Upcoming Foreclosures

How does filing for bankruptcy effect the foreclosure process? I've been doing some research and have found a few resources: www.bankruptcyinthenews.com/index.php/2010/08/21/how-does-bankruptcy-stop-the-foreclosure-process/ but I haven't found anything specific. It seems like I'm getting a range of that it slows down the foreclosure process up to six month to a year, but I still haven't found anything specific.

How can I stop the foreclosure process of my home in Alabama?

Can I stop the foreclosure process by...? Can I stop the foreclosure process by bombing all the local post offices? thereby stopping the foreclosure notice from being delivered?

what letter can I send a lender to stop calling as I start the foreclosure process? I am about to start the foreclosure process. I know the lenders will send mail, but is there a way to get them to stop calling my home and buisness? I heard that you can send a letter to the lender and they have to quit calling and can only contact you through the mail.

after foreclosure sale is stopped how long before the foreclosure process can start again?

My home is in process for a foreclosure, at the moment I haven't payed my mortgage for a while.? If I go back to making payments on my mortgage would this stop the process for foreclosure which my home is not in foreclosure yet.

Can a charter 7 bankruptcy stop foreclosure and for how long? My bank will start the process of foreclosure my home. Can charter 7 bankruptcy stop the process and for how long?

After the foreclosure process starts and you get current, does it stop? I think I will be going into foreclosure here in a few weeks, but I know that in about about a month I will have enough to "catch up" with my payments. If I "catch up", does it still keep heading to foreclosure?

If I file Bankruptcy Pro SE to stop a foreclosure can I then hire an attorney to complete the process later on If I file Bankruptcy Pro SE to stop a foreclosure can I then hire an attorney to complete the process later on! I just want to stop foreclosure proceedings and recieve a stay and then hire an attrorney to finish the process

How long does it take to stop the foreclosure process in Texas,once a deal has been reached w/the mortgage co? We received notice back in February that our landlord was going into foreclosure on the house that we rent. It was posted for auction on the county website, etc...When we were finally able to get a hold of the landlord, she said that it was being taken care of and they had the money to pay it. She said they made a deal with Citimortgage to do 2 payments and that it just had to get final approval. After weeks of waiting, we get the call that the house wasn't being foreclosed on...it was approved. GREAT!....However, the next month we started getting letters again. Checked public records and the house was listed again for auction the following month. Landlord said it was just part of the process; the Mortgage company had to refile it?? This has happened every month and she just keeps saying that Citimortgage is so swamped, that they haven't been able to talk to anyone. I searched public records today and found Citi assigned a substitute trustee and the house is on the auction list for July 7th. I'm just wondering if she is being truthfull about this process or if she's full of s%*#.. Sorry this is so long, but any help with this would be greatly appreciated!

How long does the foreclosure process take in Arizona? What can slow it down/stop it other than the obvious? Someone I know just received the notification from the county recorder yesterday. I'm trying to find out approximately how long they have. There has been a medical hardship that is causing them to look at bankruptcy to deal with their other debts.

stopping a foreclosure, how? what steps are necessary to stop a foreclosure as you attempt to sell the property, and how long does the foreclosure process take?

i'm about face foreclosure on my home of 33yrs. how can i get help stopping this process?

Do I have to pay rent if the property I'm leasing is listed as a short sale & is in the foreclosure process? I live in Florida. I've been paying rent for over two years and I have an unstructured lease agreement. The lease basically states that I have been offered the property from x month and year to x month and year for x amount of money. I discovered that my landlord stopped paying rent when an inspector and locksmith came to change my locks. They said the bank sent them. I work from home so I stopped them from doing so. My condo is now listed as a short sale with a realtor and it is in the foreclosure process. The landlord stopped paying his mortgage back in January 09. Do I have to continue paying my rent as agreed?

Foreclosure and chapter 13 bankruptcy? If someone files chapter 13 bankruptcy that has a mortgage about to go into foreclosure, I know that the chapter 13 will stop the foreclosure process. My question is when that person make their monthly trustee payment on the chapter 13, do they have to also pay their regular mortgage payment? So they would have 2 monthly payments, the mortgage and the chapter 13? or do they just make one payment to the chapter 13, and they dont pay the regular mortgage payment? hope this makes sense.

HOW CAN I USE THE NEW BILL TO HELP STOP FORECLOSURE i have tried to have my current mortgage co help me with this.... however they only respond with " it only goes into effect on or about sept, oct... i believe the bill was intended for those who are currently in the foreclosure process..

Find the Status of Foreclosure Process? I own a condo in Chicago, IL, used it primarily as an investment property to rent out. One year ago (July 2010) I filed for bankruptcy (Chapter 7) and several months later I was granted a discharge. The condo was included and I surrendered it as part of the bankruptcy. My bankruptcy lawyer, however, advised me to continue to pay all costs associated with the condo i.e. HOA, Insurance, property tax etc. monthly bills because, they said, anything accrued after the bankruptcy date is still my liability and I should continue to pay for the condo until the bank takes it into full legal possession. More than a year had passed since the bankruptcy filing and more than 6 months since the debt was discharged by the court and yet, I continue paying the monthly bills witch altogether amount to more than $650/mo. I tried to contact the bank so I can get the status of this property and they answered that they are overwhelmed with similar cases and that my condo is still in the process of foreclosure , but for how long more - they couldn't say. I also contacted the HOA's office and they basically told me that whoever name is on the deed of trust is liable for the HOA payments, and since I am still the legal owner I have to continue to pay every month. As of today I 've paid more than $7500 (!) for a condo that is not even mine anymore, nor I can rent it out to at least ease the pain by collecting some rent. My question: Is there a source (website or phone number) for me to check for the status of a foreclosure for a particular property in IL or nationwide? Is there anything I could do to speed up this process? Any idea how to stop the "bleeding" ? I appreciate your input. Thank you! In response to user Common Sense: Thank you for your quick response, Yes, I continue to pay because even though the condo was surrendered as part of the bankruptcy, I am still the legal owner, that is - until the bank is dragging their feet to finalize the foreclosure. Also I asked my lawyer what could the HOA do if I stop paying (the same question you are asking me), and she said that they could take me to court to collect the unpaid HOAs + legal costs during the period when my name is officially on the deed. BTW, I tried to stop payments for couple of months and I immediately got a court summons from the HOA's lawyers, taking me to court, attempting to collect their HOA dues. I wanted to avoid going to court, so I paid them in full what I owed for the two months... I feel there is no end to this nightmare...The bank can take months or even years until they get to my case... ========================================= Responding to: ..."Your best bet is to find a renter and charge them your cost..." Unfortunately, according to the bankruptcy rules I am not allowed to dispose of the condo as I may find fit. I was made aware of that when we met at the bankruptcy court - since I am surrendering the condo, I am not to collect any rent or anything, because any proceeds from it should go to the creditors and not to me... It looks to me like a vicious cycle - on one hand - I can not use the condo, on the other hand - since my name is still on the documents as the owner I am still liable for all expenses incurred by it. Just as an example, when I asked my attorney about that ridiculous situation she asked me back - "Guess what will happen if you stop paying the insurance and the condo burns down tomorrow? Guess if who is going to have to pay - the bank or you?.. Until your name is on the deed of trust you are liable for that..." Thank you all for your input,

Can you stop foreclosure on a house after the foreclosing date has been set? The bank is foreclosing on my relative's house in 3 weeks. The thing is that he is older and left the state for a long vacation without making arrangements for paying his mortgage. He's back now and has the money to pay everything that is owed. Can he still fork over the payment and avoid foreclosure? Or is foreclosing inevitable once the process starts? What can he do?

How can I stop my home foreclosure asap? Home to be sold within 30 days I believe. How do I stop this process? I need help!

Foreclosure process question!? My wife and I can't afford our house payments and the bank won't modify or refinance our mortgage because of value loss. We are planning on walking away. What kind of things do we need to do in terms of communication with our lender? We have already talked to our accountant and I am assuming we just stop making payments and the process begins itself without much communication with our lender. We live in California. Any thoughts? By the way...in California, purchase money loans for homes are considered "non-recourse", therefore the lender can only take the house and not file any sort of deficiency judgement on me. Most other states are "recourse" and can file judgement. According to the Mortgage Taxe Debt Relief Act I will also not be responsible for taxation on a federal level for "debt cancellation income" related to the foreclosure and lender loss.

Foreclosure process? I stop paying my mortgage in June, and I have to intention of keeping my house, I was wondering if I am going to receive a letter from the attorney to evacuate my house? I live in florida and can't find anything online that shows the foreclosure process, I would like to know if I am going to get notify or if someone going to come to my house for eviction from one day to another?? please help :-)

Questions on Foreclosure process? Hi guys, I am doing research for a story and had a question. For the Notice of Default and Notice of Sale, who would deliver these to the owner of the house that the bank is foreclosing on? Would they be mailed certified/registered and delivered by a mailman or does the courts send an officer to deliver them? Also, from the moment the house goes into foreclosure up until it's sold and the owner is evicted, does anyone come to the house? Like are officers, lawyers or realtors likely to stop by to talk with the owner of the home? Thank you for the help!

my parents house is up for foreclosure and the lender for their loan seem to NOT want to do a loan remod..? how do i stop the foreclosure process if my parents are in good faith trying to do a loan mod? i know the easiest way is to pay it up in full, but i cannot do that at this time. my parents just found out today that the house was going to be foreclosed only because someone called their house and asked when is the foreclosure going to be final and how much they wanted to sell it for. Nobody let them know that the process had started, no letters, no calls, no notification at all. WHAT DO I DO TO HELP THEM?

my bank forclosed my home without notifying me? I was default on my payment and bank of america informed me that they would try to qualify me for a makinghomeaffordable program. They informed me that while we were being considered for a loan modification, that would stop the foreclosure process. They proceeded with the foreclosure and are now ordering an eviction notice. (Texas) Can I do anything about this situation?

Foreclosure Credit Report Question? Hi, I had a foreclosure about 2 years ago. The process was completed about a year after it started and I received documentation from a lawyer that it had been put up for auction. Every month I am still getting new postings of RF "Repossession/Foreclosure" on my credit report for the current month. Shouldn't this have stopped when the foreclosure process was completed and if so how do I stop them/remove the new posts on my credit report? Thanks.

What is the typical amount of time it would take for the bank to begin the foreclosure process begins? Hypothetically speaking, if I stopped making my mortgage payments today, how long would it take the bank to begin the foreclosure process? Here's the situation: I am a renter who lives in a house that is being foreclosed on. I suspect the owner rented the house to me knowing that he would soon go into foreclosure and hoped to make a profit off my living here. I moved in back in October. I got a notice on my door in February that stated the house was going to auction in one month. It seems like he's been stringing me along ever since. Given the aforementioned time line, when would he had to have stopped paying his mortgage for the notice to show up on the door? He already admitted that he was not using my rent money to pay his mortgage and supposedly his "lawyer" (which he later said he found out wasn't actually a lawyer) said to hold the money. He even admitted to having spent "some" (aka "all") of it. On top of it all, he has the nerve to ask me for rent this month when we both know the bank does (or very soon will) own the house. Can he actually ask for this? I'm busy trying to find a new place and save a deposit since he refuses to return mine. Anyway, inside knowledge of the process would be great, IE, someone who works for one of these banks, lenders or agents thereof. Or, if you've been through this? Any help would be great, thanks! PS: Excuse the redundant language in the question - it's been a LONG day.

how long after you stop paying mortgage do they put your house in foreclosure? how long does the foreclosure process normally takes?

can filing bankruptcy stop or delay a foreclosure? I am filing a chapter 7 but I am in foreclosure. Can this slow down the process of foreclosure?

does filing a bankruptcy stop a foreclosure? Is it true that by filing a chapter 13 bankruptcy the process of a foreclosure will be stopped

is it ever too late to stop foreclosure we really don't want to lose our home and at first had this defeated attitude now we are realizing we have more options than we thought. is it too late to act on them? the foreclosure process started in april or may and we live in ohio if that helps. we went to court about a month and a half ago or so with the option of reinstating our loan but we haven't turned the proper paper work in yet. what would be some good steps to take from this point to save our home? thanks.

should i trust them or not? Stopping foreclosure...? Today, i decided to look around online, becuase i'm 3 months behind on my mortgage, i found a site Lowermybills.com (the site is run by equifax the federal credit people.. ) any way, just minutes after i put in the application i recieved a call from a lawfirm, stating that they can help me... Saying they will try to get me a loan modification type thing, and some other stuff.. The thing is, it sounds to good to be true.. They are saying if i go with them, and they start the process, my house payments will be put on hold for legal reasons, and all past due mortgage amounts will be put into the back of the loan. To hire the lawfirm it was going to cost 900 retaining and 500 a month.. much cheaper than my current mortgage... So my thing is, it sounds great... They were given my application from a federal agency.. So it sounds legit... But then again i'm scared that it might not be.. The thing is, if it's legit, i keep my home, if not i pay give them money and loose my home.. If i don't try them and i try ot pay my house payments, i'm going to loose my home.. So i really don't know what to do... The lawfirm name is html://www.lancedenhalaw.com Lance Denha Law I looked around online and found no info about them being a bad company.. Then again that website is only about 2 months old, which is also a concern... What would you do? Like i mentioned, they got my application through a federal agency, they sound legit, and sound like they can help... Due to being scared, and stress i'm trying to avoid making a bad decission.. so i decided to ask others that may know some about the company, or a situation like mine.. http://www.experian.com/credit-education/reduce-your-expenses.html That link is to the actual federal experian site, and them talking about lowermybills.com

What bills should I continue to pay while in the foreclosure process? I am deliberately stopping payments on my mortgage and letting the bank foreclose. Should I continue to pay the insurance, utilities, and home warranty or should I stop paying those too? My home is worth less than I owe....it's time to cut my losses and let the bank have it back. I will not owe income tax on the amount of the debt that is forgiven, as long as the short sale occurs before 2012. Originally, the Mortgage Debt Relief Act of 2007 waived the income-tax rule on forgiven debt through 2009, but it was extended to 2012. Up to $2 million in forgiven debt is shielded from income tax for married couples filing a joint tax return ($1 million for individuals)

how to stop foreclosure? I have a house that is in the foreclosure process and I was told to try to work with the bank. I submitted all of the required paper work to the bank and they told me that it could take up to 12 weeks for a decision. In the meanwhile I continue to get papers in the mail from their lawyer in regards to the court process. They have submitted a motion for final judgment which is going to take place before the bank gives me an answer. What am I supposed to do???

say a person is behind on their mortgage but there taxes are not escrowed.? can you buy those taxes and to save their property from foreclosure? does it "excuse" the loan and stop the foreclosure process?

