The key statement from the homeowner about his reason for strategically defaulting and walking away from his home was ”Staying here would be the equivalent of financial suicide.”
Need We Say More!!!
Tuesday, November 2, 2010
Thursday, October 21, 2010
Saturday, August 7, 2010
Monday, July 19, 2010
Monday, June 21, 2010
Hip Hop Artist Chamillionaire Gives Strong Reasons For Strategic Default!!!
Chamillionaire is too the point. The decision to stop paying his mortgage was all business. Pure and simple.
Sunday, June 20, 2010
Sunday, May 23, 2010
Sunday, May 9, 2010
Thursday, May 6, 2010
Sunday, April 25, 2010
Let's Not Forget The Beginning...
from a 60 Minutes story in 2008. Listen to the homeowners explain why it makes sense to walk away from their mortgage and home.
Monday, April 19, 2010
Move Those Dollars is the Chant Heard at a Anti-Usuary Campaign
The chants of "Move Those Dollars" came at an event for supporters of the Metro Industrial Areas Foundation. The group is against the charging of excessively high interest rates and fees ("usury"). Their campaign 10 Percent Is Enough is meant to fight usury.
The Move Your Money campaign kicked off on the Huffington Post, which encouraged consumers to put their money in community banks rather than supporting too-big-to-fail institutions.
The Move Your Money campaign kicked off on the Huffington Post, which encouraged consumers to put their money in community banks rather than supporting too-big-to-fail institutions.
Sunday, March 21, 2010
"Underwater Mortgage? Walk Away!" so declares...
Davis Fleetwood from No Cure For That. He is "Independently Produced & Individually Supported".
Monday, March 15, 2010
Fox & Friends Talking About...
Americans Walking Away From Mortgage Obligations. This is an interview with Kendra Todd, a host with HGTV's "My House Is Worth What?". This is an introductory blurb on strategic defaults and why a short sale is better. While she argues a short sale is better than a strategic default, there are times a lender will not forgive the difference left over after a short sale. Furthermore, a strategic default can provide better financial results for certain individuals or businesses depending on their unique set of facts. The point is...all the news stations are taking about strategic defaults.
Sunday, March 7, 2010
Saturday, February 27, 2010
Former Homeowners Live Rent Free After The Bank Takes Back The Property
Alana Semuels from LA Times Reports...Many borrowers in default stay put as lenders delay evictions.
Ms. Semuels focuses on former homeowners who lived or continue to live "rent free" after the bank takes back the property. In one instance, a family lived in the house up to 18 months rent free.
Ms. Semuels focuses on former homeowners who lived or continue to live "rent free" after the bank takes back the property. In one instance, a family lived in the house up to 18 months rent free.
Thursday, February 11, 2010
The Dawn of the Strategic Defaulter Age...
This is a video from real estate broker, Kristin Lavanway, who calls herself "The Realtor Gal KNOWS Phoenix Real Estate". She talks about one of her friends who decides to strategically default on her home. Her friend has been unable to get a loan modification and the property is upside down. Her friend is a single mom, sharp, and savvy. Ms. Lavanway talks about the striking part of her friends decision. This particular friend felt ok with the decision. Ms. Lavanway quotes her friend as saying "I should be a lot more worried...I am just not either way I don't care."
By the way she reports that Indymac makes it very difficult to do loan modifications. The best part of this video: It's told on the beach with the ocean waves as the background. Telling indeed.
We can expect the rise of the Strategic Defaulter. And let's expect the pride and defiance that may come with it.
By the way she reports that Indymac makes it very difficult to do loan modifications. The best part of this video: It's told on the beach with the ocean waves as the background. Telling indeed.
We can expect the rise of the Strategic Defaulter. And let's expect the pride and defiance that may come with it.
ABC News asks: Is It Wrong To Walk Away From A Mortgage Deep Underwater? Debate Grows As Housing Crisis Continues
Is It Wrong To Walk Away From A Mortgage Deep Underwater?
