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What about my Mortgage and Other Debts?

“Help your family survive and forget your ‘honor’. The lender could not care if you lived or died. They knew what they were doing.” Bob Hoffman – politicalgateway.com

DISCLAIMER: Please note thegreatcrash.com is not making any recommendation nor providing financial advice, and you need to make your own independent enquiries and seek your own legal advice concerning foreclosures, mortgages, bankruptcy and other financial and legal aspects. Thegreatcrash.com is merely summarising and presenting information available on the public internet.

If you are having problems paying off your mortgage you may wish to consider this strategy conceived of by Bob Hoffman of politicalgateway.com, and summarised below. Please be aware that this strategy relates specifically to the USA, and other countries have different laws regarding mortgages.

1. STOP PAYMENTS: If you are having problems paying your mortgage then stop payments immediately and be prepared to eventually walk away from your house. House prices are expected to continue declining to around 2001 prices. Don’t be emotionally attached to your home, you can rent now and buy a better home later.


2. STAY PUT: Stay in your house for as long as possible. The house and all its contents remain yours legally until the day of the foreclosure sale.


3. DELAY FORECLOSURE:
Use stalling tactics to delay foreclosure. The system is overloaded with foreclosures and foreclosure action could be delayed for some time. Always reply to any papers sent by the bank, but not immediately. Wait until 2 days before papers are due. You may be able to further stall by dealing with a realtor and getting some potential sale activity underway, even if it doesn’t eventuate, it could stall foreclosure. Write a formal complaint letter about the structure of the loan, the company, the mortgage broker etc. Be creative and it is possible you could live mortgage and rent free in your home for up to two years or more!


4. PLAN YOUR BANKRUPTCY: Watch excessive spending on credit cards or expensive items within 12 months of bankruptcy. Cash should be safely stored. Try to not go bankrupt until the month your house is going to foreclosure sale. This gives you three months extra, or more if you can work something out with the attorney to delay proceedings.


5. MOVE INTO RENTAL: Move into a nice rental. You should be able to relax with little or no debt. If you are still employed you may be required to make modest payments according to a plan.
“Feel bad, like you are using the system? These scumbags have received 100s of billions of dollars of our taxpayers money for being crooks. And the CEOs made millions more. So F#ck em, burn em back. Worry about you and your family not some billionaire…They are being bailed out by our loving congress and the lender still made tons on the interest they earned from you over a few years” Bob Hoffman


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