Mortgage Broker Tells Erin Burnett He's Stopped Paying 6 Mortgages

[ByLoSellHi]

He says it's the only way to get the banks' attention.

Airtime: Tues. Jul. 14 2009 | 2:22 PM ET

Discussing new strategic defaults for people who need help with their mortgages, with Terry Gilliam mortgage broker; James Pethokoukis, Reuters Money & Politics<param name="type" value="application/x-shockwave-flash"/>
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[MattF]

He's right. Some modification "programs" (call them what you will) have as one of the pre-requisites for disqualification being current on your payments.

So you miss a couple of payments and now you qualify...or have a better shot at the outcome.

Or, they also won't "listen" even if you KNOW (and can feasibly PROVE) that you are GOING to have trouble making payments IN ADVANCE until you actually miss them.

Crazy. But people fear that if they miss 3-5 payments that they are suddenly going to get foreclosed on. Most states now it takes upwards of a YEAR+ from missing your first payment to the point where you finally get foreclosed/evicted.