smug and arrogant I SAVE money bcuz bad things happen and I would never let my family down like that. I would do ANYTHING to meet my obligations scrub toilets, mow lawns whatever.
we need to stop this part of the discussion because YOU aren't the folks I'm talking to. YOU have money saved. YOU aren't overleveraged badly. YOU don't have runaway expenses.
YOU are very smart (and I really mean that). Congratulations. I am not being sarcastic.
Just know that many folks are not in a situation that will be fixed by mowing some lawns or flipping some burgers.
also, go try and apply at McDonald's or BK right now. HUGE stacks of applications from
I'm glad you are able to do that - but the truth is 6 months is not enough in this economy. Say someone is making $50,000 a year and loses their job. You're saying get a job scrubbing toliets - ok that pays what $8 an hour - say you are a hard worker and can do it for 60 hours a week X 52 = $24,960. Great half way there, now what? OH, I know, it is my fault I lost my job. I sure hope your job continues my friend.
I just want to follow up & ask where is your pride? I would never default on a contract I signed no matter how duped I thought I was cuz in the end it would be my fault for entering into the agreement in the 1st place.
Your answer is to suck the government teet for MY tax dollars. You should be ashamed and you obviously had nothing set aside in case of emergency which is so irresponsible. I could never be the kind of person you are.
if you've watched ANY of the rest of my videos, you know that I believe that those who can't meet their obligations should at some point have to liquidate and move out. It's tough love, but it's the only thing that will eventually fix the market.
I really don't disagree with your overall statements (the original one), but your tone is so damned condescending and self righteous that I almost puked on my desk
You are talking about friends of yours being able to live in a house for a year while refusing to honor their agreement. What kind of people would do that????
That is trying to get something for nothing, scamming the system bcuz it's overwhelmed exactly the greedy mindset that caused this whole problem in the 1st place.
(cont) NONE of what I'm suggesting is "scamming the system".
In fact, what I'm suggesting IS NOT going to the government and asking for a handout. It's facing the tough truth and letting the house of cards fall down as it should rather than plastering over it
What do you think the toxic assets are that our tax dollars are bailing out? They are mortgage backed securities that have mortgages within them people are defaulting on, every time someone defaults it costs the taxpayers more money so don't try and say living in a house for a year and not making a single payment is ethical and it doesn't cost the taxpayers anything. WE ARE PAYING FOR EVERY MORTGAGE DEFAULT.
I am aware of the big picture I assure you. I know the bankers are greedy & unethical, I know the FED is setting up a NWO type system & much of this was intentionally set-up by rating those risky securities AAA that doesn't change the fact that in order for a person to be whole they need to do what is right & be responsible for themselves & their families. Our constitution places great emphasis on owning property bcuz it is essential to be truly free. Don't belittle that.
and yet, knowing all that, you still don't see that people are literally BEACHED by these banksters...
the bubble was intentionally inflated and is now imploding/exploding in horrible ways.
I'm not talking about getting rid of property rights!
I'm talking about broke people being willing to admit it FINALLY instead of keeping up a facade of "pride" or "self respect" or whatever you wish to call it.
If you default or file bankruptcy it will be a decade b4 you would get another opportunity to own property (or get a loan to start a business etc) There's where you are enslaving yourself. Even once a bank considers lending to you again your rates will be obscene. It's just bad advice. What else can I say?
FHA allows a person who has gone through a foreclosure to buy a home after 3 years subsequent.
FHA allows a person to buy a home after only 2 years subsequent to filing a chapter 7 BK.
They only require 3% down and the rates are just fine.
I'm not advocating this--in fact, those policies are part of the reason I left the business!...it was too damned easy for people to get right back in the game who shouldn't have been there to begin with!
ISIS, one of the reasons you are resisting my message is that you are playing by the rules of the credit game. It's ok, but we are speaking different languages...
I don't owe anything to anyone. I have never even had a mortgage. I am only 29 recently married, no children. I have 2 credit cards I pay off monthly so I could get my credit score in the 700's bcuz the one loan I will make in my life is a home loan and I am only gonna do it once and pay it off. I am a day trader, majored in economics so I know my way around the block as well.
The end game of your scenario is middle class rents & the rich will own all the rental properties. Slavery.
LOL - you're a day trader and your lecturing people on ethics?? You don't think manipulaters like you in the market have caused people to lose their retirement savings. Greedy hedge fund managers, companies that invested like hedge fund managers (AIG) and commodity traders destroying the oil market, yet you have all the answers because you're a day trader??? WOW
Your comment is naive. I am sure your parents own stock, obviously you don't, does that make them unethical? I am no different that any other investor except I study harder & make way better decisions about where & when to invest. In your mind anyone who plays the market is unethical?
I love what I do. I would never do anything unethical & neither would 99% of the other traders out there. Only mega-corps swap derivatives, which is where this problem came from.
Just so everyone knows there are lots of different types of day-trading, different markets, different instruments & different methods. To have an attitude that only the rich should be able to pay people to make themselves money in the market is wrong & that's how it was for a LONG time. Now bcuz of the internet everyone of us has that chance to learn & have that same opportunity. Don't spit on the traders bcuz of the banks, in fact empower yourself & start trading!
Why do you think I don't own stock? I am talking about manipulating the market. I buy and sell based on real market conds All I am saying is a lot of this started to unravel with manipulation to the market, i.e. oil. Is there really a justification to go from $30/bar up to $147 and back to $30. There are so many manipulations to the market that it doesn't even react to the normal conditions anymore. It is not unethical to own stock, but it is to destroy the market because of GREED.
hey now...I've done some trading, too (currency--now THAT has been a wacky ride lately...!). trading is no worse than many other ways of earning a living. sure, there are abuses, but you can't paint all traders with the same brush.
I was a mortgage broker. I was a good one, but to hear the news people talk, we were all a bunch of criminals. not so.
I do get your point back to Isisarchist, though. She has been hitting me pretty hard today, but the conversation is useful, IMO :-)
Obviously not all mortgage brokers or traders are unethical & corrupt. I don't trade bcuz I am greedy I trade bcuz I am obsessed with news, information & technology and when you find something you are good at that's what you do :-)
Sorry for my hard-hitting style. I just want everyone to succeed, have some savings, and own their own homes one day free & clear & be able to retire in security.
I'm all for making moneyI just think its unfair that a few top exes are pulling the strings for most of what goes on. Are all bankers bad, traders bad, etc. of course not. And I dont think that 1 individual trader like yourself is a problem - I've mde many trades in my OWN account. My problem is the hedge fund manager that gambles with $50 bill of hard working people's money. Unfortunately although they may be only a FEW, they have the power (just look at the market) to destroy everyone else
I agree, I have made a lot as a mortgage broker too here in FL. BUT for every 10 ETHICAL brokers like me (I sleep very well at night), there is one very bad one. Unfortunately, the negative stories are what sell. So it has created an atmosphere that we're all crooks That's why I got completelty out of the business . Anyway, I think we're all just frustrated with the current crisis. Ultimately we just need to take care of our families and hang on; people will do it in their own ways.
Then what about Credit Default Swap and derivatives markets. The debt associated with these were created by little people trying to flip houses ? Once again no tax dollars involved only printing press generated debt. You need to aim at the cause of the problem not the symptom
You have a gift for logic isisarchist. Thats like saying you should drop your car insurance & take out the air bags because good drivers shouldnt be getting in accidents in the first place. Bravo you have the intelligence of a brain stem.