Foreclosure process help? My brother has been strained financially for a while now, and I decided to look and see if it's gotten really bad. Found out his house is in foreclosure. A Lis Pendens and Summons and Complaint were filed 3 months ago, the case was "Referred to Master" two weeks after that (that would be the Master in Equity, the venue for foreclosure cases). I'm obviously worried about my brother losing his house, but I don't want him to know that I know if there's nothing that can be done to stop it. What happens next, and how quickly? Any info appreciated.

how many months can you be behind on your mortgage? I bank with Bank of America and was wondering how many months i could fall behind on my mortgage before they could start the foreclosure process and stop accepting additional payments from me? I have not gotten behind yet but was thinking of doing so to cushion my own account in these tough times.

What is the Foreclosure Process in VA? I can no longer afford my house so I have moved out. There is no equity in the property. The market value for the home is $75 - $100k less than what I owe. I have tried selling & renting it; no interest whatsoever. I am financial broke with no assets, no job and no income. I do not care about having bad credit. I have stopped making payments on the house. The mortgage companies are calling but I am not answering. I have nothing of value that they can come after. I want the property to go into foreclosure. Do I have to do anything else? Call a lawyer? File paperwork?

What qualifications does the person have who reviews foreclosure cases at the bank? I am curious about how the process works and what is the title of the person that reviews these foreclosures. My friends house's foreclosure was just stopped and I just had a few questions about the process

foreclosure process details...? owners stop paying on their mortgage.. after that does the bank take them to court and force them out or does the house go up for sale or auction.. i guess what im asking is what if noone buys the home does that lengthen the time the owners have until they have to get out? any info. helpful thanks. state is florida

what are my foreclosure options? 3 years ago, my husband and I both lost our jobs within 4 months of each other. We were unemployed for two years and then both landed jobs within 3 days of each other. During the time we were unemployed we only had his unemployment to live on. Our mortgage company worked with us during that time and agreed to accept lower payments from us. Now the difference was accruing the whole time and we are now $14k behind on our mortgage. Once we found work, we began the process of trying to get caught up. We've filed an application with our mortgage company in an attempt to work out a repayment plan to bring us current again. However, we just received a notice that our loan has been turned over for foreclosure. I've already seen this happen with my sister and her house where the bank apparently found a buyer for the home and no longer was willing to work with her and sold her house out from under her. (we won't get into all of the illegal crap they did during that process). She has told me that once they find a buyer, they will do anything to get the homeowner out of the house. Apparently with the government aid they receive when they foreclose it works out really well for them. What I wanna know is this: Now that our home is in the foreclosure process, is there a way to put a stop to it that allows us to stay in the home without paying the entire $14k at once? Our lender is PNC and I know they've come under fire for their foreclosure practices. Can we turn that around to our advantage? Can we make a lump payment with our tax money and will it be enough to stop the foreclosure or will they take our money and our house? I know I'm not the only one with this problem and I am so frustrated for those of us who make every good faith attempt to make good on our responsibilities and still get run over. @Common Sense: we're not dead beats. We lost our jobs. We did what we could to satisfy the lender and paid the agreed upon amount that whole time. We have sent in our proof of income and asked to reassess so we could begin making larger payments again. And their answer to our request to make larger payments is to foreclose instead? Why, when we do the proper thing and let them know of our employment and attempt to raise our payments again, would they react by foreclosing unless it would be more lucrative to do so, especially considering that they've been content to work with us while we were unemployed? I'll say it again... We've never failed to send payments in the agreed upon amount. When we sent less, it was because the bank agreed to that amount. We want to send more now and they foreclose! that does not make us deadbeats. It would have been so easy when we lost our jobs to quit making payments and save the money for as long as possible before getting booted out, but we didn't do t that. We called the lender and let them know what was going on and worked with them the whole time. Before we lost our jobs, we always made our payments on time and added an extra $300 a month to boot. I didn't come here to be abused, I came to get answers. And if you think that the banks are completely fair and above board, you're the delusional one. If you think that the banks aren't getting government money then you're not just delusional, you're flat crazy. The government bought out the banks... where do you think the jump in our national debt came from? It didn't just materialize from thin air. @Spalmer: Thank you for your answer, it seems the most informative to this point. The reason I said what I did about the banks already having a buyer is because I've seen it happen. My sister was working with her lender (Chase) when she went on disability. The bottom line is, they lied to her repeatedly. And as they were working things out with her, they sent her foreclosure notices. When she called they said it was just a formality as part of the process. Once they sent her an actual auction date on her home, she called again. They told her that she needed to pay X amount in full before the date of auction in order to keep her house. She was literally on the phone calling in the payment two days before the date they gave her when someone showed up at her house and informed her they'd bought it and wanted to know how long she was planning to take to move out. I don't know what the market is like where you live on foreclosed properties, but around here, they get snapped up.

USDA Foreclosure, what to do? I am in the middle of getting separated and just found out that my husband was not making the house payments.. i got a letter in the mail saying that my home was in the process of foreclosure. I was wondering if any body had any suggestions on how to stop foreclosure. The amount that i apparently owe i can not come up with in one lump sum and they will not accept payments.. I have two small children and really do not want to up root them from their home, they are already going through enough with the separation. Any suggestions will be nice. Thanks.

Foreclosure process, why do they want to know about my pets and my car? A guy stopped by with an "Occupant Contact Information Sheet". I'm not the homeowner, it's my dad's house, but I live here and am 18, so I filled out the sheet. They wanted to know about my car, the pets, and my emergency contact info. But why? They're not going to go after my car as collateral or anything, are they? By the way, I really have no idea what category this should've gone in, so if I'm way off, sorry The car is in my name and is a 20 yr old Chevy The dogs are all mix breeds that we didn't initially pay anything for, and there are no outstanding veterinary bill on them. The form said every occupant over the age of 18 needs to fill out a form and it also asks what your relationship is to the "former mortgagor"

Facing foreclosure! What are my options? My husband and I bought our first house May 2008..About 6 months later I lost my job and started having medical issues. We got behind but caught back up with tax return. Then our child started having medical issues and was hospitalized. With all the medical bills we started falling behind again. We have been trying to get a loan modification for almost a year but it has been quite the battle. We do not make enough for the obama program! Which is BS! Now here we are 6 payments behind and the foreclosure process started. With the help of a pro we finally got approved for a loan mod so the foreclosure was put on hold then today we finally found out the amount of our loan mod payment and it's only $60 less. We needed it to be about $300 less. I am wondering about just doing a shortsell? The loan mod guy told us. We could put it on the market for a short sell and stay here for free while it's on the market and that would stop the foreclosure. He said he dosen't think it will shortsell but while it's up for it. He could keep trying on the loan mod. Does anyone know much about this? Is a shortsell better then foreclosure? Will we still end up paying money to the morgagae company? Will we ever be able to buy a house again? and lastly Could a bankruptcy help in anyway? Haha Thanks I realize it's short sale! I'm just looking for some help on my issue not spelling though.

Maine Real Estate Foreclosure auction? ok so here is the situation, a friend of mine is going thru the foreclosure process and his property is scheduled for auction on June 19th, 08. There are a lot of holes in the process (legally) as far as our state laws go and I think that he is being taken advantage of. He signed a contract with the auction company but the fees are being paid by the bank's representative. He was not notified in writing about the time/date of the auction. Not even sure if they have actually advertised a public notice of the sale which they are supposed to do per the state laws here unless that was waved because he signed a contract with the auction company. Could he stop the process right now seeing that he signed the contract and make the bank start the process sort of over as far as the auction end of things. I'm thinking that he would have the right to cancel the auction cuz he signed the contract but im not sure. Obviously this would most likely make the bank unhappy and he may be forced out sooner

Can a bank keep a check that was issued to a homeowner whose house is in foreclosure? The check was issued for repairs to be done to the house from the homeowenr policy. There are 3 parties in which the check is issued to: Husband, Wife, and the Bank. The foreclosure process has begun on the home, and every step possible is being done to stop the foreclosure. The mortgage has not been paid in quite some time though, as the issue is trying to be resolved. Is the bank legally obligated to endorse the check and hand it over to the homeowner for the purpose of repairs? Thank you so much in advance!

Chapter 13 bankruptcy and property? Can someone help me? I am considering filing Chapter 13. I have an idea on the difference between Chapter 7 and Chapter 13. I basically have two concerns. 1. If I start to file for Chapter 13, whether I get approved by the courts or not, will that keep creditors from pursuing legal action to garnish wages and/or put a lien on my home? Can they continue to try and pursue legal action to collect during the filing process before it is approved by the courts? 2. I am in foreclosure with my home but currently working with lender for either a repayment plan or loan modification to stop foreclosure. Foreclosure process stops once payment option worked out. Do I have to declare my home when filing Chapter 13? Will I lose my home? I don't plan on doing anything until I know what the mortgage company says. Declaring bankruptcy before I finish the work out program with lender will continue foreclosure process. I'll lose my home for sure.

Foreclosure question, do I need attorney? My house is in process of foreclosure and when I stopped paying the house I stopped paying the association as well, it has been a year now. After a year the association sues me. Do I need to contact an attorney? or just try to work out a deal directly with the association? aldo for what is left in the foreclosure process do I need an attorney? I believe i don't need it but they say that after the foreclosure they still can come after me. I live in florida and I feel that thelawyer is just trying to sell me his services that I don't really need

Should I still pay rent to the landlord whose property is in the process of foreclosure? I do not have a legal contract signed and it has been a year and a half since the owner stopped paying her mortgage (I have been receiving the notices from the circuit court). I do not know the status of the foreclosure case right know, I have always paid the rent on time but I am afraid of being evicted by the bank. Should I still pay rent to the landlord? How long do I have to move out? The landlord has been lying to me saying that she is fixing the loan and there is nothing to be worried about.

Can I sue my tenant for causing my home to go into foreclosure? I was extremely too lenient with my tenant on unpaid rent and now my home is in foreclosure. The bank now wants a minimum of $5000 to stop the proceedings. Can I sue the tenant for damages as well as the unpaid rent? Yes, I have started the eviction process.

Foreclosure Help: my options list? My grandmother is currently in foreclosure and she's trying to do a loan moddification via her loan company saxon mortgage, and if we are approved for the loan moddification, we need to pay $2,500-3,000 toward our escrow and pay lawyers fee's(or most of lawyers fee's). then we can have our interest rate lowered, as well as our payment. and whatever payments that we are behind as of now, will be placed at the end of our loan....and no more FORECLOSURE!!!...... We also have an option to go with a forclosure lawyer, here's the email the lawyer sent me: Robert, Nice speaking with you today. As we discussed, the Foreclosure Defense Law Center specializes in stopping foreclosure and modifying your loan. We are a law firm with a team of loss mitigation negotiators and loan modification attorneys. (www.foreclosuredefenselawcenter.us) The first step in the loan modification process is for our legal team to review your information to determine if we can help you in your situation. Also, if you have a copy of your original loan documents (RESPA/TIL), we can conduct a forensic audit to see if you were a victim of any predatory lending. If these documents are available, please fax back to us at fax #786 345-5809. My contact information is toll free #888 572-8387 x323, or email jhopkins@foreclosuredefenselawcenter.us. Thanks again and I look forward to speaking with you soon. Jim Hopkins Foreclosure Defense Law Center Tel # 954 990-1599 Fax # 786 345-5809 jhopkins@foreclosuredefenselawcenter.us Company Website: www.foreclosuredefenselawcenter.us The Electronic Communications Privacy Act covers this electronic transmitted message, 18 U.S.C. Sections 2510-2521. The information and intellectual properties contained in this transmission are confidential and intended only for use of the individual named above and are not to be reproduced or given to other parties. If the reader of this message is not the intended recipient you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this message in error or there are any problems please notify the originator immediately. The unauthorized use, disclosure, copying or alteration of this message and included documents is strictly forbidden............... They require a $2,000 retainer but they say that they will hold the money in an escrow account until the 45 day loan moddification is finished between the attorney and Saxon, they claim that they can 100% take care of the whole process and make sure that we won't have to pay the up front costs to Saxon and get our loan current and fixxed. The say that the process is 45 days and would freeze our forclosure so we would not be evicted and they will solve our problems..........Help please with advice!!!!!

