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News Link • Economy - Economics USA

Just Stop Paying Your Mortgage

• Peter Schiff

2 Comments in Response to

Comment by Ron Moss
Entered on:

Good advice. Unfortunately, We paid cash down on our house, $115,000. down, now though we are threatened with foreclosure after the bankers have lowered our house value $300, we can**Q**t sell, are ready to walk, Back to the tent if necessary.

Comment by Powell Gammill
Entered on:
There is even a new variant: I know politicians will say anything to pander for votes, but Obama has indicated as one of his points in **QQ**saving**QQ** the economy, that he would institute a 90 day moratorium on foreclosing on homes throughout the United States.

Besides lacking any authority for waving his regal hand and as it is said, so shall it be done, Obama ignores the obvious; these homes are owned by someone, who is not receiving the payments of their property. It is not the persons living in the home who own the home. They are, or more accurately were, making payments on the installment plan. The home owner would like to reclaim THEIR property and try reselling it. And in a buyers market -- as exists currently -- any home owner would have already bent over backwards to accommodate their buyer if they thought their insolvency was temporary and would soon clear up as it is much easier to continue with the person you have a deal with than try to find a new buyer.

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