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“Instead of the house dragging us down, it’s become a life raft,” said Mr. Pemberton, who stopped paying the mortgage on their house here last summer. “It’s really been a blessing.”
A growing number of the people whose homes are in foreclosure are refusing to slink away in shame. They are fashioning a sort of homemade mortgage modification, one that brings their payments all the way down to zero. They use the money they save to get back on their feet or just get by.
Originally posted by ofhumandescent
The last I heard, the banks don't fool around with you.
Miss just a few months of not paying your mortage payments and you're liable to have the county sheriff come knocking on your door and asking you to vacate the premises.
If you default too long, The county sheriff will literally escort you and your family out onto the street, then give you a ticket for lottering.
Once you miss any payment, in order to placate the mortage company's you have to come up with all that is so far owed (how ever many months you are behind) all at once plus a I'm sorry for the inconvenience (late) fee.
Harrassing phone calls at all hours, your work contacted, your neighbors notified.
Once you officially default on a mortage, the record follows you for at least ten years and during those ten years, if you want to rent or buy a home or car, unless you have cash in hand you can forget it, unless you really want to get screwed on interests rates.
We, the common man were forced to bail out the banks, but try and mess with any bank and you will find yourself on th other side of the law.
Don't cross the almighty bankers, they will make your life miserable.
It's only going to get worse because everyone doesn't care until it happens to them.
The entire foreclosure procedure is very stressful, painful and humiliating.
We bailed out the banks and they continue to screw over the common man and we all keep watching our neighbors getting messed over glad it's not us for now.
Get this, with the outsoucing of American Jobs and more automation you're going to see more of this and eventually it will affect the majority.
TPTB are trying to cut out the middle class and are close to doing so.
Welcome to the NWO.
[edit on 1-6-2010 by ofhumandescent]
Originally posted by CookieMonster09
Foreclosures bring down housing values, which affects all of the Americans that do own a home and pay their mortgage on time. These very same people are the reason we are facing the economic crisis that just won't go away.
The banks have been paid multiple times................The mortgage was paid off instantly.
Originally posted by Bachrk
reply to post by CookieMonster09
I agree. I really think the the government could throw me a bone for buying within my means and paying on time.
How about giving the people who are not defaulting on anything a 100 point bump on their credit scores?
Some who are getting refinancing assistance are getting better rates than I did on my 30yr fixed with good credit!! What tha Hell??
Anyway, I'd like my 100pt credit bump please.
[edit on 1-6-2010 by Bachrk]