Arizona foreclosure process? A person bought my property in Arizona to run a business. The business has failed and after 3 yrs of paying a mortgage into my family trust the purchaser has stopped paying the mortgage and dares me to go ahead and foreclose. Also, 2 yrs ago someone put a tax lien on the property because he did not pay the property taxes. I live out of state and want to know how to do the process of foreclosing and what to do about the property taxes that he did not pay. Were the property taxes my responsibility or his? He is a real estate broker and I feel that I may be being scammed.

Any NY Chapter 7 Bankruptcy experts here? Wanting to discuss Chapter 7 Bankruptcy for New York state with someone experienced or knowledgeable, in regards to stopping a foreclosure. Specific Questions: - The Bank Foreclosure Process is so far along that I expect House to be publicized/go up for auction as soon as June 13th, 2011! If I can get with a Bankruptcy attorney this coming week (May 16th-20th) and file Chapter 7 (per qualifications of course), will this automatically stop the Foreclosure process in it's tracts? - I know I qualify in terms of Income guidelines, what I'm uncertain of is there a limitation to how much can be discharged via the bankruptcy? I owe the bank $63,000 including attorney fees. My total debt with debtors comes to around $89,000. The house recently appraised for $110,000 so I obviously have lots of equity. I'm probably supplying you w/ more info. than is necessary as I get wordy when nervous. Thanks so much for any assistance here! Jan

stopping a docket sounding for foreclosure? ok, i know the reason for a docket and its being issued by the county the property is in, Lee County Florida. the lawyers for the bank have in the mail right now a "Dead In Lieu" document for us to sign. However there is the court date in a few days and we cant show and don't have a lawyer. The bank seems to be doing a good thing and we want to sign. But the court is in process of a Docket Sounding and we would be absent, despite the documents with the bank being signed by then, we don't want anything unfavorable happening in the courts.. Do we need to spend the $1500 for a lawyer to show up in court or is there something else we can do with the courts to tell them what is happening?

WILL FILING BANKRUPTCY SAVE MY HOUSE? I am trying to keep my house, it's looking like it will be going up for auction in a few weeks and I wanted to know if there was anything I could do to save my house. I was thinking of file bankruptcy but I wasn't sure if that would stop the foreclosure process. Thank you for replying. But I'm a little last you said your father went bankrupt so does that mean he filed bankrupt and the bank then took his house. Or did he not file and the bank then took his house

Has anyone used the "Produce My Note" option to stop foreclosure? Please let me know the process

California Foreclosure Question? I have a house that my mortgage was climbing way to high (around $4400 per month) and I tried to work things out with the mortgage company but they would only go down a couple hundred so i stopped making payments and went through the foreclosure process. I bought another home that was much bigger for less than i owed on the other house and now my payments are only $2300. The old house went back to the bank after a trustee sale. This happend on Thursdat of last week, today I got a call from a neighbor saying their were people changing the locks. Is this the legal, dont they need to go ahead with an eviction? i still have some stuff their and they even stole some of it. I was under the impression that they had to go to court and evict me or give me some type of legal notice to leave or quit.

Foreclosure started--bank won't let sale of building go through? We have a buyer for our building. He is out of town until Saturday, then will meet with us to discuss the sale. I'm sure he wants to haggle the price down a little, which is fine. . But the foreclosure process starts tomorrow, and bank refuses to stop it so we can finalize this. I'm afraid the notice will hit the papers in two weeks and that will kill this sale with this buyer. i.e. why would he buy it from me when he can get it for much less with the bank? I owe less than I would be getting from him, so I know they will be selling it for less. Do we have any recourse?

how long does it take bfore your home goes into Foreclosures , and how does the whole process work? how long does it take bfore your home goes into Foreclosures , and how does the whole process work on long island new york after you stop your payments also what is the best way to delay it or prolong it ,

In the divorce process, house going into foreclosure. Should I...? I am in the divorce process and the mortgage is late two months. The wife doesn't want to stay in the home and decided to stop paying her half the mortgage two months back. Should I try to save the home, my credit and our child's first home? If I call in favors and cash a short term CD, I can bring the mortgage up to date. Then I'll have to rely on the wife to pay a third of currrent mortgage for as long as we keep the house. In the market we are in, the house has dropped in value by $200,000.00. This leaves us short on our mortgage. We are trying to short sell now, but no real interest for the past month. Neighbors house has been on the market for 6 months in a similar situation.

How Can I Stop Bank Foreclosure? This is a letter I wrote to my bank after hearing about a possible pending foreclosure. My loan is for $50,000 and I have an appraisal for $220,000. My credit has recently fallen to only fair and I do not think I can get another loan. Please let me know about anything I can do to stop the foreclosure: Carl, I am a little worried. Todd Noel of Mortgage Modifiers, Inc called me today to set up a three way with Kelly at your bank so I could see about lowering my interest and monthly payments. During the conversation Kelly said my rate was lowered from 9 % to 5.2 % in January which adjusted my payments from $413.00 to $287.00 per month, but my home loan had been turned over to the bank's attorney for foreclosure. I told Kelly that “I did not understand this because I have an email from Carl stating that as long as I keep my home loan within 90 days your bank would take no action to foreclose” (and you are “the chief loan officer”). I then asked Kelly how many days late my loan was and she said “72”. I thanked her for my loan adjustment rate and told her that I was going to make a home loan payment of $415.00 tomorrow (Friday) and completely catch up (January & February) by mid or the end of the February. She said “she was not my bank officer but thought my actions would stop foreclosure”. Additionally, I talk with Gerald on Monday and nothing was said about any foreclosure. He asked me for boat information, which I am in the process of getting for him. I am trusting you are a man of your word and since I have a written agreement from you stating if I am not over 90 days late no home foreclosure action will be taken, I do not have to worry about foreclosure or litigation. I really appreciate your help and remain your friend, Rick Magee

What is better a foreclosure or a short sale? My friend purchased a home for her brother he stopped making payments, and now she is in the process of selling via short sale is this bad on her credit? He stopped making payment 6 months ago. All her credit cards are paid on time her auto loans are current she has no bad credit history except for the lates on the house! Is she doomed?????? Please help with your advice!!!! Markmywords- this questio is for you what type of statement should she put on the reports?

House set to foreclose 60-90 days? I got a letter from wells fargo stating "The mortgage is about to be foreclosed.We expect that ownership of the property will be transferreed to wells fargo within the next 60-90 days." I was wondering if I pay the balance to get it caught up to be current, will that stop the foreclosure process? There is an estimated sale date of October 17th

How to deal with Tenant "Stop Payment" on all check after they move in my foreclosure House? I have a house just start foreclosure process. The bank had lost all my promising notes. The process might takes a year or longer. Therefore I decided to rent out the house in the meantime. My new tenant sign the lease on Monday stated their current rental house has a water problem. As a good deed I let them move in Tuesday which is next day before I have a chance to cash their checks. After they move in they "Stop Payment" on all their checks: credit check, security deposit and first month rent check. The reason is they said it is a house going through foreclosure. Now they are living there for FREE. They want to bargain down the rent but I disagree . And if I want them to move, they demand "Moving Compensation"! Sounds to me like extortion! Basically they don't have a lease since there were no money pay into the lease. Just wonder if Eviction(cost me another $400)can get rid of the leeches? Or way to make them pay for the time they are staying in the house and legal fee? Thanks.

How can I help save my 70 year old father's house? I know millions are going through this crisis. Is there an advocacy group or something that I can contact to stop the foreclosure or at least slow the process? He already received his notice to vacate and he has till the beginning of March to leave. It hurts that this man is 70, I grew up in his house and he has had this house close to 30 years. He mentioned to me that something illegal in his bank got the best of him, I personally don't know. Where should I start? He is in California. He refinanced a few years ago which made his payments sky rocket. The value of his house declined dramatically and he couldn't pay 2k on a house that went from 300,000 to 75,000 He received a notice to vacate the beginning of this month. He has til the beginning of March to get out. :(

help...My home is going into foreclosure? how can i stop it ? I'm a few month behinds on payment and i need to reduce the monthly payments too.. please help i unsure how far into the foreclosure process I'm in ... i fear i my lose my home...in live in the state of Florida in the south Florida area Plz help... No scams or fraud real help

here's a doozie, i'm sure! lol, help anyone? my father died last winter, and due to "bad wording" by my parents' attoney, my mother was forsed to endure the last almost 7 and 1/2 months, to get the probate court date of the 25th of this month. not, to mention the 10K it cost for "the fees". my father's passing was enough, but then my mother had a heart attack, which has left her pretty much disabled, at this point. during these tramatic events in our lives, we were just notifed that my mother's house, the house my father left her in his will, has had a foreclosure process just filed. i was forced to move in with her to help take care of things, bascially try to take over the situation. i don't mind saying it, because it is obvious in my question~i'm in over my head, to say the least. can i stop this foreclosure process somehow. where do i start. with just a limited income level myself (& two sons to raise), i JUST now caught her up to date on almost all ofher bills. she was in a three month back date on all her bills. ideas?

What is the process I use to evict my sister from my home, due to non-payment of rent? She just stopped paying any rent, and I need her out so I can qualify for a program to help avoid foreclosure. She works and gets paid well, and I am unemployed and looking for work.

foreclosure and tenant rights? Hi, my name is JV. To put more fun to my live besides my car issues now have a new one. I live in Florida and i'm a tenant on a residential property and i have been paying my rent every month. 2 weeks ago a received a bunch of papers stating that the property was in a foreclosure process. I called them and they stated they are trying on a short sale issue but are still asking for their monthly rent. If they are not paying their mortgage, why do i have to pay them? Can i just stop paying them until a get a safe place to live? What are my rights on this whole issue? I'm confused

How long will it take for a foreclosure to close on credit report.? So I let my house go (as so many have recently). I stopped paying in January. About 3 months ago the status changed on my credit report to "Foreclosure process started". Does anyone know from experience if/when that status will change to show that the foreclosure is done? The house was supposed to have been auctioned off on Aug 11 2009. Thanks in advance So I let my house go (as so many have recently). I stopped paying in January. About 3 months ago the status changed on my credit report to "Foreclosure process started". Does anyone know from experience if/when that status will change to show that the foreclosure is done? The house was supposed to have been auctioned off on Aug 11 2009. Thanks in advance. I know it will still be on my report for 7 years. - FYI I tried to get an auto loan a couple of months ago and would be approved if it the foreclosure was closed, or something?

How bad does foreclosure affect a credit score? Due to an adjustable rate mortgage that increased $250 in one month at the same time my HOA did a special project assessment for an additional $115 per month, I had to stop making payments on my condo. In early October, I moved out and listed it for short sale (I was not eligible to re-fi). Two buyers have fallen through and after 6 months I have notified my lenders that the property has been taken off the market. I'm being told it will be another 120 days before the foreclosure process is complete. I checked my credit score last week and it has dropped about 100 points to 682 due to my missed payments since August. How much further will it drop? Anyone else in my position with any advice for rebuilding credit?

We filed a chapter 7 bk and was discharged but kept paying the mortgage. We have stopped. ? Do we have to go through the foreclosure process to get the house out of our name and do we have to do a short-sale with the mortgage company. Do we gain anything?

