Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
As Florida drowns in some of the nation's highest foreclosure rates, some homeowners in foreclosure like Alex Gregg and the Pembertons are finding a way to stick it back to the bank. They are hiring a foreclosure defense attorneys like Mark Stopa, who, for a $1500 fee, advises them to stop paying their mortgage and stay put. All while Stopa fights the case in court.
Most of the time it takes a year, sometimes two years to clear it up -- and it's all legal.
No. Certainly you shouldn't have gone under water except for something tangible, maybe those home improvements you thought you had to have, or your child's college education that should be paying off very nicely with a great job and he or she will be happy to help you pay back the loans you took out.
You have to live somewhere -- and if you walk away, you'll be renting, foreclosure and walking away stays on your credit report for a few years.
I don't know what sort of restoration business this guy has but I certainly would not hire him and I doubt that anyone in St. Petersburg will after this article.
It's not the bank's fault for the homeowner being underwater on their mortgage. There is no clause in the mortgage paperwork guaranteeing the value of your property. People are just so accustomed to using their homes as ATM machines and had the faulty belief that their home's value would continue to increase over time. Their fault.
It's not the bank's fault for the homeowner being underwater on their mortgage. There is no clause in the mortgage paperwork guaranteeing the value of your property. People are just so accustomed to using their homes as ATM machines and had the faulty belief that their home's value would continue to increase over time. Their fault.
Yep, it was easy as heck to tell those homes were poor investments. When you looked at the home prices over several years compared to the spike, warning bells should have been going off like crazy for people.
I couldnt care less if my home is worth 10000 or 300000 $ the mortgage is very compfortable and cheaper than rent plus the security of a place to hang my hat. these people worship money to much to think rationally and have no future. yeah stick it to the bank cause you cant flip realestate any more, thats not a home its greed.
I couldnt care less if my home is worth 10000 or 300000 $ the mortgage is very compfortable and cheaper than rent plus the security of a place to hang my hat. these people worship money to much to think rationally and have no future. yeah stick it to the bank cause you cant flip realestate any more, thats not a home its greed.
True. Unless you were really dumb and took out one of those ARM kind of mortgages, praying or gambling that the rate would really stay fixed, you bought the house you could afford, and a payment you could make. Why damage your credit rating and be unable to ever own a house again just because now you don't feel like making the payment?
Would the rich keep paying if they were in a similiar situation? Is it legal to stop paying? If no then the answer to the first question is yes and if it's ok for them it's ok for the lower income people
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
