why should we continue to pay our mortgage loans?

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Since Speaker Pelosi wants to freeze all foreclosures, and the trail lawyers are sure to bring Class Action suits against any lender you can name, why should we bother to pay our mortgages when thousands of people will be living in their homes without paying a cent? (Sorry for the long sentences.)
I know the argument about ruining one’s credit rating, but as Google advocated, just change your name and get another SSN if you rely on credit. I don’t. I pay cash for everying – except my home.
Why don’t we quit paying our mortgages on time, and like many other savvy owners, make an offer to the Bank for a much lesser amount when we are in foreclosure?
I realize none of this is honest – but it seems like this country is corrupt, and hardworking people are asked to bail out the crooks. Why should we be drained of our income? Shouldn’t we protect what little
income the government allows us to keep?

6 Comments
  1. Reply
    F. Perdurabo
    May 4, 2011 at 3:45 am

    Well, if that works for you then go for it. I’d prefer to not rely on the whims of politicians and bankers as to whether they will take my house or not. I prefer to pay my mortgage on time and continue to cultivate my very high credit rating and the freedom that provides me.

  2. Reply
    mightymite1957
    May 4, 2011 at 4:00 am

    If everyone else jumped off a cliff, would you go too?
    Your question seems to suggest that you would.
    I think I will stay honest, and make my payments in full on time. I like looking at myself in the mirror and knowing that I have done my best to stay honest.

  3. Reply
    liveinmd
    May 4, 2011 at 4:37 am

    Other than the simple morality of honoring your word to repay there are only 3 lenders who have been investigated and have frozen foreclosure proceedings and there are only 23 out of 50 states that are judicial process states

  4. Reply
    the kid
    May 4, 2011 at 4:59 am

    Eventually it will clear up, and you’ll still owe the money. Bottom line. If you stop paying now, when they start up foreclosures again, you will be one of the foreclosed upon.

    Changing your name doesn’t get you a new SSN automatically. getting a new SSN MAY have the following affects:

    You can’t get a passport, as you have no birth certificate for your new identity.
    Work history may not follow you, so you have to take crappy jobs.
    Federal and State benefits may get screwed up/discontinued.
    Medical and court records form the past in a different name/SSN.

    Plus, debt follows you. Your new SSN can be cross referenced with your old number.

    Not as easy as just change you name and SSN….

  5. Reply
    Howard L
    May 4, 2011 at 5:10 am

    It’s because your mortgage agreement is a legally binding contract. The bank doesn’t need to accept your offer. Even if they foreclose you still owe the difference between your mortgage balance and what the bank eventually sells your house for. They can get a court judgment against you for what you owe which can be renewed until the day you die. They can garnish your salary, seize any bank account, brokerage account, or property you ever manage to get in the future until the judgment is satisfied. Good luck hiding by changing your name and getting another social security number. Do that and you’re more likely to end up in jail for fraud than you are of avoiding paying your debt, which by the way you will still owe when you get out.

    The government is me and millions of other people who pay our taxes and our bills. I for one am not about to let deadbeats like you cost me money.

  6. Reply
    jen s
    May 4, 2011 at 5:25 am

    Check out this website they have a lot of programs for foreclosure and how to get your home free and clear. I’m doing the do it yourself program, i’ll let you know in a month or so how it goes.

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