I think someone I knew said "Pride doesn't do any good if you are dead."
Clearly what Awaken is talking about is people who need to feed there families rather than pay down on something the obviously can't afford and should focus on paying needs rather than wants. I would say feeding my family would take president over my self centered and almost always foolish pride.
> I just want to follow up & ask where is your pride?
pride comes before a fall.
>Your answer is to suck the government teet for MY tax dollars.
there are no tax dollars. It's printing press generated debt. Works ok for Merrill Lynch. What is the difference ?
>you should be ashamed
Did you have a lousy childhood ? I think you need to stop siding with what you perceive as the most economically powerful sections of the community. Have you ever experience compassion or contrition ?
I think Jacob is giving sound advice. I'm so sorry for all of you who bought a house recently and are trying to do the right thing and make your payments. I just read the story about the Merrill exec who got a 33 million bonus. (This is the Merrill Lynch you all helped bail out.) I read stories like this every day. Please people, do what is best for yourself, because the Fed and the Government has completely set you up through their incompetence.
SO 2005 LOL Once you get past the anxiety of worrying about your credit and having collectors call 20x a day you'll be fine. Flea markets are an ok way to dump a bunch of stuff, pennysaver and craigslist. God wants us ready to travel light.
Could this not be a bit dicey Jacob ? Do they not have the power to eventually repossess your home ?
Dont you think that eventually they will get around to your friends too ? Id say they are pretty busy right now repossessing other homes.
Im not from the US and i know its about your economy but here in the UK/Ireland they can act very quickly. Court proceedings usually start within 5-6 months. Im not sure how long the court proceedings take though.
If you watch all the way to the end and/or read the article, you'll notice that most of the really big banks are not even initiating foreclosure proceedings right now.... they are filing the appropriate notices, but they are giving "stays of execution" almost indefinitely.
ONCE AGAIN, this is NOT advice for folks who are already solid financially--good jobs, plenty of liquid cash reserves, low debt, low expenses.
me and my wife are falling behind just staying at a couple months behind and keeping the money on hand just in case the bank crashes or something like that at least we will have a couple thousand on hand
a couple of thousand MAY be sufficient cushion when everything is rosy andjobs are easy to come by. right now...not enough.
not trying to scare you, but wake up....sell any of your stuff (electronics, extra appliances, ATVs, snowmobiles, etc) if you have it. Get as liquid and as light as possible
No doubt, that its a tough decision for a man of character not to satisfy his financial obligations, but he must look at the larger picture & realize that his familys well being & security is infinitely more important than his FICO score. This is a time of survival.
Im sure that is good advice. Its not in my nature to stop paying so I have been trying to get my bank to restructure my mortgage but they are not being very cooperative. If push comes to shove yes I will stop paying rather than not feed my family.
OF COURSE It's not in your nature! That's why I made this video with some very direct advice. Bottom line...don't drain all your other resources to hang on to a mortgage that is attached to a crashing asset.
Again, my advice is NOT for people who have plenty of money, a good (secure) job--what ever the hell that means right now--and little debt/expenses. If someone is in that good place, keep it all rolling.
Many are trying to "do the right thing" and it will end up killing them
I noted you specified that you are talking about bank financed mortgages only, right ? Someone with say a Rural Development Mortgage shouldn't try this because it won't work. Such loans are from the Federal government and enjoy the limitless money making power of the Fed. So even if forced to walk away from such loans the Government will haunt you for the rest of your life with such measures as pay roll leans, and tax return seizures etc.....
hobo59 1 year ago
Hi Jacob,
Fantastic advice and I completely agree with you. In fact that is what I will be pushing soon when I have my demonstration. I want to push for social responsibility and our American citizens come first!
Forget their bills if every last dime is going to these overbloated companies, our citizens must focus on self-preservation.
Kudos for saying what needs to be said!
Bilal Qizilbash of Hawthorne Capital Corp
Hawthornecapitalcorp 2 years ago
Never spend your last few dollars on a fish..go buy a fishing pole.
jsmythib 2 years ago
I agree this is not the best advice, but it sure is a smart move IF a job loss occurs. Anything you do will only delay the inevitable. Best to cut your loses and move on. No matter how you look at it, the impact on your family will be the same, you gotta leave your house.
vidmakr 2 years ago
For those who soon face foreclosure; file the paperwork with your local judicial system, to force your bank to "produce the note". The letter of the law in most states requires that the person or entity that is demanding payment of debt / loans produce the original signed paperwork. Since so many mortgages were spliced and resold, most of the original paperwork has been lost, misplaced,destroyed. This may save your home, or at least delay the whole foreclosure process. Fight the banks!
comokate 2 years ago
How would this save their home?
DoctorMeh 2 years ago
Some local judges are sympathetic to homeowners ( particularly if they are up for re-election); by following the strict letter of the law, they will rule in favor of the homeowner , instead of the bank, if the original signed note of debt cannot be produced by the creditor ( the bank).
comokate 2 years ago
He says you can stay in your house up to a year without paying mortage if you lost your job, and have to feed self and kids. makes sense to me.
It's called prioritizing, you can rebuild your credit after the bankruptcy, and so on.
Northwichita 2 years ago
yes. thanks for seeing it with that level of objectivity. that's exactly what I was saying.
truly, a person who ISN'T in this situation should just stay the course if that is their choice.
Many people, if they can get out of their home clean right now, should do so. Rent inexpensively (LOTS of extra housing on the market...glut of building, etc.) pay off all other debts, save money, live sensibly within means.
Pretty simple formula for peace of mind, really!
AwakenSafely 2 years ago
This has been flagged as spam show
Over 650,000 jobs lost last week! 12.5 Million Americans are currently unemployed! Stop looking for a JOB! You need to start thinking outside the box! There is an amazing, RECESSION-PROOF business you could start for as little as $100! Stop waiting for opportunity and start creating it for yourself and others! Watch my videos, then Take Action TODAY!
jazyskowski 2 years ago
The government can not put 300 million Americans in jail. Seems this can only work through a coordinated effort national.
But does the will exist?
RvNYC 2 years ago
So if we all do this, then what happens?!
ghostseeker1 2 years ago
Don't stop paying your mortgage payment. Try to refinance if you can, but try to make your payments as long as you can. Get out of the rest of your debt, reduce your outflow of cash, and make extra payments, if that's possible. Stopping your payment is simply going to add fuel to the fire our economy is currently experiencing. In the end, if you have to leave your home, then do so. But don't do it prematurely. If you can stay in a safe & secure home, stay in it as long as is possible.
veritasfiles 2 years ago
If you think about how much interest you eventually pay on the home, yes absolutely, every person is paying more for their homes than they are worth, I'm no exception. What is nice for me is that I split the cost with my tenants. But, that is not to say it doesn't have it's drawbacks, nor that it is even secure in and of itself. I do plan to refi though, get that payment down.. It would help tremendously.
HomesteadProvocateur 2 years ago
this is not good advice talk to your lender and work out a payment plan...if you stop making your payment your credit is affected and you are part of the problem...housing prices will go back up say in 10 years ...I repeat do not listen to this advice ...legally speaking!! Find yourself a good lawyer if you don't believe me...
dorrielove 2 years ago
It's great advice. I've lived without credit for 12 years and done great. My only regret is that I did not take the banks for a few million more LOL. Lawyers and bankers are suckers do your own thing - be a law unto yourself. Take any action that destroys the banking system. We are millions of time bigger and better than them. They destroy forests, animals, people now is payback time and not with money just thin air - like the money system.
darchorse 2 years ago 4
So basically "refinance" mortgages because people made a BAD BET on housing prices... so basically SOCIALIZE GAMBLERS losses!
