Survivalist Forum

Advertise Here

Go Back   Survivalist Forum > Survival & Preparedness Forum > Disaster Preparedness General Discussion
Articles Chat Room Classifieds Donations Gallery Groups Links Store Survival Files



Disaster Preparedness General Discussion Anything Disaster Preparedness or Survival Related

Advertise Here
Reply
 
Thread Tools Display Modes
Old 03-27-2011, 05:43 PM
TNguy's Avatar
TNguy TNguy is offline
Ready for anything
 
Join Date: Feb 2011
Posts: 49
Thanks: 30
Thanked 60 Times in 22 Posts
Question What happens to our homes?



Advertise Here

I think it is pretty evident that our economy is going to collapse real soon, my question is, what about our houses? I have a mortgage like most, if the dollar collapses are the banks going to just kick everyone out of there homes? That would suck considering I have a years supply of food and water and a *#@t load of other preps in place. I live in a small Tennessee county and expected to weather the storm hunkered down at home, but I don't own it, JP Morgan Chase does, if they fail and collapse who owns my home?
Old 03-27-2011, 05:49 PM
BadgeBunny BadgeBunny is offline
Survivor
 
Join Date: Jul 2009
Location: Smack dab in the middle of Oklahoma
Posts: 4,227
Thanks: 6,889
Thanked 7,005 Times in 2,815 Posts
Default

I make my mortgage payments come hell or high water (and then some -- those principal only payments are sure cutting into what I owe). As long as they get my money they are not gonna come get my house. I'm more concerned about the tax and insurance money that goes into escrow every month. I had all kinds of hell getting the mortgage company to pay the homeowner's insurance this year (with the money they had in escrow, mind you ...). All the while the mortgage company kept sending me notices that if I let my homeowner's insurance expire they would pick up insurance on my home and bill me for it ... sheesh ...

Yeah, several really nasty phone calls and 3 certified mail, return receipt requested letters later we got it all worked out. lol
Old 03-27-2011, 05:49 PM
ww1military ww1military is offline
The War to end all Wars
 
Join Date: Mar 2010
Location: Fla Panhandle
Posts: 621
Thanks: 431
Thanked 567 Times in 295 Posts
Default

Depends on the level of the collapse. If it was "total" there would be no JP Morgan, Well Fargo etc left to file the papers for a foreclosure in a non-existent court system. Look at the current mess they having trying to foreclose homes. You could always write them a check and put in in the mail knowing it won't be delivered. My biggest concern in terms of home ownership would be with a gradual collapse that hit one region at a time. This would leave the banks and courts intact but me high and dry.
The Following User Says Thank You to ww1military For This Useful Post:
Old 03-27-2011, 05:50 PM
bulletwoman bulletwoman is offline
Junior Member
 
Join Date: Mar 2009
Location: Central NH
Posts: 218
Thanks: 537
Thanked 175 Times in 98 Posts
Default

Quote:
Originally Posted by TNguy View Post
I think it is pretty evident that our economy is going to collapse real soon, my question is, what about our houses? I have a mortgage like most, if the dollar collapses are the banks going to just kick everyone out of there homes? That would suck considering I have a years supply of food and water and a *#@t load of other preps in place. I live in a small Tennessee county and expected to weather the storm hunkered down at home, but I don't own it, JP Morgan Chase does, if they fail and collapse who owns my home?
I have also been thinking about this idea for awhile now. How many homes can the banks handle at any one time..who then pays to heat the northern homes and who pays any insurance on the home???
I would think less than 1% Americans own their homes. So if we are forced out of our homes and on the streets I would think there would not be enough officials to keep all of the squatters out of the closed homes....That's just my thoughts of course..I am not really sure what is going to happen but this idea keeps me up at night. Can anyone out there help with this question?
Old 03-27-2011, 05:55 PM
goose3's Avatar
goose3 goose3 is offline
Capability, not scenarios
 
Join Date: Jun 2010
Posts: 10,186
Thanks: 25,000
Thanked 25,535 Times in 7,688 Posts
Default

This is one reason among many that holding some amount of PMs makes sense. Suppose the dollar collapses, and the price of silver goes to $100 or $300 per ounce.

If you have 100 ounces, suddenly you have $30,000 "dollars." Any hard assets you have which shoot up in price due to hyperinflation can be traded for dollars with which to pay off your house.

FWIW, a lot of people today have decided that they can't pay their mortgage, or if they are upside down on their house, are choosing not to pay (I have some difficulty with that) and staying in the home until they are foreclosed upon.

It's taking a long time for those foreclosures to come to completion.

