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Old 01-31-2010, 08:43 AM   #1
Freedive
Avalon Senior Member
 
Join Date: Sep 2008
Location: Queensland Australia
Posts: 66
Default Is someone you know facing foreclosure, or have already lost their home?

Dear friends,
if this resonates positively with you, PLS spread the word to whomever may need help on this subject.
A corageous man is standing up against injustice. Hundreds of attorneys are using the info he researched and put together to defend people against foreclosures.

Check out this link from the website of an attorney:
http://mattweidnerlaw.com/blog/2010/...gage-meltdown/

Here is his latest message:
> Hi all, are you one of those people who is affected by the financial crisis
> that is wreaking havoc on the U.S. economy? Or, is something you know facing
> foreclosure, or has already lost their home? Are you a taxpayer who is tired
> of seeing your taxes being used to bail out Wall Street, while the CEOs line
> their pockets with their obscene multi-million dollar bonuses? Well it is
> pay back time, and this is your chance to join me in the fight.
> Below are two links, the first one is to an online petition, if you agree
> with the petition, please follow the instruction and sign your name
> electronically. Please also share this with everyone you know. This is an
> American issue, and talking and waiting for others to fix the mess for us,
> is not going to solve it.
> The second link is to the complaint itself.
> Please help me to fight to take our country back from the banksters
> Paul Muckle.
>
> http://www.PetitionOnline.com/52645264/petition.html
>
> http://tinyurl.com/PetitionToAddThePeople
>
>
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Old 01-31-2010, 06:09 PM   #2
peaceandlove
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Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
Default Re: Is someone you know facing foreclosure, or have already lost their home?

Banksters Fight Back: Deficiency Judgments

Friday, January 29. 2010
Posted by Karl Denninger

Remember my repeated warnings about consulting with both a lawyer and CPA before defaulting on your debts - including mortgages - on purpose?

Well, here's why doing so is a good idea: Lenders Pursue Mortgage Payoffs Long After Homeowners Default http://www.bloomberg.com/apps/news?p...d=aIf_vUQZFt.s
King is among a rising number of borrowers who are learning that they can be on the hook for years after losing their homes. Amid a crisis that stripped $6.4 trillion, or 28 percent, from the value of U.S. residential real estate since the 2006 peak, lenders are exercising their rights to pursue unpaid mortgage balances. To get their money, they can seize wages, tap bank accounts and put liens on other assets held by debtors.
In some cases they can seize wages, tap bank account and lay liens.

This is very situational and state-specific.

Oh, and don't think that a short sale protects you from this. It doesn't necessarily, and some banks are slithering snakes in their short sale agreements...
“Banks are being very careful to preserve their rights, either outright in the short sale agreement or by using vague language that leaves that door open,” Hillard said. About 90 percent of people who do a short sale think they are “off the hook.”
Again, let me reiterate:

GET COMPETENT LEGAL AND TAX ADVICE THAT YOU PAY FOR SEPARATELY FROM PEOPLE YOU INDEPENDENTLY SELECT BEFORE YOU CONSIDER ANY SORT OF CHANGE THAT ALLEGEDLY WILL "FREE" YOU FROM DEBT, IRRESPECTIVE OF HOW.

THE FINANCIAL INDUSTRY DOES NOT PLAY "FAIR." THEY HAVE ROBBED THE PEOPLE ON THE WAY UP AND IF THEY CAN GET THEIR CLAWS INTO YOU THEY WILL ROB YOU AGAIN ON THE WAY DOWN.

STATE LAW MAY OR MAY NOT PROTECT YOU AND YOU NEED TO UNDERSTAND EXACTLY WHAT THE CONSEQUENCES ARE OF ANY STEP YOU TAKE, EVEN WHAT LOOKS LIKE A "CLEAN" WAY OUT SUCH A SHORT SALE AGREEMENT!

PAY A COMPETENT LAWYER AND CPA!


Source: http://market-ticker.denninger.net/a...Judgments.html
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Old 02-26-2010, 07:53 AM   #3
peaceandlove
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Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
Default Re: Is someone you know facing foreclosure, or have already lost their home?

A new commentary by Karl Denninger

Thursday, February 25. 2010

Jingle Mail, Jingle Mail, Jingle All The Way!

From the horse's ass, er, mouth! Chairman Dodd on “jingle mail” http://www.starkreports.com/2010/02/...n-jingle-mail/

Chairman Chris Dodd on "Jingle Mail"

VIDEO (1:04):
http://www.youtube.com/watch?v=kYmO3...layer_embedded

"Why in the world should these homeowners pay that mortgage? After all, their debt was secured by the property, just like the commercial cases cited above. In most cases, they’d be fulfilling the terms of their contract by mailing in the keys and walking away from the house. In fact, by doing this, they’d save almost enough money to purchase the next house that sells in a foreclosure sale – perhaps even the one they’re in!

A word of caution: none of this is legal advice. Talk to a lawyer, accountant and financial advisor before considering this route. In some places (but not most), mortgage-holders are allowed to seize property above and beyond the real estate that secured the loan.

The point I’m making here is that we only hear about “moral obligations to pay debts” when it’s the consumer. Business walk away from bad deals all the time.

I asked Senator Chris Dodd about this earlier this evening (I mistook JP Morgan for Morgan Stanley, please forgive the error). As Chairman of the Banking Committee, he was careful about what he said, but what he said was sensible: talk to counsel and determine what is best for you."

SOURCE: http://market-ticker.denninger.net/a...-The-Way!.html
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