There is a difference between LOANING wallstreet money to make loans to responsible people rather than give money back to retards that think they should get money back for bad bets!
Screw you OBAMA!
jabberwolf 2 years ago
My sister and brother in law, never work , they just fraud everybody they see, IRA, insurances, client,s family and friends. They bougth their houses with no downpayment, got loans out and spend it and vacation with it. Now they are going to be bail out....by the honest hard working people. That by they way have lost half of their life income with the crisis. It tells me that being a lazy, unhonest and a smart talking lier is the way we have to be in order to get rewarded..
SilverRose09 2 years ago
well...you've posted this comment on three separate videos of mine :-) looks like you want this message to be seen for sure.
I have a hunch that you really don't believe that last sentence, though. Do you?
I don't!
AwakenSafely 2 years ago
I don't believe it either. I have growth up with very good values and strong foundations. I have always believe in fairness and goodness.
SilverRose09 2 years ago
yeah, I didn't think so :-)
thanks for replying.
so, having agreed on that...how DO you believe an honest, loving person should navigate the craziness right now?
AwakenSafely 2 years ago
pay your bills...remember all those papers you signed when you bought your house? Well legally they will come after you if you don't pay. Find a lawyer if you don't believe me.
dorrielove 2 years ago
Cops do not like to force people (esp families) out of their homes. They, (for the most part) see themselves as good guys. In the end they are the ones who have to force you out, they are the ones with the guns, lets start putting the pressure on them. Squat in your own house, there was a congresswoman who suggested the same thing.
mtlsoul 2 years ago 2
Now the problem is much bigger then people not being able to afford the adjusted mortgage increase. People everywhere will loss there jobs becuase of these types of problems, they should have just let the banks, AIG and so fall so that the markets can build it self back up, but now it is getting much worse, all they can do is print money and increase the nation debt until we become the new China, working for slave wages. People can only take so much. Everyone please prepare. Peace and Love
1ShaolinStyle 2 years ago
I understand, I also was in the mortgage industry. From mortgage loan counselor, loan processor, loan officer and I even worked in the forclosure department. I saw this comming years ago, when the Fed and all the banks allowed these crazy loans go through. A lot of people say they should not have gotten that loan, that may be true, but it was the banks that allowed it to happen. They knew exactly what the risk were and looked the other way while they put more money in there pockets....
1ShaolinStyle 2 years ago 2
Your point?
If a casino says no sweat... you'll be fine.. and you bet the house... literally... do we all owe your money back because youre a fucking idiot?!
HELL NO!
jabberwolf 2 years ago
Sometimes you can take the foreclosure to court and the Bank cannot prove they still own the loan, it has happened now the judge's are starting to throw out some cases because the banks packaged and sold the loans so many times they can't prove its theirs.
12 percent of mortgages are late or in foreclosure right now... and now commercial real estate is going bust but they'll still asking for massive amounts of money for commercial real estate.
mrcool011 2 years ago
I dont get this mentality. I just dont get it. Where is the advice to sell your car and take the bus, sell your jewlery, clothes, toys, furniture, technology, anything you have in your house that you dont absolutely need. Anyone who bought a house and now cant afford it made a bad decision and now needs to live with the consequences. Following your logic people should stop paying for everything they have on credit. Why stop at the house? How about credit cards, cars, boat loans. TERRIBLE ADVICE!
BeContrarian 2 years ago
nice to see you back--even as a critic.
you clearly DIDN'T read the comment where I suggested exactly that... :-)
welcome back
AwakenSafely 2 years ago
Pay those that loaned you something. The banks loaned you credit created out of thin air. Pay them back with thin air. All banks are fair game. The only mistake you can make is if you take them for less than everything you possibly can preferably in the millions. Get as much credit as you can, buy silver/gold bury it somewhere safe and go bankrupt. Play their game - they are criminals. Declare banks and bankers fair game - they truly are the scourge of the earth.
darchorse 2 years ago 6
Aren't the Chinese pissed at us because we owe them so much money? Would they send in foreign troops to this country to quell riots because of the financial crisis? Would Obama allow that? So if I don't pay my mortgage don't they have a legal obligation to kick me out? Would Obama take away our guns so we can't defend ourselves from these foreign troops from China who will kick us out of our homes, maybe even kill us, so they can move in their own citizens?
MEATST0RM 2 years ago
quit making your payments. buy an ar-10 body armor a molle pack and soldier up!
lol after the collapse you can just live in one those wall street guys castles, you know, the ones that caused all this shit.
llshamelessll 2 years ago
great idea. don't pay anything owing to a bank - cr cd loans etc. nothing! At the end of the day no one owes anything to anybody!
darchorse 2 years ago
Exceptionally brave of you to broadcast that message. It's no surprise that banks aren't foreclosing--because if they did and then have to sell in foreclosure, they'd basically screw their whole portfolio. Right now the banks are trying en masse to get people to mod or refi so that they don't have to admit loss in value. Meanwhile banks are getting bailouts and the tax payer and simply not pay. We'll see how long this charade will last.
dabruin2 2 years ago
After reading through every comment (there are a lot for a new vid!) one thing became clear - 90% of people agree with this video, and 10% are in angry disagreement with it... and possibly violent. The racial slurs are pointless and really aren't going to change anyone's mind. I'm glad you blocked him. But most people agree with you and I think you (Jacob) should relax and not feel so defensive. This is your position - stick to it! I agree with you and will point others to your videos.
drutter 2 years ago
good perspective and I agree. wow. Usually I can stay a little more detached from the comments, but this one got heated today.
Thanks for the reminder and for your friendship...
Let's keep the conversation going.
regards,
Jacob
AwakenSafely 2 years ago
Forgive this 4th posting. I just wanted to commend Jacob for this video. We Americans are a proud people. We want to follow through on our commitments. However, there is a time when the best thing is not so obvious. So to all of those who are struggling to make this hard decision. Take comfort in knowing that these circumstance are not ordinary, and you may need to do the unthinkable. And to Jacob, good video. A bottled water "cheers" to you for this one.
iamgabrielf 2 years ago
thank you! appreciate this.
AwakenSafely 2 years ago
Jacob:
You DO sound a little stressed today- hope it gets better. You're a good guy for putting this out for those who need it. If they're in that situation, they could find themselves homeless if they're not careful.
tinafiedler1 2 years ago
not stressed--except for perhaps trying to over-explain and trying to be sure people understand what I'm saying rather than just reacting to a kind of uncharacteristic message from me. either way, though, thank you! :-) I appreciate your friendship
AwakenSafely 2 years ago
Another perspective #3. Banks don't actually lend money; they lend credit. IOW, they create the money that the home seller recieves in escrow.
It's called fractional reserve banking. A bank can lend 9x what it has in its vaults. So the money they lend does not really exist. It is a future promise to give them your future earnings.
Caution: If ppl did not pay off their loans, there would be massive inflation. That's the catch. But we are in a time when there r more imp things.
iamgabrielf 2 years ago
Another perspective #2. Banks purchased insurance when they invested money in your house. This insurance is called a credit default swap. As the value falls, their insurance rate rises; even worse, their insurance down pmt rises too.
