Many people have found the underwater mortgage relief they seek when facing foreclosure. They simply refuse to make any more monthly payments on their mortgage debt.
Facing Foreclosure – Just Don’t Pay
According to the Owners Stop Paying Mortgages, and Stop Fretting article by David Streitfeld in the New York Times, “A growing number of the people whose homes are in foreclosure are refusing to slink away in shame. They are fashioning a sort of homemade mortgage modification, one that brings their payments all the way down to zero.”
In Florida, for Alex Pemberton this seems to work quite well. Since the “average borrower in foreclosure has been delinquent for 438 days before actually being evicted”, the people in Florida can stay in their homes rent and monthly mortgage payment free for more than a year.
Not Paying Monthly Mortgage Payments Is Not A Permanent Solution
What if the banks were more willing to negotiate? Would they make the loan modifications to allow these people to stay in their homes permanently? Well, Jim Tsiogas said “I told the lady at the bank, ‘I can’t afford $2,500. I can only afford $1,300.’ ”
The bank wouldn’t negotiate at that point, so he just stopped paying. Now he’s in foreclosure.
Mortgage Debt Reset Has A More Permanent Solution
With our Mortgage Debt Reset Program Jim Tsiogas could be paying only $1,300 in monthly mortgage payments, because he’d be making payments of about half of what he had to make, the $2,500. Not only that, Jim would only owe what his current property is worth right now, the current fair market value (FMV).
Underwater Mortgage Relief And Lower Monthly Mortgage Payments
With our Mortgage Debt Reset Program Jim wouldn’t have to worry about the prospect of facing foreclosure and being evicted in a year or so. Jim would have cleared the underwater mortgage and gotten reduced payments for 3 to 5 years.
Those Not In Florida Aren’t So Lucky
“In some states, including California and Texas, lenders can pursue foreclosures outside of the courts.” That means you may not have a year or so before foreclosure eviction. So look for a more permanent solution and get real underwater mortgage relief instead.
See how you can do it with our Mortgage Debt Reset Program. Go to Find Out More About Our Mortgage Debt Reset Program and sign up to receive our free no obligation information package. Real relief costs nothing in the end and absolutely nothing to find out about.
