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Walking Away From Your Underwater Home

Speaking of political expression on the Internet, MetaFilter user Pirate-Bartender-Zombie-Monkey says something that many people are probably thinking right about now.

I want to see people squatting in their own homes and daring the bank to prove that they own the note.

The Wall Street motherfuckers took all those mortgages and created financial monstrosities so complex that they cannot be unwound. In a very real and legally binding sense, the bank that wrote you the loan (and is demanding foreclosure in lieu of payment of that loan) probably does not own that loan any longer, and therefore do not have the legal standing to enforce the terms of the loan.

One woman had $460,000 in mortgage essentially written off when the bank couldn't actually produce a paper trail demonstrating that they still legally owned the loan. She kept her house. Now, if she ever wants to sell it, she may have trouble.

But yeah, I say squat in your own home and challenge the bank to demonstrate that they have the legal right to have the Sheriff's Deputies evict you and change the locks.

No note, no eviction.

Fuck you, bankers. The enduing myth of the Great Depression is the image of newly destitute bankers jumping from the upper story windows.

I know a lot of people this time around who are advocating they be given a bit of a shove.»

6:08 PM on May 9


This page contains a single entry from the blog posted on May 11, 2010 12:44 PM.

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