When a judge lowers the value of ur house, some contracts adjust this as well. So, by having a judge legally lower the value of your home, the bank can sometimes dodge a bullet as well.
iamgabrielf 2 years ago
Well said F-youGeorge.
I totally agree with you.
TheRedPriestofVenice 2 years ago 3
Another perspective. By putting yourself in a stronger financial position with a cramdown, u actually helps the overall banking system: As the economy falls, fewer will afford payments, thus more foreclosures. If you become part of the crowd that can bear the collapse, the banks are more viable; albeit they are less profitable.
Therefore, taking a long term view of mortgage pmts sometimes demands that you take a little pain now, rather than a lot of pain later. That goes for you AND the bank.
iamgabrielf 2 years ago
Mortgages-- the king of all adhesion contracts.
When the "bank" finally comes to foreclose it ices the contract with TPTB. They will own all at that point-- the home, the land, and you (even more than it did before)!
[insert here: evil hand-wringing gesture by dark shadowy figure proclaiming "Muhahahaha!"]
CredoVeritas 2 years ago
I couldn't find the "bad advice" you said this would be. It all seemed like very good advice, actually. My guess is that you said it's bad advice in case anyone blamed you for something they did, or whatever. In any case, great video, something to definitely think about. It's not EXACTLY my situation, but it resembles it, and the article is a good read.
drutter 2 years ago
thanks, Drutter :-)
some of my comments are CYA for sure, but I just want folks to know that not EVERYONE should take this advice.
thanks again
AwakenSafely 2 years ago
Using savings to pay mortages is not a solution, you have to keep cash buy for future emergencies.
If debts are not possible to pay, cut to the chase, declare your self bankrupt. It will take the pressure off, and give you a space to regroup your options fro survival long term.
Being realistic and honest with yourself is the only way to go, as hard as it may seem. (Things are NOT going to get better in the immediate future, despite the hype from the media, who being told not to panic folks.
willybizz 2 years ago
well said! that's what I'm trying to communicate, too.
thanks, WillyBizz!
AwakenSafely 2 years ago
What is the average interest payable now on mortages today?, could you just pay the interest, and put the balance into a investment,( or insurance policy) hence profits may go towards initial loan. or is that a impossible scenario.
e.g. a endowment for the length of orig mortgage balance.
If the amount owing is overwhelming, consider going bankrupt and rent somewhere else. otherwise you will never own a house, but pay many times for it.
Its tough, but the outcome determines your family's future.
willybizz 2 years ago
willybizz
good points. Also, I assume you know that I am not in question personally on how to proceed?
It sounds like you are asking a more general question.
I was a little concerned after "jacobthewhiten*****r"'s comments that folks might think I am trying to figure out what to do personally or calling for some kind of help?
Let me state categorically that is NOT the case :-)
Aside from that, I don't know if understood the first part of your question/comment very well...explain?
AwakenSafely 2 years ago
Jacob, I appreciate your honesty on this topic. If tax payers are having to foot the bill to bail out these banks than I think it is perfectly fine to miss a few payments if it means keeping food on the table. Please don't take to heart any nasty comments you may receive. To anonymously insult a person is at the top of the list of cowardly things to do in life. Please consider the source before taking it personally.
carp1844 2 years ago
thank you. honestly, I'm not posting this clip as some kind of "oh, poor me" thing at all. In fact, besides mentioning that I am upside down in my home (I'm there with about 8 MILLION other homeowners in the US alone), I didn't talk about my own situation at all.
this is just about survival strategy. pure and simple.
Thank you very much for your kindness and support. does mean a lot!
AwakenSafely 2 years ago
I thought you were a good guy Jacob but I was fooled. Even if you felt this way you should have KEPT IT TO YOURSELF MAN. Since you didn't, I am sure the e-begging will come next.
JacobTheWhiteNigger 2 years ago
needed the laugh
no e-begging though.
AwakenSafely 2 years ago
but I am going to block you, dude. I don't go for your screen name. sorry.
AwakenSafely 2 years ago
Look what we have here ladies and gentleman! Another George4title desperate and broke crackpot Youtube advisor. Since when does a broke person that lives in his fathers tent or a man who is under water and barely has enough to feed his kids get so much clout and 5 star ratings?? I guess considering the state of our country that is almost to be expected, everything is fucking ASS BACKWARDS. Especially when Jacob Nordby turns into a nigger you know the end is near people.
JacobTheWhiteNigger 2 years ago
sweet! wow....
AwakenSafely 2 years ago
As it is rightly said money is the root of all 'EVIL'.
To get by in this World we are FORCED to earn a 'LIVING'.
To earn a 'LIVING' means to earn MONEY.
To engage in LIVING, or to be FORCED to earn MONEY, is to have to 'LIVE'.
LIVE backwards spells what? 'EVIL'
To be 'FORCED' to 'LIVE',or earn MONEY is 'EVIL'.
This is a system (of slavery), which has been planned and implemented over many hundreds of years, for the benefit of the FEW.
The MONEYLENDERS
NowisEvollovetion 2 years ago
But the quote is "The LOVE of money is the root of all evil"...
But yes, the fractional reserve banking system and the Fed are the problem.
Honest money! Restore the Republic! :D
brizzlie 2 years ago
brizzlie,
I have never heard the statement said in that manner, nor have any of my work colleagues, whom I have just asked.
That is a new one on us, it is certainly not said that way in the UK.
Best wishes.
NowisEvollovetion 2 years ago
I'm not a Christian, but the quote comes from the bible. A quick google search reveals...
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows." -Timothy 6:10
I'm very interested in wealth and prosperity, and I have encountered this misquotation many times. It's very common.
Best wishes straight back at you! :D
brizzlie 2 years ago
We both know it is the MONEY-LENDERS, who have over a very long period of time, worked so hard to enslave us all.
As they control and issue the DEBT/MONEY, so they also control our labour for many years into the future.
As young children we are taught to WANT, it is this WANTING of things we do NOT really NEED, which keeps most of us DISCONTENTED, and up to our eyeballs in DEBT.
The illusion of WANTING is what is behind the imaginary idea of PROGRESS.
Progress towards 'WHAT' I ask.
NowisEvollovetion 2 years ago
I think there is a lot of this going on and MUCH more to come. I know people struggle because they feel it's unethical..just like Merrill Lynch Execs making a $10mill bonus for running their company into the ground. There is no "corner bank" loyalty anymore. WE are tired of being screwed - the price? Banks will LOSE BIG. Credit cards are just as bad as houses - personally I say default on credit cards first - then your home. nice video
aw3212 2 years ago 2
thanks for the post, glad I found your channel
sheiki22 2 years ago
i made that decision bout around the time of the sept 08 bailouts
psbyowner 2 years ago
What I want to know is this.. why is nobody talking about CREDIT CARD DEBT, and predatory lending on CARDS??? Hellooo... heck they were givin' 'em out like sticks of gum, seemed everyone has at least 3... what about those interest rates?! One card I'd mail payment in 3 weeks ahead,and they still tried to say I paid late and jacked my interest rate, it was crazy!They all do it,in my experience!Total racket!This is crazytown!Stop the ride,I want off!!
We've been duped... robbed even..sigh.Sad.
Truthseekr07 2 years ago
Did you watch my video yesterday? I talked about it!
