Bankrupt Nation > Money is "Valueless" > Mortgage Scam

[shellycheval]

Ouch my head and heart--for the moment I am in this system and making the best of it until I can do something different. I am currently refinancing to lower my monthly house payment and get some immediate financial relief as my wages have been frozen since 08 and will likely stay that way for the foreseeable future while, as everyone has noticed, the costs of food, utilities etc. have gone way up. The paper work and appraisal are complete and I will likely be going to closing within the next 2-3 weeks. Whenever I deal with banks about loans, debts, contracts, etc., I get a sick feeling in my gut that I am being "used" or "trapped;" now I have a better idea why!

So far I have never missed a mortgage payment or defaulted on any debt and am working to keep it that way, but in the last two years I have used all my savings to make repairs to my home and small farm, fix my car, pay vet and other medical bills, and help my family, and I still ran up thirteen thousand dollars in home equity line of credit debt. Refinancing will give me a buffer between monthly income and outflow and will hopefully allow me to avoid going into more debt--so I am going through with it even though I do not like it. I am dealing with a smaller regional bank that does not sell their mortgages for whatever that is worth--it feels like a better way to do business.

I am very grateful that I have a job still and a large chunk of equity in my home, as well as own the farmland outright, but who knows what anything will be "worth" in the future. Thanks for the insight into the mortgage system even if I cannot do much else to change my situation at this time--knowledge is always welcome.
shellycheval

 

[Madchapelier]

I believe the last bastion for positive currency was Libya and the first thing that was established after the "rebels" took control was to set up a central bank.

To my knowledge there are a few more countries with a state controlled central bank, meaning the state issues and controls the quantity of money : Iran, North Korea and Cuba. It also seems that in 2001 there were a few other countries with a state controlled central bank: Iraq, Afghanistan, Sudan and Libya. there seems to be a relation between having a state controlled central bank and being attacked for having it.

I called it the last bastion because it is my understanding that the countries throughout Africa gave their gold to Gaddafi in order to establish an Africa gold standard currency. By seizing Libya, the western powers have essentially seized the wealth of all of Africa. It was the best chance Africa had. It could have actually established a new world standard with a positive currency.

I think that's a typo, as the Federal Reserve Act was passed in 1913.

And yeah, the whole thing is an utter racket!

You are right, I swear numbers sometimes jumble around in my head and I look at it... see it right, brain jumbles it, type it wrong, see it right ;) I'll be more careful about that.

Ouch my head and heart--for the moment I am in this system and making the best of it until I can do something different. I am currently refinancing to lower my monthly house payment and get some immediate financial relief as my wages have been frozen since 08 and will likely stay that way for the foreseeable future while, as everyone has noticed, the costs of food, utilities etc. have gone way up. The paper work and appraisal are complete and I will likely be going to closing within the next 2-3 weeks. Whenever I deal with banks about loans, debts, contracts, etc., I get a sick feeling in my gut that I am being "used" or "trapped;" now I have a better idea why!

So far I have never missed a mortgage payment or defaulted on any debt and am working to keep it that way, but in the last two years I have used all my savings to make repairs to my home and small farm, fix my car, pay vet and other medical bills, and help my family, and I still ran up thirteen thousand dollars in home equity line of credit debt. Refinancing will give me a buffer between monthly income and outflow and will hopefully allow me to avoid going into more debt--so I am going through with it even though I do not like it. I am dealing with a smaller regional bank that does not sell their mortgages for whatever that is worth--it feels like a better way to do business.

I am very grateful that I have a job still and a large chunk of equity in my home, as well as own the farmland outright, but who knows what anything will be "worth" in the future. Thanks for the insight into the mortgage system even if I cannot do much else to change my situation at this time--knowledge is always welcome.
shellycheval

It is unfair in so many ways. Our money amounts to worthless pieces of paper, notes of debt, which basically mean we've worked our entire lives and never been paid for anything we've done with anything of value. Meanwhile the banks rape the economy more than they ever have with an agenda that is all too frightful to imagine, and most simply refuse to acknowledge it because it is so.

It is my hope that by arming as many people as I can with this knowledge, encouraging them to go forth and research it for themselves, that together we can find the answer that can indisputably expose every nook and cranny of this scam for what it is and take back what is rightfully and lawfully ours.

When the illusion that money is worth something fades, and you realize that a dollar is not a dollar, but something else you can begin to understand how the banks never pay taxes. They play the game with a completely different set of rules than we do, and they are masters of making the system work to their advantage. Why can we not do the same? I think it's time that we level the playing field and do whatever we can to learn exactly how the banks operate and turn the tables so to speak (which unlike the banks, we can do while keeping our integrity and honor in tact)

 

[Mr.Anderson]

I spoke with a disabled vet yesterday who was tryingto refinance his 11.5% interest home loan. Bank of America said that he would not qualify for this particular loan unless he was 3 months late. So he stopped payment for 3 months. He didn't get the loan and they ruined his credit. Then they had the nerve to say he was 6 months behind. He proved he wasen't but now his credit is shot. Apparently Bof A has done this to others as well.

Sick!

 

[SolarMother]

I believe the last bastion for positive currency was Libya and the first thing that was established after the "rebels" took control was to set up a central bank.

To my knowledge there are a few more countries with a state controlled central bank, meaning the state issues and controls the quantity of money : Iran, North Korea and Cuba. It also seems that in 2001 there were a few other countries with a state controlled central bank: Iraq, Afghanistan, Sudan and Libya. there seems to be a relation between having a state controlled central bank and being attacked for having it.

That makes me want to move to Cuba. Wonder how long they will last with their state controlled central bank? Anyone on the forum from Cuba? ;)

 

[Al Today]

I spoke with a disabled vet yesterday who was tryingto refinance his 11.5% interest home loan. Bank of America said that he would not qualify for this particular loan unless he was 3 months late. So he stopped payment for 3 months. He didn't get the loan and they ruined his credit. Then they had the nerve to say he was 6 months behind. He proved he wasen't but now his credit is shot. Apparently Bof A has done this to others as well.

Sick!

Yup. PNC is another of those tarpster money grubbing so-and-so's. With FHA one can refinance a mortgage easily. So the gubemint says... I called PNC to get the refinance ball rolling to drastically lower my rate of interest and PNC quoted me a percentage 3 points above the advertised FHA rate. I told them that is not the current FHA rate and the jerk, er I mean clerk basically and coldly said: " So-what? This is the rate we charge". They apparently just don't care.


edit grammar.

 

[Mr.Anderson]

We are supposed to know how the world works, but I still find it unreal.