Mortgage Meltdown: Cat Writes: cat All good but why would I want to keep paying on a house that I owe $450,000 that is only worth $325,000 at best. From HUD RELEASES TIPS FOR AVOIDING FORECLOSURE, 2008/04/22 at 9:42 PM EDITOR'S RESPONSE: THERE ARE ONLY TWO REASONS YOU WOULD WANT TO HOLD ONTO THE HOUSE --- MONEY AND STRESS. Using the procedures…[...]

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Tags: HUD, jingle mail, money, mortgage payments, stress
Posted in bubble, Eviction |

  Here is a strategy for one person in California whose lenders are GMAC and Countrywide. He is about one week away from sale of his property. Feel free to use what suits you. Keep in mind that the hyper-inflated values used by the appraiser, lender, underwriter, and mortgage broker constitute a violation, in my opinion, of the very abuse…[...]

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Tags: fair market value, foreclosure defense, fraud, Ponzi, Refund, sale
Posted in bubble, Eviction |

This CNN reporter makes some good points, although contrary to the philosophy expressed in this blog site.  Our premise has been to stop the clock, freeze foreclosures and evictions and work out a plan that gives the occupant a chance to make payments, maintain the home, and reinstate the defaulted loans so that bank balance sheets and investor balance sheets…[...]

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Tags: home prices, jingle mail, renting
Posted in bubble, Eviction |

EDITOR'S NOTE: As long as Central banks focus on the currency instead of the cause, these measures will at best delay an inevitable collapse. At the core of the problem is that unless people are kept in their homes, trillions of dollars of assets will fail. This is NOT an inevitable consequence. Plans abound to keep people in their homes,…[...]

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Tags: Bank of England, central bankers, credit, mortgage swap
Posted in bubble, Eviction |

  Commentary Choosing Recession Lakshman Achuthan and Anirvan Banerji 04.21.08, 6:00 AM ET    The 2008 recession guarantees many months of job losses that will boost foreclosures and feed the credit crisis. But if fiscal stimulus had reached consumers quickly, it would have forestalled a recession, helping to stabilize the housing market. Such a soft landing would have bought some breathing…[...]

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Tags: Federal reserve, money, recession
Posted in bubble, Eviction |

HUD RELEASES TIPS FOR AVOIDING FORECLOSURE Information aimed at helping more homeowners stay in their home WASHINGTON - Today, the U.S. Department of Housing and Urban Development (HUD) released its top 10 tips for homeowners who are facing foreclosure. "These guidelines will assist homeowners who are struggling to pay their mortgage and could be threatened with foreclosure," said HUD Secretary…[...]

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Tags: foreclosures, HUD, tips
Posted in bubble, Eviction |

Mortgage Meltdown: Foreclosure Option --- JINGLE MAIL (Send the keys back to lender) The issue is the stability of our economy, and our ability to recover the value of our homes, salvage the lifestyle of our neighborhoods and deal with the blame issues later through appropriate regulations. Mortgage Lenders, with full authority from the investment bankers, mortgage aggregators, and investors,…[...]

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Tags: Arizona Republic, Fannie MAe, Freddie Mac, jingle mail. keys, lender, McCain
Posted in bubble, Eviction |

People have to be careful in Arizona and other states that use the "Trustee" method of conducting sales of property that are allegedly in default. In fact they should be careful even without being in default. You might be at risk of receiving a claim for payment from two or more sources. each claiming standing to collect and sue.  …[...]

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Tags: ARIZONA, defense, deficiency, NON JUDICIAL SALES, owner of mortgage, payee of note, trustee
Posted in bubble, Eviction |

TRANSFERS OF "OWNERSHIP" OF DEBT OBLIGATIONS GIVES RISE TO THE LEGAL ISSUE OF STANDING IN STATE COURT, BANKRUPTCY COURT IN FORECLOSURES AND EVICTIONS AND OTHER ACTIONS RELATING TO THE MORTGAGE MELTDOWN.   See also Foreclosure Defense: Cash for Keys Offer and TILA Defenses May 9, 2008 This is where the shell game played by lenders starts being used in your favor. Nail…[...]

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Tags: automatic stay, bankruptcy, relief from stay
Posted in bubble, Eviction |

Anyone who saw the debate heard the question from Charlie Gibson: If revenue goes up when capital gains taxes are reduced, why would you want to increase it? The answer is that tax revenues don't go up when the government lowers taxes, as any child with an allowance could tell you. Charlie needs to get his facts straight. Anyone who…[...]

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Tags: capital equipment, capital gains, Debate, Gibson, Stephanopolous, tax
Posted in bubble |