AwakenSafely 2 years ago
If youre upside down on your mortgage and unemployed and you still have money in the bank, then absolutely you should stop paying your mortgage. If the bank forecloses, demand that they produce the note. The bank may have difficulty in producing the note, and this will delay the foreclosure. By the time the note is produced, maybe you will have found a job. But most likely you will have not, so be prepared to make alternative living arrangements.
donharlan1 2 years ago
Here is another channel that also shares this type of information if you are interested:
jberni1
elboertjie 2 years ago
well i go to work assuming that my pay wil be buying 10 loaves of bread at the end of the week ,but lo and behold, i can only get nine ,somebody is robbing my wages ,so what goes around comes around.
They manipulate inflation just so that we people get %$#.Play the same game they are playing with you ,besides all that money was made out of thin air ,pay them with the same.
tiroler537 2 years ago
We have fallen one payment behind on our equity loan because of back surgery I had in October. Yesterday, A Chase rep came to my door to see if we wanted to work out some arrangement to lower payments and such.
We are still above water on the mortgage but, I get a feeling not for long. What do you make of this visit Jacob? Banks getting desperate? Thanks!
g2000m 2 years ago
definitely getting desperate.
if you can keep going and you aren't under water...then do it!
I'm not telling EVERYONE to walk away :-)
Yeah...banks are getting desperate
AwakenSafely 2 years ago
Thanks Jacob. I just found it odd that they would go "door to door" and when we called the bank they did not understand why someone from the bank had come to the house. We called the person that left the information and they never returned the call. Might of been a mistake/scam of sorts, strange days indeed!
g2000m 2 years ago
very well could have been a scam! does sound weird!
AwakenSafely 2 years ago
Good! Break free from the system, credit is just a way to enslave us. Break FREE, live wisely, less dependent, a truer, happier life. If you do not have cash, do not buy, period. Teach your children to be free as well, you owe them this simple teaching. It's the best gift you can give them. Ever! Bye, I gotta go, but again, peace and smiles.
yeahSHEROCKS 2 years ago
bless you.
you're right.
get out of the credit game!
I gotta go too for now.
blessings
Jacob
AwakenSafely 2 years ago
Pride, pride, what a beautiful word! "pride, pride, it's all pride, above the earth and below the sky!..." This is the reason, it's because of PRIDE that we are still in this discussion. You know it's true, do not lie to yourself. If we are scrubbing toilletes to prove a point that we have pride because we are doing that for a higher cause such as putting food on the table but at the same time we are hurting ourselves because we are not fighting for our rights, then this pride is lost. Peace...
yeahSHEROCKS 2 years ago
Housing prices are way over inflated because of the easy money policies of the Fed and now prices should come back to earth based on the free market. Now the goverment wants to keep me out of the market by keeping prices artificially high.
aquapurity 2 years ago
I'm an apartment renter without a kitchen table or a dishwashing machine or a washer/dryer etc. I've paid off my debt over the last 3 years. So the idea of someone being in a house they can't afford because they over leveraged themselves not making payments for a year is completely unfair.
aquapurity 2 years ago
I'm not suggesting that they "be in a house" for the long term. that would be wrong and it's pretty much what Obama is trying to suggest....."just help everybody stay in these houses".
Baloney!
Let broke people admit it.
Sure they'll stay put for a little while, but eventually, they'll move out and into smaller, more affordable quarters.
It's the propping up of the whole damned mess that will only prolong the suffering.
mark my words, friends!
AwakenSafely 2 years ago
Isis my friend, i know what i'm saying, I've BEEN there, I've DONE that, schooling isn't everything, does not make anyone wiser than anyone necessarily I agree, but again, I know what I am talking about. I'm pro-pride in life by doing all you can (limited, off course) to put the food on the table, but one must fight for his/her rights as well to serve as an example to his/her youngs about the meaning of freedom and honesty which should start from the top down, as "to lead is in fact, to serve".
yeahSHEROCKS 2 years ago
Unethical!??? The banks and Wall Street are the malign unethical lenders and manipulators. Just do the pay and chase mehtod, pay one month, don't pay for three, you could probly stay in your home for 3-4 years stretching;? then declare bankruptcy. Maybe my friend here can explain something like the pay/chase game better. Yeah I made up the title but I never done it bu I have talked to people who lived in there homes for about 15 months while defaulting. The banks are deceivers remember that!
Arginine88 2 years ago
hmmm. its ok to make the payment when the home is apritiating but when the home is losing equity just stop paying? Im not sure what the answer is, but you have to take care of your family some way. I think its better to just move out. if you cant pay. I dont think its fair to the rest of us citizens who make the payment each month. On the other hand, what good is an empty house? not providing shelter for anyone? this is a very difficult thing.
99cachorro 2 years ago
it is very difficult.
I don't think that we can see the current situation (temporary though it is--ALL things come to pass, after all) through the normal "belief window".
In other words, I am just going to assume that most people watching my videos would normally pay their bills and stick to their obligations no matter what.
Right now, the rules of the game are shifting dramatically....
that's the kernel of this.
the rules are shifting.
AwakenSafely 2 years ago
i lost my job in july last year my wife works out of our home and we take care of an elderly lady and we still make our house payment but we are staying a couple months behind because a couple thousand may come in handy when the banks crash i am prepared for bad times here i have stocked up on food my family could eat for at least a year people need to quit keeping up with the jones down the street but i am affraid its to late for that now
rumpelstillskin65 2 years ago
Ha, and I would not scrub toilettes or wait on tables or flip burgers to make few miserable bucks, why should I? Why did I spend so much money and dedicated so much time going to school? In this matter, the system failed me, I did not fail the system, I do not owe anyone anything, I do not have to feel guilty, nobody in the same situation should as well. By flipping burgers I am saying "you are right and you win". Sorry, I may sound unreal, but I know that I am not totally wrong on this.
yeahSHEROCKS 2 years ago
Why should you? How about pride. There is pride in flipping burgers to take care of your family and obligations. You think bcuz you went to college you are above manual labor? Someone owes you a cushy job bcuz you are educated?
Systems fail, bad things happen and that is how character is formed.
isisarchist 2 years ago 3
PRIDE is part of the problem, Isisarchist.
I say that gently to you. but it's part of what got America in the mess.
AwakenSafely 2 years ago
The pride I speak of is self-respect not vanity.
isisarchist 2 years ago
well, I want you to know that, in spite of my comments earlier, I am happy to have you join the conversation.
This topic IS controversial and it SHOULD be.
keep commenting.
let's see what develops.
I think it's all helpful as part of everyone figuring out what their own right response to the situation should be
AwakenSafely 2 years ago
My comments may seem harsh but I have my reasons which, although normally I would not I will share my personal experience, my parents started going to the casino after they retired, long story short, their house was foreclosed on (this was 10 yrs ago) and they lived in a nasty hotel for a year. My brother ended up giving them his house bcuz no one would lend them anything. It nearly destroyed them. To let your children see a mistake so ugly well lets just say I learned alot about choices & life.
isisarchist 2 years ago
wow!
yeah, that will leave a mark.
my parents never owned a home while I was a child. We moved 13 times (later I learned that several of those were basically evictions--although we didn't know at the time).
I stood in lines to get government commodities--cheese, powdered milk and peanut butter...
I've seen the harsher side of life and I've been an entrepreneur with big visions.
I DON'T have a college education and I have always worked unbelievably hard.
AwakenSafely 2 years ago
(cont)
I've built businesses up from the ground with nothing more than a little bit of money and a lot of grit.
You guys...anyone who thinks I'm just suggesting that we all just cave in and give up...that's NOT my message.