Debate Grows As Housing Crisis Continues by Claire Shipman and Mary Pflum.
Debate Grows As Housing Crisis Continues by Claire Shipman and Mary Pflum.
Sunday, January 31, 2010
Biggest Strategic Default Ever!!!!!
Well it's official. The biggest residential real estate strategic default has occurred. Guess what, it wasn't some "immoral" homeowner, it was international mega real estate company Tishman Speyer and it's team of investors. In 2006, Tishman Speyer and team purchased Stuyvesant Town, a sprawling complex of 110 apartment buildings located in Manhattan, New York for $5.4 billion dollars. According to the Real Deal NY the most recent appraised value was $1.9 billion.
In October of 2009, a New York State Court ruled that the Tishman Speyer team improperly and illegally raised rents on rent regulated apartments due to the fact they received J51 real estate tax breaks. This seriously threw a monkey wrench in Tishman Speyers plans since the only purpose of the purchase was to raise rents by deregulating the apartments.
Now the Tishman Speyer team has agreed to hand the keys back to it's lenders and move on.
In October of 2009, a New York State Court ruled that the Tishman Speyer team improperly and illegally raised rents on rent regulated apartments due to the fact they received J51 real estate tax breaks. This seriously threw a monkey wrench in Tishman Speyers plans since the only purpose of the purchase was to raise rents by deregulating the apartments.
Now the Tishman Speyer team has agreed to hand the keys back to it's lenders and move on.
Saturday, January 23, 2010
Read All About It!!! NY TIMES SAYS "Walk Away From Your Mortgage!"
When the New York Times starts off an article with "Walk Away From Your Mortgage", you know strategic default is fast becoming mainstream.
It doesn't require much understanding as to the reasons why a strategic default makes sense for certain people in certain situations. Used property, a strategic default effectively increase cash flow and preserves savings.
Anyway, here is a October 2009 video talking about "strategic defaulters". Check it out. It's an interview on Traders Nation of Sheri B. Olefson, an experienced real estate attorney and the author of Foreclosure Nation: Mortgaging the American Dream. There are several good points raised in this interview.
It doesn't require much understanding as to the reasons why a strategic default makes sense for certain people in certain situations. Used property, a strategic default effectively increase cash flow and preserves savings.
Anyway, here is a October 2009 video talking about "strategic defaulters". Check it out. It's an interview on Traders Nation of Sheri B. Olefson, an experienced real estate attorney and the author of Foreclosure Nation: Mortgaging the American Dream. There are several good points raised in this interview.
Wednesday, January 13, 2010
Bill Maher is Getting Into The Act...
This continues with a Powerful Idea for 2010 and beyond: People can be conscious about who to trust with their money. So what if certain banks have an ATM or Branch everywhere you look. The choice of where to place your money is about empowerment. Simply look at and learn about what all of the BIG BANKS did with taxpayer money. I agree with Mr. Maher...Stop the Abuse: It's Time to Break Up With Your Big Bank.
Sunday, January 10, 2010
Glenn Beck Provides A Good Interview : It's Not Over Folks The Next Wave of Foreclosures are Coming
Yes. On this segment of Glen Beck, his guests provide an accurate analysis of why there is a foreclosure problem and what the future holds. The chart presented on the show establishes that the foreclosure are moving from sub-prime to prime. It's not over, not by a long shot.
Bloomberg Get's Into The Strategic Default Act!!!
This report from Bloomberg discusses the so called rise in strategic defaults. The report says that strategic defaults have "more than doubled" as people are "willing to destroy their credit" in order to protect their financial future. A key point in this new report discusses the decline of property values because of strategic defaulters. Excuse Me!! Property values have been declining significantly over the last two years. The decline in property values is based upon the fact that property values were over-inflated. The decline in property values is related to high unemployment, stagnant wages, and lender's unwillingness to lend. Millions of homeowners have properties that are worth less than the mortgage. What should they do? Strategic default or strategically defaulting or strategic defaulters are the effect not the cause.
Wednesday, December 30, 2009
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