Stop Bank Foreclosures Tips

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We bought our house in 2006 (it was built in 2005). We presently owe over $260,000 on our mortgage.

Our house is now worth no more that $160,000

Real estate values have collapsed in our neighborhood (there and several vacant houses on our street).

We have an Adjustable Rate Mortgage. Our mortgage payments will increase in Feb., 2010.

We can rent a house on our street for half the cost of our mortgage payment.

We are both employed. We have no credit card debt.

We do not need credit. We do not especially care if our credit report gets clobbered by failure to make mortgage payments.

Our neighbor has failed to make mortgage payments for eleven months. He received a foreclosure notice in the mail. A lawyer told him that he can still live in the house for at least four months longer (without paying anything).

Our State laws prohibit a lender from suing a homeowner who defaults on the mortgage.

If we stop paying our mortgage, we will be able to save at least $20,000 in the next year (we will need this money for college for our kids). Then we can move across the street and rent. Then in three years we can get an FHA loan and re-buy a house at a fair price.

So why not just stop paying our mortgage? What do you think?

Here is a great resource to help A Foreclosure Survival Guide
www.stopbankforeclosurestips.com/website/sales.html
Just copy and paste in your browser.