Strategic Default OK for Mortgage Banker’s Association, but not for you
Strategic Default OK for Mortgage Banker’s Association, but not for you
Again we read the guilt trip that the mortgage industry places on distressed homeowners when dealing with their distressed mortgage. but it’s OK and even advisable for the corporations to walk away from their obligations. I’ve written about this before, but when the Mortgage Banker’s Association double deals, this is just too juicy to not publicize.
Cancellation of debt tax mortgage forgiveness debt relief act of 2007 extension when that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income, because you no longer have an obligation to repay the lender. Californians facing increased tax burdens, due to canceled or forgiven debts, have been granted some relief by way of a mortgage relief act extension. Cancellation of debt tax
Freely quoting from Mandelman’s post: “The CEO of the powerful Mortgage Bankers Association, John Courson, has said that underwater borrowers should keep paying on their mortgage loans and ‘should not walk away from lawful debts’. in an interview this past year, Courson appeared genuinely concerned adding: ‘What about the message they will send to their family and their kids and their friends?’
Mortgage fraud How To Identify Mortgage Fraud Activities Another term for mortgage fraud is ‘creative financing’ because the individual ‘customizes’ some information on the application or real estate document. Here are some of the common mortgage fraud activities:1. Mortgage fraud
Just last year, you pointed out that defaults hurt neighborhoods by lowering property values, so borrowers would do less harm to our society were they just to repay what they owe. You know… like the responsible homeowners.
Cancellation of debt tax THE HERTZOG BLOG: 2007 Mortgage Forgiveness Debt Relief Act- A Closing Window Of Opportunity in 2012 those borrowers who choose to start the process in June or July are running the risk of their home closing escrow in 2013, which makes all of their efforts a moot point. By allowing it to end, lenders will be given yet another stick to beat borrowers over the head with, and they will be using it to their full advantage during the 2nd half of 2012. Cancellation of debt tax
This past week, the Co-Star Group, inc., indicated that it had agreed to buy the MBA’s 10-story headquarters building in DC for $41.3 million. The only problem is that $41.3 million comes up a skosh shy of the $75 million first mortgage on the building that the MBA took out from PNC Financial Group way back in 2007, when they purchased the property for $79 million.
Mortgage bankers association Strategic Default Scares Banksters and It Should at first, the news media told us that it was an offense against God and man to walk away from an underwater mortgage, and far too many people bought that foolishness, spending their retirement savings and beggaring their families to try to pay their debts. I saw it as part of the scheme to stick all the losses from the great Crash on average people, and taxpayers. Mortgage bankers association
The very same MBA also defaulted on their payments and secured a forbearance agreement, prior to the short sale. Nicely done, Johnny-O.Â
Debt group reduction Housing Answer: Principal Reduction? Some experts say the housing answer is not just lowering interest rates but also actually reducing principal. CoreLogic reported that at the end of the second quarter 2011, underwater homeowners owed $709 billion on mortgages (much more than their homes were worth). Debt group reduction
what kind of message are YOU now sending to your family, your children, and your friends by walking away from your lawful $75 million debt? Are they being morally harmed by your decision to stick the bank with close to $25 million? And why aren’t you simply paying your mortgage as agreed, mr. Courson?
Again, advice to the distressed homeowner: answer the emotional question first – do you want to keep your house? or walk away with the least damage and purchase another home in two years? Then consider the financial questions. do you have steady, although significantly reduced employment that you can count on for the foreseeable future? do you believe your property recover any lost value in 5 to nine years?
Currently, the best answer to solving a distressed mortgage is the REST Report. The REST Report calculates Net Present value and enables a distressed mortgage owner to negotiate an unbiased mortgage modification with court support if the mortgage servicer chooses to ignore the calculations and pursue foreclosure.
If a mortgage modification proves unattainable, it would be worthwhile investigating a mortgage principal reduction refinance. I encourage the reader to click on the two links in the middle column and read up on the Do-it-Yourself Mortgage Modification or Principal Reduction program.
If you don’t believe your property can recover value in 5 to nine years, give the keys back to the bank. or check out the Principal Reduction Program. It even now has a name, compliments of firms like the Mortgage Banker’s Association. It’s called a ‘strategic default’. do not even consider for one minute any ethical responsibility to anyone but yourself. Your bank cares not one whit for your well-being. You owe them, or anyone else, not one red cent.
This YouTube video says it all. Go here: How to Get a Beneficial Mortgage Modification Now
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tags: do it yourself mortgage modification, rest report, corrupt title, mortgage servicer fraud, mortgage lender fraud, loan disposition analysis software, grand junction, colorado,mass joinder lawsuit, demand original mortgage note,sue lender for deed, sue lender for quiet title,strategic default,
Originally posted 2010-02-11 10:22:08. Republished by Blog Post Promoter
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