07 Dec Divorce yourself from your home!
As a Florida foreclosure defense attorney, Iâ€™ve counseled literally thousands of people about their past due mortgage. The first thing I tell my client to do is emotionally divorce yourself from your home.
The mortgage industry looks at the American homeowner like cattle, and there is no concern whatsoever about the social implications of mass foreclosures. For Wall Street, itâ€™$ all about the Benjamin$.
The mortgage servicers actually have the audacity to guilt homeowners into â€œdoing the right thingâ€ while callously decimating homeownership for the middle class. I ask, â€œWhat would Donald (Trump) do?â€ The Donald, self-proclaimed master-deal maker, would callously look at any real estate investment, even his own home, as a business deal, and THATâ€™s what you should do as well.
I completely agree with Brent White, a University of Arizona Law professor, who recently made national news for writing an â€œincendiaryâ€ legal article recommending that Americanâ€™s with negative equity in their home should just walk away. However, I take it one step further. I believe Americans with negative equity should stop paying their mortgage and fight their foreclosure.
The reality is that seasoned foreclosure defense attorneys can frustrate and out-maneuver the typical foreclosure mill. The â€œrun-of-the-millâ€ mill lawyer is inexperienced, over-worked and underpaid.
Foreclosure mills try to oversimplify the very complex process of foreclosure. My question is, if itâ€™s so simple, why do I have hundreds of clients who have been fighting their foreclosures for years without making a single mortgage payment during the process?
So, take Professor Whiteâ€™s advice and just say No to negative equity. But donâ€™t just walk away! Fight your foreclosure to gain leverage and possibly force a meaningful modification of your mortgage.
The first step is to treat your house like an investment and be prepared to walk if it is the best business decision.
Latest posts by Chip Parker, Esq. (see all)
- Can I Lower My Car Payment in Bankruptcy? - April 15, 2017
- How Will Bankruptcy Affect My Credit? - March 28, 2017
- Will the Mortgage Forgiveness Debt Relief Act be extended? - January 18, 2017
- How will my bankruptcy affect my spouse’s credit? - February 15, 2016
- Bankruptcy is an excellent retirement strategy - January 15, 2016