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Hey PEter, you're right on the money. My sister and her husband did EXACTLY what your mom's landlord did. STOPPED PAYING!! That's right, they were basically told that unless they stopped paying for at least 5 months, they wouldn't get any refinancing which basically to them means they have to pay a 300,000 mortgage on a Penn state property which is only worth 175k today. They want to pay, but what the house is worth at MARKET established price. They can't, just not able to do that. So they said ok, we tried and now another bank mortgage is going to be defaulted on. There will be millions like this. Good job Obama, Bernanke and Geithner, nothing like punishing good behavior and rewarding the bad.
I forgot to say that they were told that UNLESS they stopped paying for at least 5 months, they wouldn't be eligible to have their home value reevaluated by the bank. So you have to bring the house to the foreclosure level to be eligible for the good stuff. How socialism always fails, it's amazing!