Video: Will Americans Simply Stop Paying Their Mortgages?
Posted October 7th, 2008 by UKLooney
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Highlights from Lew Rockwell's interview with Peter Schiff.
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It's almost like the govt
It's almost like the govt wants people to stop paying, that way they can blame everything on the borrower....
Foreclosure
Those who are threatened with foreclosure and are smart enough to hire a lawyer will probably get a free house. The lawyer goes to the court and demands that the entity foreclosing prove that they have the right to foreclose. In most cases, they cannot produce the original paperwork, so the judge sends the "bank" packing. There were several well-publicised cases, as I recall, one in Ohio (I didn't save the reference)
If They Do Produce the Paperwork
I forgot to mention that the Ohio case determined (they had the paperwork) that because the bank "monetizes the mortgage contract as payment to the seller of the house" the bank has not supplied any consideration, thus voiding the contract. It's amazing that this hasn't gotten around - a lot of people would not be homeless now. Are there any lawyers out there? This could be good business!
What is the incentive for someone, with a $600K mortgage on
a home that's barely worth $300K, to continue to pay on that mortgage.....especially if they can take advantage of a law that allows them to essentially escape half of the mortgaged amount?
_________________________________________
"An economy built on fiat money is a society on its way to ashes."
I will defintely not stop paying my mortgage.
If I were jobless and strapped and ran through all savings I would have too, but I definitely would not trust that I'd be able to stay here for a year or 2 free and then have the government drop the amount that I owe. That is way too risky. And boy will I be pissed if I start to see this happening.
people will stop paying because they know this
is a created crisis. If you own a business and your customers stop showing up. Why would you pay? We all know this could have been avoided. They want this to de-value the dollar so the Amero can be presented as the savior. This is a game. Morals and ethics do not apply. We should all simply walk away. Start a barter system, create the liberty dollar, etc. Remove their product (money) from the formula. If not, it will start all over again.
Bump
.
Sounds like a rradical approach but I can see merits. I guess the biggest hurdle would be for not paying is fear. Fear for what is to come and how to go about things after you lose your home after all.
My jaw just dropped
to the floor! I have been so depressed about this bailout bill, I feel traumatized by the outright defiance of our politicians to the will of the people. I realized this thing was the final nail in the coffin- but watching this video just gave me the absolute chills. What have our leaders done? If I did not have hope that there will be justice one day for those who would destroy us, I would be too despondant to care about anything anymore. But I must say, I believe that those who are digging a pit for us will end up falling into it themselves.
Faith and courage everyone. Divine intervention is needed to reverse what has been orchestrated against freedom and liberty
what they have done is that
what they have done is that the fed gov. is now your landlord.. the fed gov. will tell you what to do! the fed gov. or the oneworld government will have totall control of everything you own!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
And this is why I have no hope
"Divine intervention is needed..." and so no one takes any personal responsibility for intervening themselves. No need, God will be down to clean up this mess any minute now.
Faith and courage - bah! ACTION. Get off your ass and go get in a politician's face.