32% of all Adults in U.S. Are Comfortable with Strategic Defaults.

Dec 7, 2012

What’s the Next Step? Consult with Neil Garfield

For assistance with presenting a case for wrongful foreclosure, please call 520-405-1688, customer service, who will put you in touch with an attorney in the states of Florida, California, Ohio, and Nevada. (NOTE: Chapter 11 may be easier than you think).

Editor’s Comment: It’s not really hard to figure out. Businesses do it all the time. They open a factory through a new subsidiary and then, when it turns out to be a boondoggle, they close it down and walk away. The lender gets stuck with the loss, if there is one.

As late as one year ago, there was a strong “moral imperative” that private citizens did not have the same ethical right and obligation to step away from a bad investment. But the numbers are climbing as the hopelessness of their situation sinks in. The probability of millions of homes ever reaching the same value as what was used in their loan deals is near zero for the next decade or or more.

Businesses have the obligation to protect the equity of their shareholders by stepping down when necessary. It is apparent that a rising number of people are realizing that their obligation to protect their retirement and the future of their children is at least as strong an imperative as the businessman’s right to walk from a bad investment.

Add to that that the appraisal value was rigged, fraudulent and meant to deceive the real parties in interest, from the investors on down to the homeowner, and you have no reason to stay with that bad investment. And make no mistake about it, it WAS sold as an investment on the premise the housing prices don’t go down and will forever increase.

So now bankers are planting articles all over the place telling homeowners that they could be making a fatal error to employ a strategic default (not paying and walking away from the house, throwing the keys on the counter). Don’t be fooled. AND don’t throw good money after bad by depleting your saving, retirement or credit card accounts to stay in a home that will never be worth the amount demanded in principal by whoever is claiming to be the creditor. remember that the amount is probably less anyway because they are not giving credit for insurance, credit default swaps and federal bailouts.

Tags: strategic default
Posted in bubble, Corruption, Eviction, securities fraud |