I've delivered pizzas and worked at Hardee's before. I'll do it again if I need to.
My message on this video is all about basic survival tactics in a truly unusual time
AwakenSafely 2 years ago
Ouch, ok your story is way worse than mine, at least I was already out of the house.
Took me 8 years to get a 4 year degree since my parents were bankrupt & I had to work my way through & in the end I didn't even need the degree to do what I love, so college is overrated, especially nowdays.
Big visions usually take big credit, are you sure it would be wise to flush it down the drain bcuz the banksters are ass clowns?
isisarchist 2 years ago 2
the problem with big credit is that in a big downturn...sometimes a person has no choice but to pull the Big Plug. sucks, but sometimes the choice is better made sooner rather than later.
anyway. thanks for your converation today. I am happy to have the controversy. Your point of view is valid even if we don't agree.
keep talking? ;-)
AwakenSafely 2 years ago
I can chat all day I am multi-tasking: watching my trades, reading news, posting here and watching cspan.
isisarchist 2 years ago
Speaking of ass clowns I am watching Geitner testify right now lol
isisarchist 2 years ago
booooo! yes, he's a very assy one LOL
AwakenSafely 2 years ago
I am very sorry to hear your story - believe me, I understand what its like to have a parent that is out of control. All I will say is there are a lot of GOOD people that are having very BAD times. It doesn't make them bad people. I think the majority of people would pay off everything they had if they had the means. For a lot of us; we 're simply out of options and are looking for a way through, not a way OUT a way through.
aw3212 2 years ago
I'm guessing that if you find yourself starving to death, you would lose all that pride.
I understand your thought process on this, but sometimes life just doesn't work out that way.
If you feel that you are too educated to do something beneath you, then that is of course your choice and you will have to suffer the due consequences for your pride.
There are many people out there, much more educated than yourself, who would give their left nut for a toilet scrub brush job right now.
scutter4christ 2 years ago
Scutter and Everyone...
part of the problem goes back to what Peter Schiff and others have been saying for awhile.
the jobs we keep talking about (menial) like McDonald's or toilet scrubbing...those are all SERVICE jobs, not PRODUCING jobs. So, American has lost a huge percentage of its productive capacity and eventually the service sector dries up.
Nothing wrong at all with scrubbing toilets, but that don't fix the problem in the big picture
AwakenSafely 2 years ago
My hypothesis is that in the NWO America's "place" is handling investing, insurance and pharmaceuticals. We will never do manufacturing again especially with the carbon taxes coming.
isisarchist 2 years ago 2
Scutter, Peace, do not get angry, as I had said, I've been there, I've done that, trust me, I am the humblest person you would ever meet in your whole life. But you can't say that how educated I am or not because you don't know anything about me. Anyway, I understand your anger, u may be going through hardship and u think my ideas are arrogant. We may be lost in translation, it's OK. I just believe that we must not be passive in all of this, we must fight to be heard, so things can change.
yeahSHEROCKS 2 years ago
Right Jacob and I am not disputing that.
I was just replying to SHEROCKS because I thought the comment they left was pretty arrogant.
The middle american mom or dad out there trying to feed their kids isn't worried about service jobs vs producing jobs. They just want to be able to feed their babies.
Sorry, it just pisses me off when someone thinks they are too good to do something they feel is beneath them, even if it means survival.
That kind of Arrogance is the worst kind of extravagance.
scutter4christ 2 years ago
yeah...I get what you're saying and I don't disagree.
I've never been "too good" to do any kind of work--and most of my life has been spent in some end or other of the service sector.
thanks for being part of the conversation
AwakenSafely 2 years ago
i agree with most of your videos but not to sure about this one i have lived my life without car payments or credit cards and purchased my home on contract from an individual i live within my meens i understand that people do have problems but my opinion on these people losing there houses a big part of them got there on there own with all there credit cards and new cars and bank loans and sorry but i dont fell sorry for them they should lose there homes its not my problem to pay there way
rumpelstillskin65 2 years ago
I don't feel sorry for any of us.
you did the right thing and you should be proud of that.
seriously, I'm not suggesting anything but a massive reality check for all those Americans who having lived overleveraged, pampered, credit card lives for decades.
THEM not you :-)
thanks for joining the conversation
AwakenSafely 2 years ago
Jacob is right, for those who have lost their jobs and cannot find another one, it's time to stop and think of plan so not to become one more (or one more family) joining the "tent city". Hey, it's easy not to understand this type of conversation when your life is good and all is well, as there are many people not affected by any of this, but for those who are going through this (especially the guy in the middle-middle class, not excluding the lower ones), they know exactly what Jacob means!
yeahSHEROCKS 2 years ago
I Stop paying my car 3 months ago. there all like pay us! i'm like, make me! and how?!.. there like, please pay us.. we give u a gold star!? i'm like, ok then no times 2!
they haven't taking my car yet. and i'm still waiting. i only owe like 8,000 but there after me after not having a job in 4 months.
Screw the BANKS!! for Screwing US!! where is my bail out!?
CarLiTosWay117 2 years ago 2
Gutsy.
I lost everything 15 years ago and it took me ten years to pay off my debts.
Not sure I'd be willing to go through that again.
slobomotion 2 years ago 2
wow, tough times call for tough decisions. Like Jim Rogers is saying become a farmer! or Start community gardening. Wealth in potatoes, corn, and the like, or rabbit farming. The massive food distribution network should break down too, though I guess local militia may have to be formed to protect the crops and communities farming them. at least your families will have food, and a sense of community should develop, and then a local economy based on the barter system, like in the depression
Thunderwavia 2 years ago
Anyone who can make their mortgage payment should make it bcuz they signed a contract. No one forced people to buy/re-fi when prices were at their HIGHEST, I didn't I am still waiting for the bottom.
What you are suggesting is so risky, maybe one bank is taking a year to repossess but others may not. Everyone should have 6 months of expenses in cash set aside in case you lose your job & if you didn't you had no business buying a house in the 1st place.
The stupidity of people amazes me.
isisarchist 2 years ago
nice for you to be so smug with this comment. lots of hurting people out there and THEY are who I'm speaking to...not the self-righteous, arrogant bastards who have nothing but judgment and criticism in their hearts.
AwakenSafely 2 years ago
PS...IF someone CAN make the payment, they should. I do agree with you there. the trouble is, lots of people are still making the payments even when they CAN'T.
AwakenSafely 2 years ago
Get a second job, do whatever it takes to do the right thing. Don't tell me you can't get a job waiting tables or flipping burgers. You just want out bcuz you don't wanna pay the payment you agreed to pay. Call me smug and arrogant I SAVE money bcuz bad things happen and I would never let my family down like that. I would do ANYTHING to meet my obligations scrub toilets, mow lawns whatever.
isisarchist 2 years ago
we need to stop this part of the discussion because YOU aren't the folks I'm talking to. YOU have money saved. YOU aren't overleveraged badly. YOU don't have runaway expenses.
YOU are very smart (and I really mean that). Congratulations. I am not being sarcastic.
Just know that many folks are not in a situation that will be fixed by mowing some lawns or flipping some burgers.
also, go try and apply at McDonald's or BK right now. HUGE stacks of applications from
AwakenSafely 2 years ago
formerly well paid folks who are desperate to do whatever it takes.