What is my best (and legal) option to lessen taxable “profit” on the foreclosure of my “rental property”? First, the house in question was our primary residence for over 7 years. After a job loss in 2008 we could not afford to keep up payments on our 2 mortgages (p.s. 90% of all money “earned” from refinancing and the 2nd mortgage went into home improvements – added bathroom, remodeled kitchen, etc – We still have receipts, but I don’t know if that will help). We filed bankruptcy in 2009 but still couldn’t fully afford both mortgages and with a job offer in another state with cheaper cost of living, our only option was to rent out our home and we moved to another state. (p.s. we tried to sell our home in 2008 before the job loss & it was on the market for 6 months with NO offers and in 2009 the market sucked even worse, so selling wasn’t an option). [Hindsight is 20/20 and we really should have done a short sale in 2009 while it was still our primary residence, but we were too emotionally attached after living there 7 years and all the hard work on improvements… of course now that we haven’t lived there in 10 months we are far more detached and just want to be rid of these mortgage payments but have screwed ourselves out of all the programs available to help because it’s no longer our primary residence] The home/mortgage in question is still the only property we own. We are currently renting where we live now. Also, our mortgages were included as part of our bankruptcy – not that they were discharged (obviously), but our lawyer told us that if we decided to stop paying for the mortgages that we could “walk away” and that our lender (GMAC) would not be able to “come after us” for any money. I believe that the mortgages in question are referred to as “not reaffirmed” post-bankruptcy. Now I know bankruptcy is state specific – that you must file in the state where you live and therefore you have to follow their guidelines, income allowance can vary, etc. Would this also affect our “protection” from financial recourse for walking away from our mortgages if we now live in another state and the home in question is no longer our primary residence? And not only do we not live there, it is now a rental property – can we still “walk away”? (by the way, we can definitely prolong the beginning of foreclosure until our tenant’s lease is up and don’t plan on affecting them other than telling them they can’t renew the lease. Even if they wanted to stay, they pay only $1350/month but we owe $1850/month which is why we can’t keep this up… and we can’t get find a renter who would pay that much) So I saw a previous Question/Answer that said for foreclosure on rental property you take what you owe still on your mortgage(s) and subtract Fair Market Value. For us, that’s about $159,999 minus $150,000 which means $9,999 would be considered taxable “profit”!? I don’t know about you, but times are tight and come tax time I don’t know if we can afford to pay taxes on $9999 we didn’t really earn! What if I let our tenants leave when their lease is up (they’d be gone as of Oct 1, 2010) and we make sure to keep up enough with the 1st and 2nd mortgage so that the foreclosure process wouldn’t start until November 2010… At that point the house would no longer be a rental and would be vacant – then can I avoid the taxable profit? Or no matter if it is empty and unadvertised, because we *did* have tenants at one point, it would still legally be considered a rental?? How can we get out of this with the least financial recourse?!?! Please help!

Do banks have to accept registered US treasure notes as a form of payment? We sold our 2 homes to an investor that has paid off our lender with a promissory notes backed by registered US treasury bonds. We understand that our lender must accept this form of payment under federal law but not state law. (California) So far they have not and they began foreclosing on us and suddenly stopped the foreclosure process in mid stream. The investor says he will fight the lender until the case goes to federal court. He is paying full price and then some. We have contacted several government agencies including the FBI and no one will say that this is true or untrue or even a fraud. Can anyone shed some light on this. Thanks, Gandi

can i put my house for sale while waiting for foreclosure? I owed about $250,000 for my house and can no longer afford to make payments and thought I would just foreclose it. But I just found my house is worth about $330,000. Can I stop making all payments and at the same time put the house on sale and don't make any payments? It seems like the foreclosure process takes about 3-7 month anyways... so If I don't sell it in that time frame, I would still let it foreclosed. Now if I do sell it during the month or two without any payments to my mortgage, is the profit I sold on the house mine or the lenders?

Can I qualify for the first time home buyer credit if my home was in foreclosure 3 years ago? I had to file for Bankruptcy in Sept 2006 because of my divorce. At that time I was required to stop making payments on my mortgage. My bankruptcy was discharged in Dec 2009. I was still not making payments on my mortgage. I was not able to retain my residence and therefore did not make another payment on the residence at all. I had moved out of the home in Sept. 2007 but Because of the 'right of redemption' period on the home, the home was in the foreclosure process until February 2008 when the home was taken over officially by the bank. I am now remarried and looking to purchase a home with my husband (who has never owned a home) and would like to qualify for the tax credit in the next few months but I am unsure if I would qualify due to my situation. My name was on the title until the bank took it over but I did not make payments on it after Sept. 2006 (3 years ago) because the bankruptcy rules would not allow it and I was going to lose it anyway in foreclosure. Could I still qualify for the credit this fall?

Can we stop this foreclosure? (see details below)? My husband and I are trying to buy a house that is in pre-foreclosure. It is set to be auctioned off on July 27th. We are trying to short-sale. If we are in the process of negotiating with the lenders, can we post-pone the auction?

Bitten by H.A.M.P. now facing foreclosure!? Is listing on MLS optional? I live in Ohio. We were late on one of our payments and we received a letter in the mail from US Bank informing us of the H.A.M.P. program. We said to ourselves, "would we like to lower our monthly mortgage payments? ... Of course!" ... so we applied. We had no idea this was going to be the beginning of a nightmare. We were sent another statement, we called in and asked about our application. US Bank: We were told, "Oh no! You don't want to make a payment if you've applied for H.A.M.P.!" Us: "Well, what do we do?" US Bank: "Just wait, it takes time to process, we'll contact you. Give it 3 or 4 weeks." Late notices start coming, and calls are rejected automatically because they (US Bank) do not have the time nor manpower to handle the paperwork. We called again ... Us: "Should we re-apply?" ... US Bank: "No, that will only further complicate things." Long story short, we are now in foreclosure and are confused on how we even got here? We are not trying to work things out, they just simply will not allow us. We've even tried making a payment over the phone. What options do we have to stop foreclosure? ... and ... What if we want to sell our house? Can it be listed in the MLS if it's under foreclosure? *Folks, please, please, please stay FAR AWAY from H.A.M.P. (Home Affordable Modification Program)!!!

how to deal with foreclosure? my family are in the process of going into foreclosure is there any way we can stop it we live in florida. what are the sign that were going to be evicted, becaused last week thursday the bank send someone to change the locks but he didn't becaused we were still in the home.

Can Chase foreclose on me after approving loan modification day before foreclosure? I was called by Chase the day before my foreclosure sale date, and they processed and approved a loan modification. However, it seems that the specialist didn't send and notify a request to have the foreclosure stopped after approving my loan modification; thus, the loan modification and foreclosure happened in conjuncture. The loan ended up being sold back to Chase. Now, they are saying that they can reverse the foreclosure, but they say the foreclosure has already happened. Sometimes when I call Chase, they tell me it is all over and nothing can be done. Then, I'll call right back and talk to another specialist who says that it can be reversed since they made the mistake. They have sent me the trial plan package application, which I sent back with my first month's modified mortgage payment in September. They not only took and processed that payment, they also took and processed October (this month) payment as well. Yet, the attorney's office who was appointed by Chase and who is in charge of my foreclosure/eviction says that they have no record of a loan modification and the foreclosure sale is to take place next month. In other words, the left hand doesn't know what the right hand is doing - the left hand doesn't even know what IT is doing. So what do I do now?

can you pro-long your house foreclosure up to 36 months? hi just a question im attending some seminar right now to stop foreclosure i just wanna find out they said you can prolong your stay at your house up to 36 months even investment they call it 911 retention what they going to do is hire a real estate atty and they will negotiate everything i know some people here know what im trying to say just wanna make sure all this seminar are not scam because your going to pay $2200 a month for processing your case then every month once prolong you'll have to pay the atty $900-$1200 a month pls help

Taylor Bean and Whitaker loan in foreclosure? Our loan was foreclosed in March. We have a one year period to leave or pay the loan off. What happens now that Taylor Bean has been forced to stop all foreclosures? Does this affect us? Will they have to start the process over? Will I still need to be out by March?

How to do a smart foreclosure that there is no deficiency amount in the process as per California laws? My wife lost her income, and we can no longer make mortgage payments. I have 2 loans on my property. (loan 1 = 460,000 and Loan 2 = 60K). Loan 1 is a purchase loan, and loan 2 is a refinanced loan. Current property value is 320,000. I have been advised by a friend that if I stop making payments on the second loan, they would foreclose my house, and cannot come after me for the deficiency amount, and the laws of California would stop the first loan to go after me for the deficiency amount. Is that true ? Would it be the same for an investment property where I have a first loan of 280,000 and the heloc of 60,000. The property value currently is at 215,000 My friend's attorney told him that. Should I take his words on that, or how could I validate this information. Any web site ? Any other blog ? Help would be really appreciated thank you

I was wondering if you can stop foreclosure wants it starts. i was only 2 months behind on payments? they already wanted to start the process and they sent a guy out to check out the house and see what condition it was in. what are some things i can do, i got behind when my husband walked out on me. i want to save my house but i need some options also im only a co-signer on the mortgage. any help would be great. thank you. but they already sent someone out to look at my house, that was when i thought there was nothing i could do about it. the mortgage company doesnt do interest-only but ive had the house for 2 1/2 years with no late payments or anything other then recently... im really stressed and my husband said he doesnt care, he has a home to live in....i just want to make sure i can still stop it they are saying that i am officially 3 months behind, because i sent in the mortgage payment and they gave me my cash back and then i sent in 2 of the 3 months and they sent them back. i am just really stressing because this is my home and its all i have and i dont want to lose it.

tough situation. foreclosure on estate of the deceased.? my mother passed on dec.30 2008. her house is currently under foreclosure. i recently went in front of a judge to ask for a second extention. the sherriff sale is for jan. 29. im in the process of becoming excecutor of estate due to my fathers' health condition. i still need a surety bond before the surrogates office can finalize the whole thing. my question is, will the surety bond stop the foreclosure? i want to reinstate the mortgage. my credit is not in good standing, i have unpaid credit cards and a repo. i have to save my house for my fathers well being. thanks in advance for your help!

My apartment is entering foreclosure - what to do (renegotiate lease, buy, stop paying rent etc.)? I live in an apartment in a condo in San Francisco, CA. There are indications that my landlord has not been paying the HOA fees and as a result the HOA will be entering his unit into foreclosure. I have received the following advice: - Stop paying rent as the landlord can't really do anything and an eviction process takes as long as a foreclosure. It might take even longer before the bank contacts me to start collecting rent. I could potentially save thousands and move on if/once I get evicted. - Negotiate a low rent now before there's a new owner, as whoever buys the property would have to honor my lease. I could potentially lock myself into a much lower rent. - Wait till foreclosure begins and start negotiating with the bank for lower rent. - Buy the property, since as a tenant there are no uncertainties about the condition of the unit. My questions are manifold: 1.) Is the above advice in any way sound? 2.) Does an eviction result in any negative consequences (credit score, some other "mark" that could impact future job search etc.) 3.) If I was interested in buying the unit, when/who should I engage (LL or bank)? 4.) Should I go for a short-sale or foreclosure transaction? 5.) Can I stop paying rent/reduce it due to non-payment of the HOA fees? A few details: I am on a month-to-month lease right now. The property has been owned by the LL for a number of years. The LL isn't particularly forthcoming and is continuing to pretend like there are no financial issues and the HOA situation is being taken care of. Any advice appreciated.

Can a spouse of a soldier benefit with Soldier's and Sailor's Civil Relief Act? The house was bough in 2004 before a marriage to a soldier. The deed is not in his name and the process of foreclosure started the begining of this month. Can be stop by the Act since the marriage occurred on 2006?

Should I keep the home or let it go? I purchased a home with my father about 6 years ago. We always split the mtg 50/50. Once he retired about 2 years ago I told him we should sell since the market was still high and I was accepting a job offer elsewhere and would not be able to continue to pay my half of the mtg and a new home mtg. He refused to sell stating that he wanted to keep the home and would make the payments since he had a steady income(retirement check). Which he did for the last 2 years. Well he has just recently vacated, about 4 months ago, and has not paid a dime on the mtg. I have my own mtg and cannot pay for both. I have been able to pay half of the mtg which was my original amout. But our bank, a credit union is now threating to start the foreclosure process. Aslo stating that they will sue me personally for any owed money. I have kept my end of the bargain as far as payments go so why am I going to be penalized? And because of his nonpayment for his half of the mtg my credit is now ruined. My husband and I are expecting our 3rd child and need a bigger home (currently in a small 3bd condo). I do have potential tenants that wont be in till the next 2 months. But the bank is requesting a month and half of payment that maybe will stop the process. I was not able to rent it for the full mtg payment amount. I will still have to pay a difference but it wont be as bad as what I am having to pay now. So at this point should I try to save the home or let it go? The mtg amount for the home is $1690 a month. I would have to continue to pay that plus my own mtg in order to keep the first home that I bought with dad. The home is in Tampa, FL and I live and work in Orlando, FL which is about 1.5 hours away. The mtg balance is $157K and is worth about $165K.

Landlord defaulted on mortgage then redeemed, now what? We live in Wisconsin. Back on June 25th a process server stopped by the house we were renting to issue a Notice of Motion and Motion for Order for Writ of Assistance (labeled on the top of the letter as an order of eviction), and to notify us of an upcoming sheriff's sale of the house. We contacted the landlords, who claimed that they didn't know about the housing having a foreclosure judgment against it, and it was misunderstanding and they would get it cleared up. Further, they said they would get proof from the bank that they were not in foreclosure. On July 6th, we wrote them a letter telling them that we were going to end our tenancy after receiving the eviction notice. They have refused to let us out of the lease, and said they were going to clear up the foreclosure and expected us to live out the remainder of the lease (which ends in January). My question is what rights did we have to end the lease? Did the order of eviction violate our right to quiet enjoyment? Is it reasonable to expect tenants to stay throughout the landlord's foreclosure process, despite our own needs? So even if the notice we received said order of eviction, that is not a notice to leave?

