Divorce yourself from your home!
By Chip Parker, Jacksonville Consumer Attorney on Dec 7, 2009 in Foreclosure Defense
As a Florida foreclosure defense attorney, I’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, it’$ all about the Benjamin$.
The mortgage servicers actually have the audacity to guilt homeowners into “doing the right thing” while callously decimating homeownership for the middle class. I ask, “What would Donald (Trump) do?” The Donald, self-proclaimed master-deal maker, would callously look at any real estate investment, even his own home, as a business deal, and THAT’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 “incendiary” legal article recommending that American’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 “run-of-the-mill” mill lawyer is inexperienced, over-worked and underpaid.
Foreclosure mills try to oversimplify the very complex process of foreclosure. My question is, if it’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 White’s advice and just say No to negative equity. But don’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.
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