The point is that just because the dollar collapses, doesn't mean you suddenly don't have a home to live in. If there's any rule of law at all, you still will be obligated legally to honor your mortgage. So long as you can continue to pay in "dollars" I don't see that there's much to worry about.
The Following 3 Users Say Thank You to goose3 For This Useful Post:
Old 03-27-2011, 06:22 PM
Hick Industries's Avatar
Hick Industries Hick Industries is offline
Live Secret, Live Happy
 
Join Date: Apr 2009
Location: Star Killer Hollow
Posts: 8,098
Thanks: 6,442
Thanked 12,465 Times in 4,615 Posts
Default

Of course paying off your debt is the best solution, but truth is most people will be caught in the same situation you are. They will still have significant debt outstanding when a further financial crisis hits.

As long as you can keep your job and paying your debts, you will benefit from the inflation and continued low interest rates.

If a further collapse is stretched over many months, even years, you may get caught in the middle. Here having some silver or even gold will allow you to make some payments and keep your home. I expect the financial crisis to stretch over at least a decade.

If we see a sudden crisis where everything falls apart within days, there will be no bankers, no courts, perhaps even no sheriff to force a sale. I don't expect the latter myself.
Old 03-27-2011, 06:30 PM
Brew's Avatar
Brew Brew is offline
GrevCon 7
 
Join Date: Jul 2008
Posts: 6,121
Thanks: 6,478
Thanked 11,781 Times in 3,224 Posts
Default

Let the dead bury the dead. You can do nothing. Continue on the best you can.
The Following User Says Thank You to Brew For This Useful Post:
Old 03-27-2011, 06:38 PM
dave7378 dave7378 is offline
Newbie
 
Join Date: Feb 2011
Posts: 3
Thanks: 0
Thanked 0 Times in 0 Posts
Default

What makes you guys think we are going to have a near fatal collapse of the economy? Specifically, what economic indicators can you point to? I worry about this too, especiallywith gas and food prices still rising but i don't see the sky falling.
Old 03-27-2011, 07:18 PM
da_wanderer da_wanderer is offline
Hiker
 
Join Date: Dec 2009
Location: East of Atlanta
Posts: 746
Thanks: 10
Thanked 848 Times in 371 Posts
Default

Just an FYI for you, if the dollar dies due to hyperinflation, no one will be going to work.

How would you get paid?
How would you get to work? No dollars means no oil.

Fun food for thought.
Old 03-27-2011, 07:21 PM
muleyhunter muleyhunter is offline
Newbie
 
Join Date: Mar 2011
Posts: 12
Thanks: 1
Thanked 6 Times in 6 Posts
Default

tell them they can pay you to stay in your house and protect their property, as long as they have insurance in place
Old 03-27-2011, 07:30 PM
rugster's Avatar
rugster rugster is offline
Survivor
 
Join Date: Oct 2010
Location: Oregon
Posts: 3,498
Thanks: 1,895
Thanked 3,945 Times in 1,728 Posts
Default

The answer is who ever steps up to by JP Morgan Chase's assets!
Old 03-27-2011, 07:31 PM
goose3's Avatar
goose3 goose3 is offline
Capability, not scenarios
 
Join Date: Jun 2010
Posts: 10,186
Thanks: 25,000
Thanked 25,535 Times in 7,688 Posts
Default

Quote:
Originally Posted by dave7378 View Post
What makes you guys think we are going to have a near fatal collapse of the economy? Specifically, what economic indicators can you point to? I worry about this too, especiallywith gas and food prices still rising but i don't see the sky falling.
I originally began prepping due to peak oil. Our energy future is dim. Just to put some data to it, examine this table produced by the Energy Information Agency. Look at domestic production since 1970, Alaskan production since 1988, and total production all during that time.

http://www.eia.gov/emeu/aer/pdf/pages/sec5_5.pdf

That's one reason why people think the economy will crash--an energy shortage which will create chaos. Oil is in *everything* we do.


A second reason is the decline in the US dollar. The Federal Reserve is creating money out of thin air (fiat currency, i.e., backed by nothing), and the more dollars created, the greater the inflation.

Coupled with the gargantuan, huge, immense, titanic, pick-your-adjective size of the US deficit and total debt, there's no way to get out of this without trying to inflate the debt away. Inflation makes the dollar worth less, which means people want more dollars for what they sell you. Prices rise.

There are a ton of reasons why people think we're likely to have our economy tank. Debt, inflation, oil, an incomplete end to the housing crisis--pick your poison.


Here's a terrific piece that I think captures a lot of the concern, as well as the strategic response of individuals to what's coming:

How to Bet Like John Paulson

BTW, I teach in the renewable energy field, I had my students read the Paulson article and they were asked, on their most recent exam, this question: "According to Paulson, what is the one plausible route out of our appalling situation and why?"

You might wonder why in a renewable energy class we'd be reading this; the answer is that the value of the dollar greatly influences the price of oil, which relates to the economics of renewables.

Last edited by goose3; 03-27-2011 at 10:31 PM.. Reason: Forgot to add table from EIA!
The Following 4 Users Say Thank You to goose3 For This Useful Post:
Old 03-27-2011, 07:33 PM
Kansas Terri Kansas Terri is offline
Survivor
 
Join Date: Mar 2011
Posts: 3,898
Thanks: 3,301
Thanked 5,676 Times in 2,393 Posts
Default

You have a contract. Expect it to be enforced.