Believe me, isisarchist, I held off on this particular advice video for a LONG time because I wasn't sure we were in this big of a mess. Well...we are
AwakenSafely 2 years ago
I'm glad you are able to do that - but the truth is 6 months is not enough in this economy. Say someone is making $50,000 a year and loses their job. You're saying get a job scrubbing toliets - ok that pays what $8 an hour - say you are a hard worker and can do it for 60 hours a week X 52 = $24,960. Great half way there, now what? OH, I know, it is my fault I lost my job. I sure hope your job continues my friend.
aw3212 2 years ago 2
I just want to follow up & ask where is your pride? I would never default on a contract I signed no matter how duped I thought I was cuz in the end it would be my fault for entering into the agreement in the 1st place.
Your answer is to suck the government teet for MY tax dollars. You should be ashamed and you obviously had nothing set aside in case of emergency which is so irresponsible. I could never be the kind of person you are.
isisarchist 2 years ago
not so. I am not suggesting that IN THE LEAST.
if you've watched ANY of the rest of my videos, you know that I believe that those who can't meet their obligations should at some point have to liquidate and move out. It's tough love, but it's the only thing that will eventually fix the market.
I really don't disagree with your overall statements (the original one), but your tone is so damned condescending and self righteous that I almost puked on my desk
AwakenSafely 2 years ago
You are talking about friends of yours being able to live in a house for a year while refusing to honor their agreement. What kind of people would do that????
That is trying to get something for nothing, scamming the system bcuz it's overwhelmed exactly the greedy mindset that caused this whole problem in the 1st place.
isisarchist 2 years ago
I'm talking about survival here, Isisarchist. I'm not talking about "just stop making payments because you're tired of it"...
people are living in tents in CA. it's a growing problem and it isn't going to ease up any time soon.
I'm NOT giving this advice for folks who are doing fine or who can make it through.
I'm talking to people who are already sunk...they just can't admit it and downsize their lifestyles
AwakenSafely 2 years ago
(cont) NONE of what I'm suggesting is "scamming the system".
In fact, what I'm suggesting IS NOT going to the government and asking for a handout. It's facing the tough truth and letting the house of cards fall down as it should rather than plastering over it
AwakenSafely 2 years ago
What do you think the toxic assets are that our tax dollars are bailing out? They are mortgage backed securities that have mortgages within them people are defaulting on, every time someone defaults it costs the taxpayers more money so don't try and say living in a house for a year and not making a single payment is ethical and it doesn't cost the taxpayers anything. WE ARE PAYING FOR EVERY MORTGAGE DEFAULT.
isisarchist 2 years ago
Isis...we are paying for it long before that.
believe me, my friend, it's not just mortgages OR the people who can no longer pay them.
you are seeing only a corner of the big picture...so you're NOT wrong, you are only focused on part of it.
do you care to have that conversation or do you just want to keep hurling insults?
I ask that question sincerely...
AwakenSafely 2 years ago
I am aware of the big picture I assure you. I know the bankers are greedy & unethical, I know the FED is setting up a NWO type system & much of this was intentionally set-up by rating those risky securities AAA that doesn't change the fact that in order for a person to be whole they need to do what is right & be responsible for themselves & their families. Our constitution places great emphasis on owning property bcuz it is essential to be truly free. Don't belittle that.
isisarchist 2 years ago
and yet, knowing all that, you still don't see that people are literally BEACHED by these banksters...
the bubble was intentionally inflated and is now imploding/exploding in horrible ways.
I'm not talking about getting rid of property rights!
I'm talking about broke people being willing to admit it FINALLY instead of keeping up a facade of "pride" or "self respect" or whatever you wish to call it.
AwakenSafely 2 years ago
(cont).
sure, I am suggesting that those same broke people can give themselves a little room to move on by staying in a house for a little while.
THAT IS SO MUCH BETTER THAN ASKING THE GOVERNMENT TO CRAM DOWN THE MORTGAGE OR SOMEHOW BUY DOWN THEIR PAYMENTS.
they couldn't afford the house to begin with.
to just stay there and suck the government tit does them and society at large NO GOOD.
yes, quit making the payments. yes stay there for a little while
AwakenSafely 2 years ago
(cont)
but admit the TRUTH and get real with the finances and get living within your means again.
that's my message NOT some scam or flim flam as you are suggesting.
think about it before you post your next reply.
Our messages are pretty similar in reality!
AwakenSafely 2 years ago
If you default or file bankruptcy it will be a decade b4 you would get another opportunity to own property (or get a loan to start a business etc) There's where you are enslaving yourself. Even once a bank considers lending to you again your rates will be obscene. It's just bad advice. What else can I say?
isisarchist 2 years ago 2
I know much more about this than you do.
That sounds horribly arrogant, but I've been a mortgage lender for over 10 years. You don't need to educate me about credit!
CREDIT IS THE PROBLEM.
There are much worse things right now than placing oneself in a position of NOT having good credit.
maybe then people will actually live on what they earn and save money for a down payment over some years.
Isis...there's NOTHING wrong with being out of the property buying game for a while.
AwakenSafely 2 years ago
Oh, and it's NOT a decade anyway.
FHA allows a person who has gone through a foreclosure to buy a home after 3 years subsequent.
FHA allows a person to buy a home after only 2 years subsequent to filing a chapter 7 BK.
They only require 3% down and the rates are just fine.
I'm not advocating this--in fact, those policies are part of the reason I left the business!...it was too damned easy for people to get right back in the game who shouldn't have been there to begin with!
AwakenSafely 2 years ago
(cont)
BOTTOM LINE....
GET OUT OF THE CREDIT GAME.
ISIS, one of the reasons you are resisting my message is that you are playing by the rules of the credit game. It's ok, but we are speaking different languages...
AwakenSafely 2 years ago
I don't owe anything to anyone. I have never even had a mortgage. I am only 29 recently married, no children. I have 2 credit cards I pay off monthly so I could get my credit score in the 700's bcuz the one loan I will make in my life is a home loan and I am only gonna do it once and pay it off. I am a day trader, majored in economics so I know my way around the block as well.
The end game of your scenario is middle class rents & the rich will own all the rental properties. Slavery.
isisarchist 2 years ago
LOL - you're a day trader and your lecturing people on ethics?? You don't think manipulaters like you in the market have caused people to lose their retirement savings. Greedy hedge fund managers, companies that invested like hedge fund managers (AIG) and commodity traders destroying the oil market, yet you have all the answers because you're a day trader??? WOW
aw3212 2 years ago
Your comment is naive. I am sure your parents own stock, obviously you don't, does that make them unethical? I am no different that any other investor except I study harder & make way better decisions about where & when to invest. In your mind anyone who plays the market is unethical?
I love what I do. I would never do anything unethical & neither would 99% of the other traders out there. Only mega-corps swap derivatives, which is where this problem came from.
isisarchist 2 years ago
Just so everyone knows there are lots of different types of day-trading, different markets, different instruments & different methods. To have an attitude that only the rich should be able to pay people to make themselves money in the market is wrong & that's how it was for a LONG time. Now bcuz of the internet everyone of us has that chance to learn & have that same opportunity. Don't spit on the traders bcuz of the banks, in fact empower yourself & start trading!
isisarchist 2 years ago
Why do you think I don't own stock? I am talking about manipulating the market. I buy and sell based on real market conds All I am saying is a lot of this started to unravel with manipulation to the market, i.e. oil. Is there really a justification to go from $30/bar up to $147 and back to $30. There are so many manipulations to the market that it doesn't even react to the normal conditions anymore. It is not unethical to own stock, but it is to destroy the market because of GREED.
aw3212 2 years ago
hey now...I've done some trading, too (currency--now THAT has been a wacky ride lately...!). trading is no worse than many other ways of earning a living. sure, there are abuses, but you can't paint all traders with the same brush.
