What Would Happen If The Economy Completely Collapsed And No On Could Pay Their Mortgages?

Good info.

This

You act like someone in the fam has an owned free and clear property.. Pppffftt!!

direct comparisons to the great depression are not accurate. This time around the US dollar is going to collapse and be replaced with something else.

Since all debts are written in contracts, the terms are for repayment in dollars. If dollars are worthless, or if the government suspends trade in dollars, what is there for a bank to enforce. The bank will have a tough time going to court to ask for foreclosure when they seek to take a house because the owner has failed to give them something of no value or that the government has declared cannot be traded. Same goes for the ordinary person, if the dollar is worthless, what are you going to sue the bank for? Dollar collapse is something that will be completely out of yours and (supposedly) the banks control.

And I don't think the government can legally help the banks convert all these contracts from dollars to a new currency without violating a whole host of constitutional clauses.


this time is not going to be like the great depression.

Who's pretending collapse will help ? I'm wondering what in the fuck I will do for my family if it does happen and I can't pay my bills.

For one thing, you have to realize that EVERYONE is going to be in the same boat, not just you or I. Just be ready for complete chaos, and the inevitability of WWIII combined with civil wars. It's going to be messy, no doubt. Survival of the fittest/smartest. It could be years before civility is ever reached again. Storm coming.

some advice. ..

Buy American Silver eagles, 1 ounce of silver. Buy enough for one full mortgage payment. If you don't have that cash, buy what you can.

Cut back on luxuries, today, now. Cancel cable tv. Netflix is $10. Don't go out to dinner. Save money by buying food in bulk.

Save. Then buy silver.

The idea is nothing more than to allow you to be one of the last to stop making payments. If they already foreclosed on millions of homes, then maybe being at the end of the line buys you time. Maybe a year or more!

Before trading the silver for the new currency, struggle. Cut back everything completely unnecessary. Struggle some more so you can keep paying the mortgage however you can!

only when truly desperate, sell the silver and make one last payment.

Last Edited by bender rodriguez on 05/05/2015 02:39 PM

So all property becomes the property of the gubmint?

Thanks for the good info.

The Feds back almost all home loans in the USA -- The FEDS would end up owning your home.

This will come back into vogue.

This happened during the great depression.

If you didn't pay your mortgage...the banks forclosed.

i paid my condo off three years ago so i don't have a mortgage.

In a complete collapse your mortgage is meaningless because the bank that holds it likely won't or can't be bothered to foreclose. This is especially the case in something like an EMP power down emergency. The only things that really are important are food and water, then holding your shelter against invaders, etc.

Even today, the banks have their hands sufficiently full, that many people go a year or more not paying a mortgage before a foreclosure is started. And if you defend the judicial foreclosure, or file for an injunction to stop the non-judicial foreclosure, my experience is that the bank wants nothing to do with that, and they pretty much go away. I have several clients who haven't made a mortgage payment in five to seven years and they still own and live in their homes, unmolested.

And that's STILL HOW IT IS TODAY. I'm telling you, I've seen it firsthand.

Scenario A: I'll have clients who are upside down in their homes. Owe $250K on a house worth $190K. The mortgage company lets them get like 18 months behind before they start to really try to collect, but their efforts aren't a foreclosure, because they don't want the house. Just constant telephone harassment threatening foreclosure. They come to me and file a bankruptcy. They decide they cannot afford to keep the house so they file a chapter 13, let's say, in which they propose to surrender the house. The plan gets confirmed and there is not a peep from the mortgage company. Maybe 18 months to two years into the Plan, mortgage company shows up and files a Motion for Relief from Stay (getting bankruptcy Court permission to do a foreclosure). It's granted. My clients who have been living rent free then ask me how long they have to move. I explain that the quickest the mortgage company could get them out of the house would be about 3-4 months if they moved quickly, but they could probably realistically expect 6 months or more. Clients stay in the house. They have been in the house 3-4 years now with no payments made. Mortgage company has relief from stay but still doesn't foreclose. Maybe a year or two after that they finally get around to it.

Scenario B: Little old lady owes $15K on a $150K house. She's three months behind and has been working with a "counselor" at the mortgage company to work on a "trial loan modification." They've put her through the paperwork hamster wheel while simultaneously setting her up for foreclosure. She finds out about a foreclosure sale date that's been scheduled WHILE she's been working with this counselor. They want to steal her house out from under her because they would likely get to buy the house for their $15K credit bid at the auction and sell it for $125K. Fucking pirates.

My thoughts exactly. I do my best to be prepared in case something crazy happens. But my house is what worries me the most. You have to have a place to live.

True.

Between Freddie Mac, Fannie Mae, and the rest of the mortgages "acquired" through MBS (mortgage backed securities)by The Fed Bank.

The banks would not be able to do anything, as their whole system would be shut down. The government would not be able to do anything, as it's impossible control 300 million, mostly well-armed people.

But this kind of plays into their plan, which is to do away with all currency and roll out a new digital currency.

My impression is that when the lights go out, tptb will allow it for a while to soften people up. When they turn the lights back on, they will be inticing everyone who is hungry, scared, and desperate into the metropolitan areas to distribute food and give everyone the mark of the beast under global governance.

Of course, God's people will not be hungry, scared, or desperate. Tribulation saints, and any believers who may still be around if the rapture hasn't happened yet, will be at peace with Jesus and getting all their needs met (naturally or supernaturally).

The mark of the beast won't be forced on anyone. Unbelievers, sadly, will be begging for it and the one-world government will give it to them.

Last Edited by FireInCairo on 05/05/2015 04:26 PM

They'd probably put all heads of households into debtor's prison.

Economies never collapse completely. At some point during the crisis, we realize that there's always inherent value to the people, property, work and, more recently, information owned by the society. That value never disappears. Not even if the value of currency collapses and debt explodes.

Currency and debt are shared hallucinations we have chosen to have for convenience. However, we have forgotten that and have started to believe in the dream. Once the currency and debt go nuts, the dream collapses and people are shocked back into the reality - for a while at least.

The worst part of the collapse will be the death spiral - when people and nations are still hanging on to the dream. Once we hit the rock bottom and wake up, the economy will simply be reset back to the real value of things.

You'd find out why they bought all that gawdamn ammo, Jack.

I agree our labor is the currency.

And then they will give them to the Chinese & whoever else they owe on the ntl debt (but not to any of us)

Not sure about the rules in America, but here if the economy completely collapse the NZD would no longer be "Legal Tender" thus making it illegal for the bank to loan you non-legal tender currency, therefore your mortgage would voided. you would own your property outright.

However I can say without a doubt America will have rules in place to fuck over the people instead

If that happens there, will be riots in the streets and civil war to worry about.
So you will be bugging out or you will be rounded up, either by the Government or by War Lords.
Life as you know, it would be over forever.

What a fucking Retard you are.


You think you will be forgiven of all your DEBT and get to keep all of your stolen property, you are in for a dose of REALITY.....

Wrong.... Read the fine print on 401k It is an investment that can lose value.



Debt is an agreement to pay.

If you don't own it, it's not yours.

Yeah, you guys are fucked too. Heck, some of the most brutal rules in banking, are new, and agreed upon at last year's G20 summit hosted by your country. And your country completely agree and will implement. If fact, you guys will have bail-ins before us.

You will be screwed too. Have no illusions.

Fucking retard is putting it nicely