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Subject walk away from your mortgage ??? they are commin for YOU

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[quote:Anonymous Coward 17851333:MV8xOTkwNDczXzMzNDM0MjU1X0VGQjNCNjk2]
[quote:beeches:MV8xOTkwNDczXzMzNDM0MTEzXzYwRkE2OEZF]
It takes self-discipline to walk away from a house you
want but cannot safely afford.

Very few people were "suckered" into anything
except by their own greed.
[/quote]

I remember when we went looking to buy a house, back in 1999, end of that year. The agent hooked me up with a mortgage broker. When we talked to him, we only qualified for 140,000.00 conventional mortgage. But you could still buy a good house for that, just not in the city or super crowded areas, we didn't want that anyway.

So, this guy proceeds to tell me that we can get a much more expensive house, because he can get us a loan where we don't have to show our tax returns or anything else to prove what our income is.  This is before all the story came out about the "liar loans".

I was really amazed at this news. But not amazed enough to get into debt so deep I couldn't pay for my place to live.

It would have been easy to say yes to that, also the loan was a variable rate.

We got another agent, bought in another location and went with FHA.

But I can see how tempting it is to get in over your head.
[/quote]

Original Message Strategic defaulters, beware. The feds are coming for you. And they are not happy.

"We are working with Fannie and Freddie to build a mechanism" to identify strategic defaulters, Wolfe said at a recent mortgage industry conference. So if you walked away from one property and bought another, chances are fairly good that the OIG is going to find you.

If you conveniently left off the fact that you have an outstanding mortgage you failed to pay, or that you have a deficiency judgment against you for the difference between what you owe and what the house sold for at foreclosure, you've committed mortgage fraud.

"Debts that haven't been repaid don't just go away," said a Treasury Department official who asked not to be named. "It doesn't matter whether it's on your credit report or not."

If there is any indication that you falsified information on your new loan application, the OIG is "absolutely" going to refer you for criminal prosecution, Wolfe said. "We're not just going to demand repayment," he said. "We're going to lock (people) up."

And if you think the mortgage cops won't find you, think again. The OIG's investigative office alone has a 45-person staff, "all experienced people with 15 to 20 years as investigators and prosecutors," according to Peter Emerzian, deputy inspector general in the Office of Investigations.

They work out of 11 field offices, soon to be 14, nationwide, and they're looking for you.

the whole story here
[link to www.chicagotribune.com]

all i have to say is GOOD!!! i pay my mortgage every month even though i'm up-side down like the titanic.

all you trendy yuppie fucks walking away fuk you !!!

your as responsible for this mess we are in as the greedy banksters !!!!!!!

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