Underwater Mortgage? Walk Away!

by Davis Fleetwood (e) NoCureForThat {at} gmail {dot} com

find me on facebook, twitter, itunes, BlipTV, youtube, myspace

It is the American dream: get married, have children and own a home. Indirectly, one can make the argument that that dream, and the corporately sponsored accoutrements that come with it, are killing us all. But for nearly 1 in 4 homeowners who are “underwater”, owing more on their mortgages then their homes are worth, the dream turned nightmare is quite literally strangling them.

Let me help you with the solution: Stop paying your mortgage. Stop right now.

Listen: Even if you can afford the monthly note, if your mortgage is higher than your home value, stop paying your mortgage now. Default. Take the money that you would have been giving the big bank and deposit it in a locally owned bank or credit union. Wait as long as you can – you will have about one year- before you are evicted, then go rent somewhere.

Moral qualms? Get over it. Under Obama administration directives, counselors at the US department of Housing and Urban Development urge homeowners to follow the “responsible course” and pay their mortgage. This same administration is eager to give bailout money to companies like Morgan Stanley, who recently stopped making payments on five San Francisco office buildings. Morgan Stanley is able to pay back the TARP funds precisely because it makes cold business calculations and walks away from “obligations” when they are no longer financially profitable.

Real Estate developers do this all the time. Just this week, the owner of New York City’s Stuyvesant Town complex made a sound business decision: he stopped paying the $3 billion mortgage on his little square on the monopoly board.

Big Banking, the status quo, your government all have a great deal invested in you hanging on to your mortgage, honoring your commitment, and living the dream. The machine serves them. The wheels of the bus go round and round, round and round, making regular deposits for the wealthiest of the wealthy who constantly adjust the vise on your neck. It is not just underwater homeowners, but all of our relationship to this dream is akin to the ten dollar whore to her pimp, or a battered wife to her abusive husband.

I’m here to tell you honey: you don’t have to take it anymore. You can dream bigger. You can dream different. You are better than that.

If you are an underwater homeowner. Stop paying your mortgage now. If you know someone who is underwater, share this video with them and support them in their decision to walk away from their mortgages.


click for most recent episode

THE HERMIT WITH DAVIS FLEETWOOD is a satiric look at the top headlines, current events, and political trends. The show is Independently produced by a staff of one & runs on the fuel of your individual donations.

Click here to Donate.

Find Davis Fleetwood on facebook, itunes, twitter, BlipTV, youtube, myspace,

Also. read Davis’ daily column, THIS DAY IN THE USA

contact (e) NoCureForThat {at} gmail {dot} com

4 thoughts on “Underwater Mortgage? Walk Away!

  1. Pingback: Could it sometimes be in our best interest to walk away from a drowning house mortgage?

  2. I recommend couch surfing at various friends homes, and saving the money that you would otherwise have to pay rent with (dead money) and build your nest egg.

  3. Morgan Stanley is able to pay back the TARP funds precisely because it makes cold business calculations and walks away from “obligations” when they are no longer financially profitable.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s