Lis Pending in Florida Foreclosure? Hello, Does anybody know the process of Lis Pending in the state of Florida? How long does the foreclosure take and can the person being foreclosed on still stay in the property until the final outcome of the foreclosure and if so, if they catch up on their late payments are they still allowed to keep the property and the lis pending be stopped? Thanks!

Do you agree with the following answer I found on this site? Mortgage banking meltdown: There's no valid reason but that America's corporate politicians are subservient to Wall street and the super rich. The Bush administration on Friday announced plans for a massive and unprecedented federal bailout of the US banking system. In separate appearances Friday morning, Treasury Secretary Henry Paulson and President Bush announced a series of measures to shore up collapsing financial markets and called on Congress to pass legislation next week to use, in Paulson’s words, “hundreds of billions” of taxpayer dollars to buy virtually worthless mortgage-backed assets that cannot be sold on the market from banks and other financial institutions. Paulson said he would meet over the weekend with congressional leaders to lay out the details of the government plan. With this plan, the full cost of the immense debts piled up by the banks will be imposed on the American people. It will shift the banks’ liabilities onto the federal government, sharply increasing government budget deficits and the US debt, a process that can only further erode the creditworthiness of the United States and place a bigger question mark on the value of the US dollar. The immediate line-up of both parties and the media behind the bailout plan for Wall Street stands in the starkest contrast to their indifference and inaction in regard to the plight of millions of American working people, who face a rising tide of home foreclosures, layoffs and sinking living standards. When it comes to the social needs of the people, the universal cry from corporate America and the two parties is, “There is no money,” but when the fortunes of the financial elite are threatened, the full power of the government and unlimited resources are marshaled virtually at a moment’s notice. There was no suggestion in the statements of Bush and Paulson of any relief for the working class—nothing to stop home foreclosures or help those who have already lost their homes. Rather, hundreds of billions—and more likely trillions—of dollars in public funds will be used to prop up the banks. The resulting bankrupting of the government will be used to justify a brutal assault on what remains of social programs, including Medicaid, Medicare and Social Security, and demand even greater financial “sacrifices” from workers, whether the next administration is headed by Obama or McCain. Nothing could more clearly demonstrate that behind the façade of American democracy there stands a dictatorship of big business. In his statement, Paulson said “comprehensive” action was needed “to address the root cause of our financial system stresses. The underlying weakness in our financial system today is illiquid mortgage assets that have lost value as the housing correction has proceeded.” This is a lie. The root cause of the crisis is the unbridled parasitism of American capitalism, which over a period of decades has dismantled huge sections of industry in order to reap super profits for the rich by means of financial speculation and fraud, based on a colossal buildup of debt. Now the bill is being passed to the American people. Bush, flanked by Paulson, Bernanke and Cox, called for a government bailout of Wall Street in the name of “our system of free enterprise.” “There will be ample opportunity to debate the origins of this problem,” he said. “Now is the time to solve it.” There will, in fact, be no debate or discussion. Nobody will be held accountable for the greatest financial scandal in world history. There will be no penalties. No one who made tens and hundreds of millions from the plundering of America will be forced to give back a dime. All of the financial resources of the United States are being placed at the disposal of Wall Street and every American citizen, without being asked, is being given the responsibility for covering the debts of the richest people in the country.

How many months can I stay in my home after I stop paying my monthly mortgage payments? I live in California.? including the whole foreclosure process... I'm not trying to be dishonest, We just can't keep up with the mortgage.... We made a bad investment on this house... so far we have barely gotten the interest paid off... Some people have told us we can stay living in our home w/o paying for the mortgage for up to 2 years in California. we have already missed 3 payments...

How to file a motion with the circuit court of Broward? a lawyer for a banks sent foreclosure notice. we contested it cause the loan is predatory. now in 3 weeks they sent a "notice of hearing" with motion for summary judgement. the courts didn't send this, the lawyer did. how can we stop this or what is the process for filing our own motion...if we should? I called the clerk of the court and they said that the hearing is the actual hearing of the foreclosure. The bank that is plaintiff now stated in the notice of hearing that they are only the trustee and not the plaintiff as they had originally said. However, the plaintiff is a servicing company and not the mortgage holder. The original note is lost which I have heard is mandatory to be shown by the note holder in order for them to foreclose. I really believe the bank (which really is the plaintiff) doesn't have the original note and bought it after it was in default. I read an article that buying a loan AFTER it is in default is against the law. So an individual could never defend themselves?

Who do you send your rent to if your house is going to be in foreclosure? Our lanlord has defaulted on their mortgage and was served a summons. It has not yet gone into foreclosure but is in the process. Who do we send our rent to?? We have not gotten a straight answer from anyone. We have a lease agreement until Aug 2008. We are 4 young adults who have never been in this situation before. Any advise. We don't really have money to get an attorney. Do we start a third party bank account at the bank that the morgage is thru? When do we stop paying the Lanlord? Please Help!

When should we get a place?, ready to stop mortgage payment, will try short sale/ deed in leiu of foreclosure? Upside down, can hardly make mortgage payment so we want to get out of this house. We'll try to sell it as short sale or deed in leiu of foreclosure with a Realtor. My question is should we stop making payment starting now and try to stay here for a few months while bank is processing short sale/ deed in leiu or should we get a place now before credit hit and move out in a few weeks? We don't even have 1st, last deposit for the rent so we would like to save some money as much as we can but if we wait until later to get a place, our credit will be ruined, right? When do our credit report show our non payment ? A month or later after the non payment? Thanks.

Do you know anything about VA home loans? Seven years ago, a family member bought a condo with a VA home loan. The mortgage company sold the account to Fleet who stopped sending bills or coupons for payments. Essentially, they screwed my family member and after two late payments (it took 18 days to process because there was no payment coupon included) they started foreclosure procedures. Really bad company to do business with. She had no choice but to file bankruptcy. They forclosed on her in less then two months and the condo sat vacant for over a year and a half. No one helped her and the mortgage company even hung up on me when I called them. Can she qualify for a VA home loan again?

I signed a lease put down a deposit now I'm finding out the property is facing foreclosure I'm in New Jersey? Ok on March 15th I put down the first months rent and security deposit for a 2 br condo in a building with many other condos located in New Jersey. Since then I've googled the address and found a sheriffs sale or foreclosure sale notice scheduled for public viewing on 4/08/09 so next week. I asked my landlord about this and he says he's in the process of restructuring his morgage and that this posting was an error. I'm set to move in on June 15th and am a bit worried that if this property some how does get foreclosed on.. on the set date do I have a leg to stand on? I have a copy of our lease and my bank account shows the check he cashed for the rent and deposit. I understand that since I'm in NJ there's a lot more of a chance my lease won't be found void since theres already a lease in place. My main questions are since this is in NJ if this place gets foreclosed on that shouldn't effect my move-in in June right since NJ the lease is not voided because of foreclosure. Also if for some reason the bank does become the new owner and I can't move in would I still have a civil case against the landlord for the rent and deposit or is their a loophole for him since he's no longer the owner? Any information you could tell me would be much appreciated. And I feel that I should mention that I do think this guy is honest and has never stopped communicating with me since I signed the lease. Is it possible that he really is restructuring his morgage and it won't be foreclosed on even though the date is set for a week from now?

ex not paying mortgage/he's going bankrupt? Divorced since 9/2007. Ex responsible for paying first mortgage as per divorce decree. House on market since 3/2008. 4/2008 he stopped paying mortgage I just found out he is going bankrupt. June 1, mtg company will start foreclosure process. How can I save my house from being forclosed, I still need to sell can't afford it by myself.

Why is this man harrassing me? I WAS going through a first time homebuyer's program to purchase my home. I signed the contract in March '08.It is now October. I found out the developer went in to foreclosure in August'08. He owes 230k+ on the property. This is a 4 unit building.I am currently the only buyer.What if I move in and the foreclosure process continues....I will then end up homeless right? How can I stop this man and his people from calling me and talking smack!?!? I have told them NO and put it in writing! Excuted contract reflects HOA fees @ $203.Last week, it was dropped to $165! lol

I want to relocate soon, but what do i do with my house and mortgage payments? I live in the midwest. My house has been on the market for a year and I haven't even had 1 phone call. It's not teh best house and it still could use some work( a new garage door, siding, windows) but i can't afford that stuff unless I get a 3rd mortgage. That would use up all my equity and i wouldn't get much back anyway. besides that my house is in the hood and if I leave would steal the siding anyway. i had the roof repaired, pluming and electricty done and an updated circuit breaker put in. I can do no more and it's time for me to move on. When I get ready to leave I will have to stop paying my mortgage to have gas money to travel. So do I then tell them I want to do a deed in lieu? I almost went through foreclosure when I lost my job over a year ago. They were such jerks about ever discussing how to pay for my home or save it. They said once its in the foreclosure process then they can discuss options. I could rent it out through a company, but I want a fresh start. I feel like this house has really become a monkey on my back. I would burn it down if i could and not for the money. Suggestions? I've heard from some a deed in lieu is as bad as a foreclosure so whats the point? My credit is already pretty shot and I ever going to be able to clean it up? I guess the only thing about a deed in lieu is that I cant be garnished or forced to pay foreclosure costs. So what are my options? Please keep negative comments to yourself. I don't need to be told what I already know ' what a mess your in, etc". And last i checked their were thousands of families is the same mess! Atleast i tried to do mostly the right thing and used my mortgage to repair the house while others I guess ran off the acapulco and left their homes behind for the banks to sit on. Thankfully my mortgage is very small, but it's still a lot for me and i want to be done with it.

need to unload Mich condo, pd int only, tried to sell 2 yrs, cant afford, need to foreclose, help? Do we just stop making mortgage payment? Should we ask lender if they will just take property back? Can they come after us for more $ after foreclosure? How can we speed up process. We never moved into this condo because we couldn't sell our first home., so are paying mortgage pymts on both. The condo has been listed with realtor for $30,000 under what we paid and still no offers. Have had to put property taxes on credit card. We are in our mid 50s and cannot afford to go any further in debt. We know our excellent credit will be ruined but feel foreclosure is our only option so that we do not keep pouring thousands into this property that we can never recoup. We just want to get on with our lives and dig ourselves out of debt.

Bankrupcy and foreclosure question; When filing bankruptcy, should we go into foreclosure as well? This may be a dirtball question, but here goes; we are filing for ch. 7 because of excessive debt and cannot afford the expenses of our present home. We are current on our mortgage and our bills as of today, but in no way can keep it up (borrowing from Peter to pay Paul basically), we will need to find alternative housing(renting) and incur moving expenses and have no savings or cash on hand to do so, my question is, is it so horrible to stop paying crediters and our mortgage and just let it all go if we are going into ch. 7 anyway? And use the monies saved to pay for moving and renting expenses ?Our home has no equity and we are well aware that our credit will be devastated for a 10 year period. Sadly, we really do need to start from scratch or a clear plate due to poor judgement and unforseen circumstances. We are hiring a lawyer for the filing process, but have many unanswered questions that we are a bit embarressed to ask him, such as the one above. Thank you for your insight.

What would you do if you got this phone call at work? My friend posted this on a myspace bulletin and I was just curious what you would do if you got a call like this. So im at work and it's 4 pm on a Friday and some guy calls and says there are people at his home taking things out and his house is going to be foreclosed on tomorrow. People don't usually start carting things out of your house until after the foreclosure and then after an eviction process so i become immediately suspicious of his story....he's frantic and is having trouble answering my questions. I said to him, you realize you are calling at 4 pm on a Friday? And if you want us to file a bankruptcy for you to stop a foreclosure that quickly you will need to come up with $2310.00 ....i ask "Do you have $2310?" he says yes on a line of credit and i say we'll it has to be cash you cannot pay for bankruptcy on credit...DUH! then, he says, how about crack?? will you take crack...shocked im like, what did you say? and he says, i'll give you a kilo of crack to file my bankruptcy...... OMG who effing asks an attorney office if they will take crack to do their case? i just told him he's have to call somewhere else and hung up the phone on him. effing crack heads

real state law question. Foreclosure timetable.? My uncle's landlord has stopped making payments on the house that he rents from her. She told him that the house is being foreclosed and that he can live there for free until the bank evicts him. By his calculations she stopped paying about 4 to 5 months ago. Wanting to take advantage of the offer he needs to know how long will it take for him to get evicted. And will there be any kind of notice before he gets evicted posted on the house giving him an estimated time so he could plan his next move. The landlord has moved and she won't give him notice. Will there be some sort of comunication with the person that actually lives there about the timetable to leave. And again about how long is the process for the bank to actually evict whoever lives on a foreclosed property.

if i want to stop paying my mortgage what will it happen? what is the process of a foreclosure, or what will happen to me if i dont send the payments any more

Our renter has stopped paying rent and filed for bankruptcy.? She seems to know the system on how to drag out staying in the property as long as possible. We have started the eviction process but when she declared bankruptcy that prolonged her staying in the property. We are to the point where we cannot continue paying the mortgage on this property. Do we let it go into foreclosure? We are about -60K in the rental already.

My mother wants her sisters name off a house deed, can a quit claim deed be sufficient.? My mother and aunt are having major problems with the house, my mother is the only person on the mortgage loan but my mother, grandmother and aunt are in the deed of the house. Long story short, my aunt is gambling like an addict and has stopped helping out with mortgage payments (as agreed between them). The house was very close to going into foreclosure and my mother managed to come up with enough money to stop the process. Now, my mother wants my aunt out of the deed ASAP. I know its not going to be easy dealing with my aunt but if she agrees will the "quit claim deed" be enough to remove her off the deed. Also, my grandmother died a few months back and she is still on the deed as well, the record office said that with the deceased certificate my grandmother can be removed without any issues. We are not people of great means and would like to avoid an attorney, IF POSSIBLE. We live in NJ, i been looking online to try to get informed i came up with a due on sale clause that can be triggered when you use the quit claim deed. Anyone care to inform me better of what this clause is and if it applies to this case.

ways to stop or postpone foreclosure? Trying to help a friend out. I just found out his mortgage company began the forclosure process a few months ago and the sale will occur in about 4 weeks. Are there any ways to delay this or government programs for assistance? Thanks

Do you remember 1981-1984, when the FHA tried to, and did in some cases, foreclose on bank farm loans? In North Dakota, they started to fight back to keep their homes/land/farms!!! There had been deaths--suicides, mostly--because of this!!! People lost land/farms that had been in their families for generations--since some of them first came to our country!!! They had worked, sweated & cleared the land and made this country what it is today!!! February 16, 1984, a Federal Judge ordered the United States Government to stop all FMHA Foreclosures until the farmers received their "Constitutional Rights of Due Process by Law"!!! This class action suit affected 230,000 farmers in 44 states!!! The farmers/citizens who were foreclosed on, before this ruling, never got their homes/land back as far I know!!! Are we getting our "RIGHTS'? Where is the "CONSTITUTION & DUE PROCESS" now? I didn't get this information from a book, newspaper or 'off' the internet!!! This is something that I know!!! What is going to happen to homeowners & citizens now? They just announced on the radio (I heard it at 3:30AM) that we have to pay for the banks 'bail-out'!!! How does that grab you?

Why is the gop trying to do block michigan voters? Democrats Sue Michigan G.O.P. on Voter Issue By Michael Falcone Updated Responding to allegations that Republican Party officials in Macomb County, Michigan plan to use home foreclosure lists to challenge voters at the polls in November, the Obama Campaign and the Democratic National Committee filed a lawsuit on Tuesday in federal court to prevent what they contended was an illegal practice. Obama Campaign General Counsel Bob Bauer said that using home foreclosure lists as a basis for challenging voter eligibility would have a “deadly effect of the voting process” and argued that the practice would be illegal. “This is a standard operating procedure within the Republican party that’s been under legal challenge,” Mr. Bauer said on a conference call with reporters on Tuesday. Last week the chairman of the G.O.P. in Macomb County, James Carabelli, was quoted in the online publican, the Michigan Messenger, as saying that the party planned to use foreclosure lists to stop voters who no longer have valid addresses from casting their ballots. “We will have a list of foreclosed homes and will make sure people aren’t voting from those addresses,” Mr. Carabelli was quoted as saying, according to a Sept. 10 article in the Michigan Messenger. Since the story first appeared, Mr. Carabelli has repeatedly denied that the party planned to use the lists, and in an interview with The New York Times suggested that he was misquoted. “I have no voter challenging program here in my county,” Mr. Carabelli said late last week. And in a statement on the Michigan G.O.P. Web site the chairman of the Michigan Republican Party Saul Anuzis called the story “a complete fabrication.” “There has never been a plan to use foreclosure lists to challenge voters. There is no such plan, and there never will be such a plan. Period,” Mr. Anuzis said. Mr. Anuzis repeated those assertions on a conference call today and said that the Republicans would formally ask the Messenger for a retraction. Absent that, he said, the G.O.P. would pursue a libel lawsuit against the publication. According to a statement on its Web site, Messenger editors appeared to be resisting calls for a retraction. “There will be no retraction because Mr. Carabelli and Mr. Anuzis’ claims are unfounded. The quotes were not fabricated. Michigan Messenger and the Center for Independent Media stand behind this story 100 percent.” Mr. Anuzis characterized the Democrats’ legal action a “stunt.” “It clearly shows their desperation as they move forward,” he said. But the Obama campaign countered that the denials amounted to “backpedaling” on the part of the Michigan G.O.P., and said that they had enough evidence to go forward with the lawsuit. “Our position is very simply, they can tell it to the judge,” Mr. Bauer said. A copy the Obama campaign’s complaint, which was filed on Tuesday in United States District Court in Eastern Michigan, is available here. http://thecaucus.blogs.nytimes.com/2008/09/16/obama-campaign-files-lawsuit-against-republicans-in-michigan/

what are my rights?do i have to pay rent for a damaged apartment that the landlord refuses to repair? This is for someone who knows abot tenant laws.My landlord is losing his property,(my apartment) to foreclosure.I learned that is is in the process of being auctioned off.It was up for auction late july,but was not sold.On the third of july, a huge puddle of water started coming through the carpet,within a day it became huge.I called the landlord and the realtor,and left messages for both regarding the carpet.None of them called me back.My mother then told me that the landlord said that he would not be collecting the rent in august.so i called the realtor twice more,again no answer and no returned call.the puddle got bigger and bigger over the course of the month.i had to buy a water vac to get most of the water up.i had no idea where it was coming from. On august 1rst the landlord shows up freaking out about the carpet,then he found that the cause of the leak was from the kitchen from a leaking pipe that he claimed was brand new.so he shut off the cold water in the kitchen and the puddle stopped.now the carpet is raised from the expanding wood in the living room and im sure that mold and mildew has developed.he refuses to fix the problem and says that he is not able to fix anything because he has no money. it is almost sep 1rst.what should i do.i will be moving because even if someone does buy the property,it has to be fixed.do i pay this man rent.i want to do the right thing and pay him,but it feels like im paying him for nothing.The health department came out and investigated and did a report for me.I didnt pay the landlord rent for august.he said himself that he was screwed out of this months rent because of the leak.so what about september? do i pay,or pay some.PLEASE HELP. Thanks

Is it possible to modify a loan with Chase right now? ? I filed bankruptcy in 2008 and did not reaffirm my mortgage loan whom I pay to chase, I am struggling to make ends meet, however have been making my mortgage a priority to avoid getting kicked out. I have tried to contact chase in order to get a modification (currently 7.5%), but they are taking long to assign a analyst to my account. Will I get a faster response if i stop making the payment and catch up with my other bills? And also will the foreclosure process be alot quicker because I did not reaffirm or do they need to follow the same process. Is it even possible that i will get a mod if i filed bankruptcy?

How does the foreclosure process work in Florida? I purchased a townhome two years ago that has lost 25% percent of its value and is not expected to rebound even when the rest of the market finally does (newer townhouses have been built around mine since then; its price has finally just stabilized to where it probably always should have been -- from $200,000 down to $150,000). Instead of eating $50,000, I'm considering just letting my home go into foreclosure. How does this process work? Do I just stop making my payments? I'm obviously aware of the affects to my credit score, but are there any other things to be concerned about (wage garnishment, etc)? I just want to know all the facts so I can determine if this is really the best thing for me... I do not currently live in the home. I relocated to a new city for business shortly after buying it, so I currently live in a property I rent elsewhere.

How long before foreclosure? My parents have a mortage with Countrywide and we finally got a notice of foreclosure with them( with some options to stop it, but highly doubt we will use them). It said that the foreclosure process may take as little as two months. But a week ago we got a letter from some debt collector(Recontrust company) that two weeks after the letter they will schedule the sale of the property. But Countrywides name was not mentioned in the letter at all, why? Does this mean that we have two weeks to move out? or will have have at least 3 weeks to move out after the sale of the property? My parents have a mortage with Countrywide and we finally got a notice of foreclosure with them( with some options to stop it, but highly doubt we will use them). It said that the foreclosure process may take as little as two months. I thought that we had some time left until then. But a week ago we got a letter from some debt collector(Recontrust company) that was contacted by mortage electronic registration systems, inc.that two weeks after the letter they will schedule the sale of the property. But Countrywides name was not mentioned in the letter at all, why? Does this mean that we have two weeks to move out? or will have have at least 3 weeks to move out after the sale of the property?

Recession : With War or Without it ? Isrel vrs Iran// War - and US?? Recession: With War or Without It? by Gary North by Gary North DIGG THIS The world's economy has been in growth mode at least since 1991. China has been in growth mode since 1979. The American economy had a sharp recession in 1991. Asia had a financial crisis in 1998. America had a very brief, very shallow recession in 2001. The Federal Reserve System pumped in money at an accelerating rate after mid-2000 through 2004, and did not go to tight money until the month Bernanke took over: February 2006. Inflation overcame the recession of 2001, and it overcame the crisis of 9/11, but it created the housing bubble and the commodity bubble. The housing bubble has popped. This is going to take the price of housing in the United States lower than it is today. I think 20% lower is a conservative figure. We are nowhere near the end of this popped bubble. The commodity bubble is still in full force. It is a worldwide bubble. The price of energy and the price of rice and other food commodities have received most of the attention. Federal Reserve policy since early 2006 has been one of relatively stable money. There is a lot of chatter to the contrary, but if we look at the two most significant monetary indicators, the adjusted monetary base and M1, we see that there has been very little growth in either. This is why the United States is now either in a recession or is facing one in the next few months. When a period of monetary inflation ends, economies go into recession. The American economy is slowing down, and it will continue to slow down. Both China and India have expanded their money supplies dramatically for a decade. Both countries are now facing a crisis of rising prices. Price inflation is a major threat to the continued prosperity of both countries. China's government has begun to impose selective price controls. This is creating shortages and production bottlenecks. India's government is considering doing the same thing. What both governments need to do is to tell their central banks to cease buying all government debt and all assets of any kind. The central banks need to stop inflating the money supply. But if the banks do this, both countries will experience major recessions. The governments do not want to have major recessions, but they also do not want to experience the effects of monetary inflation: price inflation. So, both of them are tempted to go back to the traditional policy of imposing price controls. This always creates shortages, and it always reduces the rate of growth of the economy. China and India are trapped. AN INTERNATIONAL TRAP The United States is in the same trap. The headlines scream of the skyrocketing costs of energy and food, but the broader consumer price indexes indicate slow increases: maybe 3% a year. This is because families are readjusting their budgets. As the prices of gasoline and food rise, families are forced to cut back expenditures in other areas. So, the general price indexes are not rising dramatically, but families are struggling with their budgets. This struggle will get much worse this winter, when the price of heating oil rises. This will exacerbate the existing economic slowdown. Furthermore, the rising price of oil means a rising balance of payments deficit for the United States. Oil-exporting countries are the main beneficiaries of the rising price of oil. This means that foreign sellers of oil will get the lion's share of the increase of the price of oil. American producers will pay for the prosperity of the oil exporting countries. They will pay in the form of reduced demand for their products. The world is facing simultaneous recession. Meanwhile, the American financial system has absorbed hundreds of billions of dollars of IOUs from home buyers who cannot possibly pay off their debts. They are in the process of defaulting to the lenders. This has created a crisis for America's largest banks, and for several major European banks. We all know the story by now, but psychologically, most Americans have not adjusted to the new economic reality. Most investors have not adjusted. Yes, the American stock market is down by 20% since last October. But still they think a recovery is just around the corner. The media keep saying this. American investors still have faith that the economy is essentially healthy, that there will not be a continuing fall in the stock market, and that the economy will not go into recession and stay in the recession for two or more years. So far, I am giving you the good news. The good news is there is going to be an international recession, rising corporate bankruptcies, bank failures, and retrenchment by consumers because they can no longer pay the rising cost of energy. Why is this good news? Because this recession is going to put a cap on the rising cost of energy. Commodity prices will fall during the recession; this includes the price of oil. NO MORE FISCAL WIGGLE ROOM Americans have steadily stopped saving over the last 28 years. In 1981, they saved over 11% of their discretionary income. Today, they save nothing. They are now in full spending mode. They have borrowed money against their future income, against their home equity, and on simple promises to pay (signature loans: credit cards). They have stretched themselves thin with respect to debt. If oil goes to $400 a barrel, or $500 a barrel, and stays there for a year, American consumers will be in panic mode. They will have to cut their budgets, and they have forgotten how to cut their budgets. They have forgotten how to save. The strategy of the optimists is to tell us that the worst is over economically. This is the government's official position. Chairman Ben Bernanke does not say this. He keeps hinting of more trouble to come. He keeps telling us that the Federal Reserve System is monitoring events. He keeps implying that there is some sort of rabbit still remaining in the Federal Reserve System's hat which they can pull out if the banking system moves into paralysis mode. But he doesn't tell us what these rabbits are, or under what conditions the FED will pull them out of its hat. The good news regarding the economy in general is not backed up by anything specific. The government tells us that the worst is over, but there are almost no indications that the worst is over. The housing market is still in decline. Foreclosures are still rising rapidly. The lenders are not selling foreclosed properties at market prices. Instead, they keep buying back the properties. There is a growing inventory of unsold properties on the books of the lenders. Meanwhile the two major sources of liquidity for the housing market, Fannie Mae and Freddie Mac, are verging on bankruptcy. On Wednesday, July 9, the stock price of Freddie Mac dropped by 23%. Yet its stock price was down over 50% since January. These two stocks have continued to fall. Everywhere we look on the horizon of the domestic economy, there is bad news. There is no sector of the economy that is improving, unless it is heavily funded by the Federal government. Health care has not slumped, because health care as funded by Medicare and other state and local government programs. This means that the Federal deficit is going to get worse in any recession. Medicare and Social Security are non-discretionary spending items. The revenues will fall. So, the supposed strength sectors of the economy are in fact guarantees of a government fiscal crisis. If the general economy slumps, the Federal deficit is likely to go over $500 billion a year. When the recession hits, commodity prices will fall. If the recession does not hit, commodity prices will continue to rise. But rising commodity prices will force bankruptcies in those firms that are not in a position to pass on increased costs to their consumers. This means industries associated with discretionary spending. If your company is dependent upon discretionary spending by the public, your job is at risk. If the recession hits, your company will suffer. If the recession doesn't hit, rising commodity prices will squeeze your company. Consumers will spend their money for gasoline and heating oil, not on the products or services your company produces. The boom economy has not been based primarily on non-discretionary income. The boom has come at the margin: those areas of the economy in which consumers do have the option of spending their money rather than saving it. So far, I have been giving you the good news. The good news is there is going to be an international recession, rising corporate bankruptcies, bank failures, and retrenchment by consumers because they can no longer pay the rising cost of energy. THE BAD NEWS The bad news is that the State of Israel is increasingly likely to launch an air strike on suspected Iranian nuclear weapons production facilities. I have discussed this before. If this happens, the price of oil will skyrocket. This will force massive readjustments of family budgets in every country on a permanent basis. This is going to force producers to fire people out of fear of bankruptcy. Consumers are going to stop buying much in the area of discretionary income. That is, those items that can be cut back will be cut back. This could mean you. If the State of Israel launches an attack on Iran, the economic news will get really bad really fast all over the world. So, the most important question today is whether or not the Israeli Air Force will attack Iran. From an economic standpoint, this is the crucial question. Here, too, the mainstream media have generally promoted optimism. They suggest that the Israelis will not attack Iran. The problem is, they can't point to anything specific that officials in the State of Israel have said that indicates that there will not be an attack. On the contrary, officials there keep saying "no comment." Something else is really ominous. The political leaders in the countries over which Israeli bombers will have to fly are deadly silent. They are not telling Israel in full public view that if Israel sends planes over their airspace, they will go to war with Israel. They are not saying that they are preparing right now to shoot down every Israeli plane that flies over their airspace. They are saying nothing. Why? I think the main reason is that they will not back up their words with deeds. They will not shoot down Israeli planes. They say nothing in public because they will do nothing if the overflights take place. If they go public with bellicose threats today, their own people will turn on them if they fail to back up their words with deeds if the flights take place. "You said you would do something. You did nothing. Get out!" This could start internal revolutions in the overflown countries. Silence is golden. It's yellow, but it's golden. This tells me that the overflight countries' leaders think the attack may take place. They would prefer to be accused of having been caught flat-footed by the Israeli Air Force than unwilling to back up a threat. American officials are offering the bipartisan line: "We must settle this through diplomacy." (To which Israeli government officials can respond, Tonto-like: "Who you mean we, paleface?") They are not saying anything about what sanctions against the State of Israel that America will impose as soon as Israeli jets bomb Iran. That is because there will be no such sanctions. Admiral Mullen supposedly sent Israel a statement in early July saying that the United States has not issued a green light for an Israeli attack on Iran. This supposedly means something important in itself. It means nothing in itself. What it means is the United States has not issued a red light against an Israeli attack on Iran. This means that there is no stop sign. There is no red light, so the absence of a green light means nothing. Of course no one has said that the United States will help Israel in such an attack. So what? Israeli officials are not asking for a public offer of American help. If the United States and those governments over which the Israeli Air Force must fly are not issuing public statements at this time warning that there will be significant negative sanctions imposed on the State of Israel as soon as the attack is launched, then this is an implied green light. Do we imagine that senior decision-makers in the Israeli government care a whit about the lack of an official American green light to their attack on Iran? They are as unconcerned about the lack of a green light as Iran is unconcerned about President Bush's threat of sanctions if Iran does not comply with all requirements announced by the Bush administration. Iran knows what Israel knows: the Bush administration is terminal. It will end on January 20, 2009. It has no teeth. Lame ducks don't bite. They merely squawk. Why should we think that either Iran or Israel gives a fig about the red light/green light debate? American pundits may think this debate is important, but why should anyone with common sense think it's important? TIMETABLES Iraq has announced that the United States must pull out its troops. It is demanding dates for this withdrawal. The Bush administration is pooh-poohing all this, and will not under any circumstances announce such a timetable, but so what? There is a timetable for the Bush administration's withdrawal: January 20, 2009. This means that the United States is going to be pressured by Iraq's government to leave Iraq from now on. Most of the troops will be forced to leave Iraq unless things change dramatically. Then what will be done with the 14 major military bases that have been built? As the pressure increases to force us to leave Iraq, and as the pressure from the Taliban increases in Afghanistan, and as the pressure from voters increases to get our troops out of both countries, and as the likelihood of the election of Obama increases, decision-makers in the State of Israel are caught between the proverbial rock and a hard place. If the United States pulls out of the region, the State of Israel will be left high and dry. But there is another possible scenario. If Iran's surrogate Shia forces in the region take on the United States troops in reaction to an Israeli attack on Iran, American public opinion will swing in favor of keeping the troops there, no matter what. "Who do those Iranians think they are? We issued no green light to the Israelis. It's not our fault." If Iran begins to supply weapons to Shia forces in Iraq and Afghanistan, and the American death rate goes up, then American voters will switch back to a pro-war position. At least, this is a possibility. Americans do not like to be pushed around. Any escalation of war in the region will create havoc for the supply of oil. The world economy is moving into recession already; it may go into a true depression if oil goes to $500 and stays there. So, the stakes are enormous. The outcome is no longer in the hands of the United States, Europe, Asia, or any of the other outsiders to the Middle East. The outcome, or at least the trigger, is completely in the hands of the decision-makers in the State of Israel. They hold the gun. Unless the United States and Western Europe tell the decision-makers in the State of Israel that Europe and the United States will impose significant negative sanctions after an attack on Iran, then decision-makers there are going to make a decision based on the self-interest of the ruling party, not the self-interest of American or European voters. They are going to take care of their perceived problem, exactly as we would expect any other national political leaders would take care of their problem. That's why all talk about war being a threat to the self-interest of the whole makes sense only if the Israelis conclude that the economic crisis will be so severe that it will take them down in the whirlpool of economic collapse. They are not afraid of military retaliation from Iran. They are also not afraid of the United States, Europe, Asia, or any other coalition that does not have the backbone to say in advance that there will be major sanctions placed on the State of Israel if there is an attack on Iran. This is why I am concerned about the threat of an Israeli attack on Iran. I am in no way calmed by statements attributed to Admiral Mullen. When Admiral Mullen holds a press conference and says publicly that there is no green light for an attack by the Israeli Air Force on Iran, and that any flyover of Iraq by Israeli planes will lead to shoot downs of Israeli planes by American planes, then I will stop worrying about the threat of an attack on Iran by the Israeli Air Force. How likely do you think such a press conference is? We must face reality: the decision to go to war with Iran is 100% in the hands of Israeli decision-makers. It is not in the hands of the United States, Europe, or Asia. In other words, the economic fate of the West over the next decade is now in the hands of decision-makers who are concerned about the long-term survival of their own country. They are concerned because they do not want to have Iran in the possession of nuclear weapons. Both candidates for President have said the same thing. We have seen saber-rattling by the Iranians with the film-doctored test of the missiles this week. These missiles are militarily useless as weapons against the Israelis. They are as irrelevant militarily as Germany's V-2 missiles were in 1945. They cannot inflict enough damage to make a difference, unless they are used against Saudi Arabian oil fields. But, if they had a nuclear warhead, that would make all the difference. The Israelis know this. So, they are going to make their decision in terms of this long-term threat. The main inhibition against an attack is the possible collapse of the Western economy, which buys Israeli-produced goods. This threat may be sufficient to keep them from attacking. I dearly hope that it is. But it is naïve to believe that they are going to make their decision because of worries about whether Admiral Mullen has issued a green light or not. CONCLUSION When you invest your money, do not ignore the worst-case scenario. Set aside some of your money on the assumption that the worst-case will come true. This is what any military strategist does. He makes his decisions in terms of what the enemy can do, not what it would be convenient for the enemy to do. I suggest that you be aware of this threat. I suggest that you sit down with the family budget and outline what your response would be if the price of gasoline were $10 a gallon or $15 a gallon or $20 a gallon. What would you do? I know what you would do. You would drive less. Ignore the happy-face assessments of the geopolitical strategists. Ignore the happy-face assessment of the Secretary of the Treasury, Henry "Goldman Sachs" Paulson. These assessments are being issued to keep panic from spreading. I am doing my best to encourage people to take rational steps with some of their liquid assets: to hedge themselves against the possibility that there will be an attack on Iran before January 20, 2009. This doesn't mean that I think such an attack is a sure thing. Decision-makers in the State of Israel are going to have to live with $400 oil, just like all the rest of us. They may decide that this risk is too great. They may decide to put up with the threat of a future nuclear-armed Iran. I won't bet all of my money on this. I don't think you should either. July 12, 2008 Gary North [send him mail] is the author of Mises on Money. Visit http://www.garynorth.com.

Recession : With War or Without it ? Isrel vrs Iran// War - and US?? Recession: With War or Without It? by Gary North by Gary North DIGG THIS The world's economy has been in growth mode at least since 1991. China has been in growth mode since 1979. The American economy had a sharp recession in 1991. Asia had a financial crisis in 1998. America had a very brief, very shallow recession in 2001. The Federal Reserve System pumped in money at an accelerating rate after mid-2000 through 2004, and did not go to tight money until the month Bernanke took over: February 2006. Inflation overcame the recession of 2001, and it overcame the crisis of 9/11, but it created the housing bubble and the commodity bubble. The housing bubble has popped. This is going to take the price of housing in the United States lower than it is today. I think 20% lower is a conservative figure. We are nowhere near the end of this popped bubble. The commodity bubble is still in full force. It is a worldwide bubble. The price of energy and the price of rice and other food commodities have received most of the attention. Federal Reserve policy since early 2006 has been one of relatively stable money. There is a lot of chatter to the contrary, but if we look at the two most significant monetary indicators, the adjusted monetary base and M1, we see that there has been very little growth in either. This is why the United States is now either in a recession or is facing one in the next few months. When a period of monetary inflation ends, economies go into recession. The American economy is slowing down, and it will continue to slow down. Both China and India have expanded their money supplies dramatically for a decade. Both countries are now facing a crisis of rising prices. Price inflation is a major threat to the continued prosperity of both countries. China's government has begun to impose selective price controls. This is creating shortages and production bottlenecks. India's government is considering doing the same thing. What both governments need to do is to tell their central banks to cease buying all government debt and all assets of any kind. The central banks need to stop inflating the money supply. But if the banks do this, both countries will experience major recessions. The governments do not want to have major recessions, but they also do not want to experience the effects of monetary inflation: price inflation. So, both of them are tempted to go back to the traditional policy of imposing price controls. This always creates shortages, and it always reduces the rate of growth of the economy. China and India are trapped. AN INTERNATIONAL TRAP The United States is in the same trap. The headlines scream of the skyrocketing costs of energy and food, but the broader consumer price indexes indicate slow increases: maybe 3% a year. This is because families are readjusting their budgets. As the prices of gasoline and food rise, families are forced to cut back expenditures in other areas. So, the general price indexes are not rising dramatically, but families are struggling with their budgets. This struggle will get much worse this winter, when the price of heating oil rises. This will exacerbate the existing economic slowdown. Furthermore, the rising price of oil means a rising balance of payments deficit for the United States. Oil-exporting countries are the main beneficiaries of the rising price of oil. This means that foreign sellers of oil will get the lion's share of the increase of the price of oil. American producers will pay for the prosperity of the oil exporting countries. They will pay in the form of reduced demand for their products. The world is facing simultaneous recession. Meanwhile, the American financial system has absorbed hundreds of billions of dollars of IOUs from home buyers who cannot possibly pay off their debts. They are in the process of defaulting to the lenders. This has created a crisis for America's largest banks, and for several major European banks. We all know the story by now, but psychologically, most Americans have not adjusted to the new economic reality. Most investors have not adjusted. Yes, the American stock market is down by 20% since last October. But still they think a recovery is just around the corner. The media keep saying this. American investors still have faith that the economy is essentially healthy, that there will not be a continuing fall in the stock market, and that the economy will not go into recession and stay in the recession for two or more years. So far, I am giving you the good news. The good news is there is going to be an international recession, rising corporate bankruptcies, bank failures, and retrenchment by consumers because they can no longer pay the rising cost of energy. Why is this good news? Because this recession is going to put a cap on the rising cost of energy. Commodity prices will fall during the recession; this includes the price of oil. NO MORE FISCAL WIGGLE ROOM Americans have steadily stopped saving over the last 28 years. In 1981, they saved over 11% of their discretionary income. Today, they save nothing. They are now in full spending mode. They have borrowed money against their future income, against their home equity, and on simple promises to pay (signature loans: credit cards). They have stretched themselves thin with respect to debt. If oil goes to $400 a barrel, or $500 a barrel, and stays there for a year, American consumers will be in panic mode. They will have to cut their budgets, and they have forgotten how to cut their budgets. They have forgotten how to save. The strategy of the optimists is to tell us that the worst is over economically. This is the government's official position. Chairman Ben Bernanke does not say this. He keeps hinting of more trouble to come. He keeps telling us that the Federal Reserve System is monitoring events. He keeps implying that there is some sort of rabbit still remaining in the Federal Reserve System's hat which they can pull out if the banking system moves into paralysis mode. But he doesn't tell us what these rabbits are, or under what conditions the FED will pull them out of its hat. The good news regarding the economy in general is not backed up by anything specific. The government tells us that the worst is over, but there are almost no indications that the worst is over. The housing market is still in decline. Foreclosures are still rising rapidly. The lenders are not selling foreclosed properties at market prices. Instead, they keep buying back the properties. There is a growing inventory of unsold properties on the books of the lenders. Meanwhile the two major sources of liquidity for the housing market, Fannie Mae and Freddie Mac, are verging on bankruptcy. On Wednesday, July 9, the stock price of Freddie Mac dropped by 23%. Yet its stock price was down over 50% since January. These two stocks have continued to fall. Everywhere we look on the horizon of the domestic economy, there is bad news. There is no sector of the economy that is improving, unless it is heavily funded by the Federal government. Health care has not slumped, because health care as funded by Medicare and other state and local government programs. This means that the Federal deficit is going to get worse in any recession. Medicare and Social Security are non-discretionary spending items. The revenues will fall. So, the supposed strength sectors of the economy are in fact guarantees of a government fiscal crisis. If the general economy slumps, the Federal deficit is likely to go over $500 billion a year. When the recession hits, commodity prices will fall. If the recession does not hit, commodity prices will continue to rise. But rising commodity prices will force bankruptcies in those firms that are not in a position to pass on increased costs to their consumers. This means industries associated with discretionary spending. If your company is dependent upon discretionary spending by the public, your job is at risk. If the recession hits, your company will suffer. If the recession doesn't hit, rising commodity prices will squeeze your company. Consumers will spend their money for gasoline and heating oil, not on the products or services your company produces. The boom economy has not been based primarily on non-discretionary income. The boom has come at the margin: those areas of the economy in which consumers do have the option of spending their money rather than saving it. So far, I have been giving you the good news. The good news is there is going to be an international recession, rising corporate bankruptcies, bank failures, and retrenchment by consumers because they can no longer pay the rising cost of energy. THE BAD NEWS The bad news is that the State of Israel is increasingly likely to launch an air strike on suspected Iranian nuclear weapons production facilities. I have discussed this before. If this happens, the price of oil will skyrocket. This will force massive readjustments of family budgets in every country on a permanent basis. This is going to force producers to fire people out of fear of bankruptcy. Consumers are going to stop buying much in the area of discretionary income. That is, those items that can be cut back will be cut back. This could mean you. If the State of Israel launches an attack on Iran, the economic news will get really bad really fast all over the world. So, the most important question today is whether or not the Israeli Air Force will attack Iran. From an economic standpoint, this is the crucial question. Here, too, the mainstream media have generally promoted optimism. They suggest that the Israelis will not attack Iran. The problem is, they can't point to anything specific that officials in the State of Israel have said that indicates that there will not be an attack. On the contrary, officials there keep saying "no comment." Something else is really ominous. The political leaders in the countries over which Israeli bombers will have to fly are deadly silent. They are not telling Israel in full public view that if Israel sends planes over their airspace, they will go to war with Israel. They are not saying that they are preparing right now to shoot down every Israeli plane that flies over their airspace. They are saying nothing. Why? I think the main reason is that they will not back up their words with deeds. They will not shoot down Israeli planes. They say nothing in public because they will do nothing if the overflights take place. If they go public with bellicose threats today, their own people will turn on them if they fail to back up their words with deeds if the flights take place. "You said you would do something. You did nothing. Get out!" This could start internal revolutions in the overflown countries. Silence is golden. It's yellow, but it's golden. This tells me that the overflight countries' leaders think the attack may take place. They would prefer to be accused of having been caught flat-footed by the Israeli Air Force than unwilling to back up a threat. American officials are offering the bipartisan line: "We must settle this through diplomacy." (To which Israeli government officials can respond, Tonto-like: "Who you mean we, paleface?") They are not saying anything about what sanctions against the State of Israel that America will impose as soon as Israeli jets bomb Iran. That is because there will be no such sanctions. Admiral Mullen supposedly sent Israel a statement in early July saying that the United States has not issued a green light for an Israeli attack on Iran. This supposedly means something important in itself. It means nothing in itself. What it means is the United States has not issued a red light against an Israeli attack on Iran. This means that there is no stop sign. There is no red light, so the absence of a green light means nothing. Of course no one has said that the United States will help Israel in such an attack. So what? Israeli officials are not asking for a public offer of American help. If the United States and those governments over which the Israeli Air Force must fly are not issuing public statements at this time warning that there will be significant negative sanctions imposed on the State of Israel as soon as the attack is launched, then this is an implied green light. Do we imagine that senior decision-makers in the Israeli government care a whit about the lack of an official American green light to their attack on Iran? They are as unconcerned about the lack of a green light as Iran is unconcerned about President Bush's threat of sanctions if Iran does not comply with all requirements announced by the Bush administration. Iran knows what Israel knows: the Bush administration is terminal. It will end on January 20, 2009. It has no teeth. Lame ducks don't bite. They merely squawk. Why should we think that either Iran or Israel gives a fig about the red light/green light debate? American pundits may think this debate is important, but why should anyone with common sense think it's important? TIMETABLES Iraq has announced that the United States must pull out its troops. It is demanding dates for this withdrawal. The Bush administration is pooh-poohing all this, and will not under any circumstances announce such a timetable, but so what? There is a timetable for the Bush administration's withdrawal: January 20, 2009. This means that the United States is going to be pressured by Iraq's government to leave Iraq from now on. Most of the troops will be forced to leave Iraq unless things change dramatically. Then what will be done with the 14 major military bases that have been built? As the pressure increases to force us to leave Iraq, and as the pressure from the Taliban increases in Afghanistan, and as the pressure from voters increases to get our troops out of both countries, and as the likelihood of the election of Obama increases, decision-makers in the State of Israel are caught between the proverbial rock and a hard place. If the United States pulls out of the region, the State of Israel will be left high and dry. But there is another possible scenario. If Iran's surrogate Shia forces in the region take on the United States troops in reaction to an Israeli attack on Iran, American public opinion will swing in favor of keeping the troops there, no matter what. "Who do those Iranians think they are? We issued no green light to the Israelis. It's not our fault." If Iran begins to supply weapons to Shia forces in Iraq and Afghanistan, and the American death rate goes up, then American voters will switch back to a pro-war position. At least, this is a possibility. Americans do not like to be pushed around. Any escalation of war in the region will create havoc for the supply of oil. The world economy is moving into recession already; it may go into a true depression if oil goes to $500 and stays there. So, the stakes are enormous. The outcome is no longer in the hands of the United States, Europe, Asia, or any of the other outsiders to the Middle East. The outcome, or at least the trigger, is completely in the hands of the decision-makers in the State of Israel. They hold the gun. Unless the United States and Western Europe tell the decision-makers in the State of Israel that Europe and the United States will impose significant negative sanctions after an attack on Iran, then decision-makers there are going to make a decision based on the self-interest of the ruling party, not the self-interest of American or European voters. They are going to take care of their perceived problem, exactly as we would expect any other national political leaders would take care of their problem. That's why all talk about war being a threat to the self-interest of the whole makes sense only if the Israelis conclude that the economic crisis will be so severe that it will take them down in the whirlpool of economic collapse. They are not afraid of military retaliation from Iran. They are also not afraid of the United States, Europe, Asia, or any other coalition that does not have the backbone to say in advance that there will be major sanctions placed on the State of Israel if there is an attack on Iran. This is why I am concerned about the threat of an Israeli attack on Iran. I am in no way calmed by statements attributed to Admiral Mullen. When Admiral Mullen holds a press conference and says publicly that there is no green light for an attack by the Israeli Air Force on Iran, and that any flyover of Iraq by Israeli planes will lead to shoot downs of Israeli planes by American planes, then I will stop worrying about the threat of an attack on Iran by the Israeli Air Force. How likely do you think such a press conference is? We must face reality: the decision to go to war with Iran is 100% in the hands of Israeli decision-makers. It is not in the hands of the United States, Europe, or Asia. In other words, the economic fate of the West over the next decade is now in the hands of decision-makers who are concerned about the long-term survival of their own country. They are concerned because they do not want to have Iran in the possession of nuclear weapons. Both candidates for President have said the same thing. We have seen saber-rattling by the Iranians with the film-doctored test of the missiles this week. These missiles are militarily useless as weapons against the Israelis. They are as irrelevant militarily as Germany's V-2 missiles were in 1945. They cannot inflict enough damage to make a difference, unless they are used against Saudi Arabian oil fields. But, if they had a nuclear warhead, that would make all the difference. The Israelis know this. So, they are going to make their decision in terms of this long-term threat. The main inhibition against an attack is the possible collapse of the Western economy, which buys Israeli-produced goods. This threat may be sufficient to keep them from attacking. I dearly hope that it is. But it is naïve to believe that they are going to make their decision because of worries about whether Admiral Mullen has issued a green light or not. CONCLUSION When you invest your money, do not ignore the worst-case scenario. Set aside some of your money on the assumption that the worst-case will come true. This is what any military strategist does. He makes his decisions in terms of what the enemy can do, not what it would be convenient for the enemy to do. I suggest that you be aware of this threat. I suggest that you sit down with the family budget and outline what your response would be if the price of gasoline were $10 a gallon or $15 a gallon or $20 a gallon. What would you do? I know what you would do. You would drive less. Ignore the happy-face assessments of the geopolitical strategists. Ignore the happy-face assessment of the Secretary of the Treasury, Henry "Goldman Sachs" Paulson. These assessments are being issued to keep panic from spreading. I am doing my best to encourage people to take rational steps with some of their liquid assets: to hedge themselves against the possibility that there will be an attack on Iran before January 20, 2009. This doesn't mean that I think such an attack is a sure thing. Decision-makers in the State of Israel are going to have to live with $400 oil, just like all the rest of us. They may decide that this risk is too great. They may decide to put up with the threat of a future nuclear-armed Iran. I won't bet all of my money on this. I don't think you should either. July 12, 2008 Gary North [send him mail] is the author of Mises on Money. Visit http://www.garynorth.com.

Constitue mortgage fraud? If an unlicensed loan officer (3rd party) own a home based business processing loans for home and uses false credit references from family and friends employed at legitimate businesses, would this be mortgage fraud? Why does it matter, if it does matter, that the poeple have or have not lost their homes to foreclosure? Does it matter if the loans are for illegal immigrants? and why do you think the FBI doesn't take these types of cases seriously in their investigation of mortgage fraud? Any tips on how to get this type of practice stopped or investigated. Category: Business & Finance > Renting & Real Estate

Constitue mortgage fraud? If an unlicensed loan officer (3rd party) own a home based business processing loans for home and uses false credit references from family and friends employed at legitimate businesses, would this be mortgage fraud? Why does it matter, if it does matter, that the poeple have or have not lost their homes to foreclosure? Does it matter if the loans are for illegal immigrants? and why do you think the FBI doesn't take these types of cases seriously in their investigation of mortgage fraud? Any tips on how to get this type of practice stopped or investigated.

What happens to my hud loan? I'am currently in the process of buying a new home,i'm going to keep mycurrent home and rent it out but i'm really nervous that if for some reason the tenants i have renting decide to stop paying for the rent and i exhaust all my extra money into paying for to homes my home will go into foreclosure which i hope never happens.I have a silent second through hud for $25,000 what happens to this loan that i'm suppose to pay back at the sell of the house?but if my home goe's into foreclosure what actions can they take against me to get that money back if ,can they go after my new home?