about my Mortgage and Other Debts?
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 –
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
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.
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