Stop Paying Mortgage Is financially Sound Advice

For some it has been a breath of fresh air. They can go out for the odd dinner, still fuel the little boat for a weekend trip and feed the family when they come to visit.

Once you decide the foreclosure is inevitable and you know it is just a matter of time then it may be best to stop paying those bills and plan for the future. You will need some cash on hand once the credit score is ruined and you actually have to move.

It may not be for a year or two however because the house foreclosure process is not a quick one.

There are a growing number of the population who have decided to form their own type of financial plan by stop paying your mortgage, stop paying credit card debt and stop paying their bills. This is not a government sanctioned program, just one they have decided works best for them.

These people are trying to keep their head high in the face of financial disaster. Many feel the banks are partially at fault for allowing the over financing to take place in the beginning.

In the US alone, Foreclosure procedures have been started against 1.7 million households.
The speed involved to process these foreclosure procedures is slow due to the backlog and the government holds being put on the foreclosures. The lenders are overworked and the regulations don’t allow for quick solutions.

Now this path to stop paying your mortgage will not work in all states. for instance in California and Texas lenders can work outside the court systems and therefore move quicker. In Florida, New York and 19 other states,they are governed by judicial (court operated) foreclosure procedures so things can move very slow.

If you want to start building a nest egg and living life again, consider the option and stop paying your bills.

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Posted by Daisy Thai on Jun 1 2010. Filed under Featured News, Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry