Holiday Gift: Staying in Your Home — Priceless: Those Debts You Think you Have? — WORTHLESS

For all the hoopla about moratoriums on foreclosures and other debt collection, the reality is that the only reason they are doing it is to figure out a way out of a mess founded in one inescapable FACT: the mortgage, the note, the credit card, the student loan, the furniture loan and all other consumer loans are worthless. They are not enforceable. This is of course my opinion, but all indicators point in the same direction in the same way.

Whether you are paying on a “debt” or not, whether you have been foreclosed or not, the “creditor” (the one you have been dealing with and who is now trying to enforce the alleged obligation) has NO rights to collect, and in fact has been paid, in some cases several times over.

The reason you are getting offers of “modification” is that they all need new signatures on a new document that is executed in the proper way by real people and recorded in accordance with the laws of your state. They need that because the old paper was turned into toxic waste through their sales process to investors, and because in truth — they never lent you the money and virtually all the people in the securitization chain have been paid in part or in whole on YOUR loan.

They got paid from you, they got paid from insurers, they got paid from the mortgage wholesaler (aggregator), they got paid on your loan from other borrowers, they got paid from inestment banking bailouts, they got paid from the U.S. Treasury, they got paid from the Federal Reserve and they got paid from unwary investors, who have also in paid in part or in whole.

There is no debt in a legal sense anymore — but they don’t want you to know that. They want the world to think that if you escape without paying you are getting a windfall — but they don’t want the world to know they got paid and now they want your house anyway. Whose windfall is that?

Out of the thousands of cases we have tracked here, where the homeowner put up a real fight insisting on real proof, not one has gone to trial. Either the “lender” caved and let the homeowner or “debtor” walk or they settled with deep discounts on principal due, huge reductions in interest rates on thirty year fixed rate mortgages. Do your own research. Every word here is true. You don’t owe the money.

That doesn’t mean they won’t take your house. If they can get the money and your house too, they are going to do it. The only thing that can stop them is you. Use this site and others like it to inform yourself. Information is king. When they know that you know what you are talking about, teh nightmare will be over — no more foreclosure, credit cards, student loans etc. You are in a much better position that you ever thought — you have the property and the earning power. They have nothing unless you give them power over you by signing documents that put you at the same risk you are in now.

Change it. Demand reductions of 60% or more in principal — or go to the mat and fight them off completely. Don’t agree to pay one penny more than you can easily pay. 3% is fine. Second mortgages and HELOCs are being settled for 2-3 cents on the dollar. They have no choice.

So accept the FNMA and Freddie Mac moratorium but realize that come January 9, they will be back and you need to be ready for them. Hold your head high. You are not the bad guy. They probably sold your “loan” for an amount that would astound you, and they received insurance premiums and payouts that would amaze you and they received bailouts from the government that have dismayed all of us.

Tags: bailouts, FNMA, Freddie Mac, modification, TOXIC WASTE, worthless debt
Posted in Eviction |