Homeowners 'Choosing to Default On Mortgages' to Qualify for Federal Mortgage Relief

Why not start with the big fish on Wall Street?
Haven't seen any hung up yet.

 

They are all hiding in Palm Beach and Jupiter Island....want some addresses?.

 

Don't forget that Florida and Texas are debtors paradises.

No matter how lavish the spread, creditors can't attach to a primary residence of a debtor in either state.

O.J. Simpson residing in Florida (prior to his recent legal episode)? Not a coincidence.

 

In florida the people with homesteads are not protected from the lenders.

So the biggest creditors can still go after them.

As far as people being tempted to go into default. It is far worse than that.... There is an entire industry of former mortgage brokers cold calling people who bought homes in the last 3 years.

Many of these mortgage guys tell the homeowners to go into default and they will negotiate a loan mod for a fee of a few months mortgage payments.

I have been approached by numerous loan mod brokers trying to get me to cloak their business with my law license so they can take money up front to do the loan work. Something which they are not supposed to do if they are licensed by the CA dept of real estate.

The loan mod business is booming. I suspect thousands of homeowners are being contacted a day. the loan mod guys can not cold call for refis so they re tooled into a very grey area of the law. By the time they are done going down the list - no one is going to be paying on their upside down mortgages or deeds of trust loans.

I know for a fact law enforcement agencies have been looking into the violations, but so far I am aware of only one shut down.

Right now it is the wild west. People are practicing law without a license and charging fees to do it. Some of them are following very questionable businesses practices. This industry needs to be regulated in a hurry or you can guarantee the loan mods will cause everyone to go into default.

 

Awesome.

My credit score is 750 and I'm only 23. Does this mean I can buy anything I want?

 

If you pay cash.....yes.

750 is not that crash hot, but it will get you in a few doors. The only problem you will have is finding a lending institute to provide the financing you need. They are VERY skittish about taking on any sort of lending arrangement at the moment.

I don't believe that is going to improve anytime soon, Im afraid.

NiN