California is Sinking Into the Ocean of Underwater Mortgages
I'm losing my voice over year, screaming from the mountain top. I've been calling 'Bull' on the toxic securitized mortgages and explaining to my fellow Californians that we have all been blindsided into thinking that this ocean front real estate of ours will always increase; or bounce back sooner rather than later. I don't know about you, but I'm sitting on at least $200,000 in negative equity.
As you all probably know, I read a lot. I also share with you here, my musings and information. Here are some more tidbits for you homeowners to chew on. First, remember when I posted, When Should You Walk Away From Your Mortgage, about the psychology of why people don't/won't strategically default? It's time to get ruthless with our own personal finances; like the wealthy do. If it's toxic, it's time to dump it, and deal with it legally.
In this morning's readings, I found Strategic Default's website where homeowners post their own stories. I found Brad's story from there. Brad happens to have his own website called You Walk Away and he provides a calculator that is intended to tell you how much savings you'll have by walking away from your underwater mortgage. It's liberating to say the least. Now, these sites talk about short sales and loan modifications, but as I've been screaming; if MERS is involved and named on your promissory note, then you're not getting a modification absent litigation.
When will you get off your high moral horse and get real? I'm clueless on this one. If your home mortgage is your only financial concern, then you may look to foreclosure or short sale as a solution; even bankruptcy can be a home saving device. However, if you are dealing with more than just your home mortgage, it's high time you dealt with your debts as legally effective as Chrysler, GM, and AIG. No, you can't get a bailout; but you can file Bankruptcy. As my favorite bankruptcy guru, Max Gardner said in his recent post by Mandelman Matters, The Great Unwind and Final Redemption, "Praise the Lord and pass around those bankruptcy petitions. Like now. Like yesterday."
