THE POOR MAN'S BANKRUPTCY WITHOUT COURT

EDITOR’S COMMENT: This strategy has been used for the last 30 years that I know of. I am constrained to say that what they are doing exposes them to some risk. On the other hand, there are many ways of not giving up and at the same time not paying. I make no suggestion that this is the way to go. But I present it here without editing as an alternative view.

We stopped paying on our credit cards some 1 year ago. We don’t answer the phone, we ignore all collection letters, we do not send a debt verification letter, we do nothing. We are all cash and it is great, we bank at a local credit union, we keep cash saved elsewhere. Our credit score is 525 but who cares. Banks and CC companies are a business, traded on the stock exchange, so we have been ousted from obtaining credit from them, doing business with them – good, that’s how we want it. Collection companies who buy bad debt buy bad debt, then they try to get you to pay for their purchase, funny when you think about it, nice game but we don’t play along. We attempted a loan mod but the servicing rights was sold to another right in the middle of it. We stopped paying the mortgage to obtain a loan mod. I have now sent a written request letter for a copy of their PSA and original loan docs, They wrote back and said they will investigate and report findings in 60 days. We will then send another letter written request to ask for copy of the original assumption agreement. We can file bankruptcy at anytime, we can pursue quiet title. That’s my story. If everybody did this they would fall. If you ask me the You Walk Away movement was started by the banks, it is not what you need to do. Stay put and fight it out, even if you have to do it alone cuz you can’t afford a lawyer, what have you got to loose if you are in a similar situation to me. Go to a court house and watch what happens, get familar with the courts, the people – you won’t be so nervous or unsure if you have to go to court. My wife and I have realized that no matter what happens at this point or future point in time, we will have won. We have started a new life and it is fun again. Our hope is our scene will drag on and we can save enough money and/or with help from friends just buy a house cash in a few years – no mortgage, no CC cards, no debt. That’s it for their debt slavery game for us. I believe one needs to be Fabian in the mortgage arena, look up Fabian in the dictionary. What if they had a war and no one showed up, what if they issued debt and nobody took it?

Posted in Uncategorized |