I was a mortgage broker. I was a good one, but to hear the news people talk, we were all a bunch of criminals. not so.
I do get your point back to Isisarchist, though. She has been hitting me pretty hard today, but the conversation is useful, IMO :-)
AwakenSafely 2 years ago
Obviously not all mortgage brokers or traders are unethical & corrupt. I don't trade bcuz I am greedy I trade bcuz I am obsessed with news, information & technology and when you find something you are good at that's what you do :-)
Sorry for my hard-hitting style. I just want everyone to succeed, have some savings, and own their own homes one day free & clear & be able to retire in security.
isisarchist 2 years ago
it's great that you are good at what you do.
don't apologize for your style. it's different from mine, but we have found a space in which to communicate today.
thanks for your honesty. I think the rest of the group benefits from the knock-down-drag-out stuff sometimes. :-)
I'm a little tired after all this today, but...good conversations
AwakenSafely 2 years ago
I'm all for making moneyI just think its unfair that a few top exes are pulling the strings for most of what goes on. Are all bankers bad, traders bad, etc. of course not. And I dont think that 1 individual trader like yourself is a problem - I've mde many trades in my OWN account. My problem is the hedge fund manager that gambles with $50 bill of hard working people's money. Unfortunately although they may be only a FEW, they have the power (just look at the market) to destroy everyone else
aw3212 2 years ago
I agree, I have made a lot as a mortgage broker too here in FL. BUT for every 10 ETHICAL brokers like me (I sleep very well at night), there is one very bad one. Unfortunately, the negative stories are what sell. So it has created an atmosphere that we're all crooks That's why I got completelty out of the business . Anyway, I think we're all just frustrated with the current crisis. Ultimately we just need to take care of our families and hang on; people will do it in their own ways.
aw3212 2 years ago
>The end game of your scenario is middle class rents & the rich will own all the rental properties. Slavery.
Then what is the alternative ?
DavidAKZ 2 years ago
Then what about Credit Default Swap and derivatives markets. The debt associated with these were created by little people trying to flip houses ? Once again no tax dollars involved only printing press generated debt. You need to aim at the cause of the problem not the symptom
DavidAKZ 2 years ago
But it's ok for people at the top right ?
DavidAKZ 2 years ago
You have a gift for logic isisarchist. Thats like saying you should drop your car insurance & take out the air bags because good drivers shouldnt be getting in accidents in the first place. Bravo you have the intelligence of a brain stem.
FatBastardPi 2 years ago
I think someone I knew said "Pride doesn't do any good if you are dead."
Clearly what Awaken is talking about is people who need to feed there families rather than pay down on something the obviously can't afford and should focus on paying needs rather than wants. I would say feeding my family would take president over my self centered and almost always foolish pride.
purplecharger88 2 years ago
bingo. you "got" me. Thanks :-)
AwakenSafely 2 years ago
Comment removed
sc1100 2 years ago
> I just want to follow up & ask where is your pride?
pride comes before a fall.
>Your answer is to suck the government teet for MY tax dollars.
there are no tax dollars. It's printing press generated debt. Works ok for Merrill Lynch. What is the difference ?
>you should be ashamed
Did you have a lousy childhood ? I think you need to stop siding with what you perceive as the most economically powerful sections of the community. Have you ever experience compassion or contrition ?
DavidAKZ 2 years ago
I think Jacob is giving sound advice. I'm so sorry for all of you who bought a house recently and are trying to do the right thing and make your payments. I just read the story about the Merrill exec who got a 33 million bonus. (This is the Merrill Lynch you all helped bail out.) I read stories like this every day. Please people, do what is best for yourself, because the Fed and the Government has completely set you up through their incompetence.
Jacob gives good advice.
TheRedPriestofVenice 2 years ago
yes, I'm there already although should have stopped payments on everything two months before i did.
elgringote3 2 years ago
there you go... most people are so trapped in the credit bubble that they just can't imagine getting off the gerbil wheel.
credit is SO 2005! ;-)
AwakenSafely 2 years ago
SO 2005 LOL Once you get past the anxiety of worrying about your credit and having collectors call 20x a day you'll be fine. Flea markets are an ok way to dump a bunch of stuff, pennysaver and craigslist. God wants us ready to travel light.
elgringote3 2 years ago
LOL on that last statement!
aw3212 2 years ago
Could this not be a bit dicey Jacob ? Do they not have the power to eventually repossess your home ?
Dont you think that eventually they will get around to your friends too ? Id say they are pretty busy right now repossessing other homes.
Im not from the US and i know its about your economy but here in the UK/Ireland they can act very quickly. Court proceedings usually start within 5-6 months. Im not sure how long the court proceedings take though.
Scary stuff !
22mpl 2 years ago
Great question!
of course it's dicey.
everything is dicey right now.
If you watch all the way to the end and/or read the article, you'll notice that most of the really big banks are not even initiating foreclosure proceedings right now.... they are filing the appropriate notices, but they are giving "stays of execution" almost indefinitely.
ONCE AGAIN, this is NOT advice for folks who are already solid financially--good jobs, plenty of liquid cash reserves, low debt, low expenses.
AwakenSafely 2 years ago
PLEASE be sure you're listening to my message and reading my follow up comments closely.
AwakenSafely 2 years ago
me and my wife are falling behind just staying at a couple months behind and keeping the money on hand just in case the bank crashes or something like that at least we will have a couple thousand on hand
rumpelstillskin65 2 years ago
I'm going to be blunt... YOU NEED MORE THAN THAT.
a couple of thousand MAY be sufficient cushion when everything is rosy andjobs are easy to come by. right now...not enough.
not trying to scare you, but wake up....sell any of your stuff (electronics, extra appliances, ATVs, snowmobiles, etc) if you have it. Get as liquid and as light as possible
AwakenSafely 2 years ago
No doubt, that its a tough decision for a man of character not to satisfy his financial obligations, but he must look at the larger picture & realize that his familys well being & security is infinitely more important than his FICO score. This is a time of survival.
FatBastardPi 2 years ago 4
bingo.
and, if it looked like the storm would be over in a few months...you do what is necessary to hang on.
this one doesn't look that way AT ALL, so it's time for everybody to "get real" and focus on a very strict list of priorities
AwakenSafely 2 years ago
Oh come on.... Obama said it's time to invest in stocks now "because the prices are low". ;)
drutter 2 years ago
So you are saying character is measured in terms of one's ability to pay ?
DavidAKZ 2 years ago
Im sure that is good advice. Its not in my nature to stop paying so I have been trying to get my bank to restructure my mortgage but they are not being very cooperative. If push comes to shove yes I will stop paying rather than not feed my family.
PaulRevere2009 2 years ago
OF COURSE It's not in your nature! That's why I made this video with some very direct advice. Bottom line...don't drain all your other resources to hang on to a mortgage that is attached to a crashing asset.
Again, my advice is NOT for people who have plenty of money, a good (secure) job--what ever the hell that means right now--and little debt/expenses. If someone is in that good place, keep it all rolling.
Many are trying to "do the right thing" and it will end up killing them
AwakenSafely 2 years ago
good advise,
TheValeterUK 2 years ago