If inflation is bad you had better have a fixed mortgage or you will get hurt. If you lose your job and cannot make payments you will get hurt.

If there is severe inflation and you have a fixed mortgage, and ALSO keep your job, then you will actually be helped.
The Following 3 Users Say Thank You to Kansas Terri For This Useful Post:
Old 03-27-2011, 07:38 PM
ANTI LIBERAL ANTI LIBERAL is offline
ill prepared
 
Join Date: Mar 2010
Location: Central FL
Age: 45
Posts: 336
Thanks: 329
Thanked 449 Times in 154 Posts
Default

TPTB want/need complete collapse, this is what will happen at the time of their choosing and exactly the way they want the shoe to drop (war, famine, hyperinflation, disease, etc.). The only way they can truly disarm the population is through disease and famine or some contrived emergency, giving up all our liberties for what little bread crumbs and safe haven they have to give us. Millions will throw down their weapons and get in line rather that see themselves or their family members suffer. We are truley F**ked.
Old 03-27-2011, 07:45 PM
oldparanoia oldparanoia is offline
Recent Blog:
Hunter
 
Join Date: Dec 2009
Location: Somewhere in Northern Minnesota
Posts: 1,601
Thanks: 853
Thanked 1,611 Times in 799 Posts
Default

Quote:
Originally Posted by BadgeBunny View Post
I make my mortgage payments come hell or high water (and then some -- those principal only payments are sure cutting into what I owe). As long as they get my money they are not gonna come get my house. I'm more concerned about the tax and insurance money that goes into escrow every month. I had all kinds of hell getting the mortgage company to pay the homeowner's insurance this year (with the money they had in escrow, mind you ...). All the while the mortgage company kept sending me notices that if I let my homeowner's insurance expire they would pick up insurance on my home and bill me for it ... sheesh ...

Yeah, several really nasty phone calls and 3 certified mail, return receipt requested letters later we got it all worked out. lol
You could try talking to the bank. I had the same problem with my previous house, I talked to the bank and they agree to let me to pay it directly instead of through the escrow. I depends on how much you still owe.
Old 03-27-2011, 07:49 PM
BadgeBunny BadgeBunny is offline
Survivor
 
Join Date: Jul 2009
Location: Smack dab in the middle of Oklahoma
Posts: 4,227
Thanks: 6,889
Thanked 7,005 Times in 2,815 Posts
Default

Quote:
Originally Posted by oldparanoia View Post
You could try talking to the bank. I had the same problem with my previous house, I talked to the bank and they agree to let me to pay it directly instead of through the escrow. I depends on how much you still owe.
I thought about that but I'm almost done with them anyway!! That place is like a big black hole ... you can never talk to the same person twice in a hundred years and no one ever has a clue about the last 20 conversations you had with them ... Kinda odd, you'd think with all these newfangled computers they could keep a file or something ...

Certified mail, registered receipt requested is a wonderful invention!! I love it when that little green card comes back to me. Then I know I have them by the short hairs!
Old 03-27-2011, 07:50 PM
Kingfish's Avatar
Kingfish Kingfish is offline
Survivor
 
Join Date: Jun 2009
Location: Michigan
Posts: 3,384
Thanks: 1,459
Thanked 3,957 Times in 1,550 Posts
Default

Ok some truth on this matter. My cousin Linda is one of the top people in a local Credit Union. I have my mortgage there and I just came out and asked her. NOTHING will change. You borrowed it in Dollars you will pay it back in dollars or what ever the currency is. If the money becomes worthless so does your loan. I owe 130,000.00 on my loan. Her advice is not to worry about your loan as it was issued in dollars. If I have 130,000 dollars and its worth 1.30 it makes no difference. That is the amount of the loan. No one going to throw anyone out of their homes unless you dont pay your payments. Kingfish
The Following 2 Users Say Thank You to Kingfish For This Useful Post:
Old 03-27-2011, 07:54 PM
Alligatorgars's Avatar
Alligatorgars Alligatorgars is online now
Survivor
 
Join Date: Oct 2010
Location: Baton Rouge
Posts: 2,724
Thanks: 1,997
Thanked 2,454 Times in 1,132 Posts
Default

During the last depression the banks took the houses over and made a profit off of them or did a break even. This is a booming time for ppl like Trump and Buffet because they can buy things realllllllllly cheap and sell them later when things get better at a great profit. The people who are evicted usually ended up with mommy and daddy or a flop house. The pretty wives usually left the poor husbands for richer men. So save your money and you to could have the hot wife you always wanted but couldnt afford.
The Following User Says Thank You to Alligatorgars For This Useful Post:
Old 03-27-2011, 07:54 PM
Michigan_RN's Avatar
Michigan_RN Michigan_RN is offline
Trapper
 
Join Date: Feb 2010
Location: Michigan
Posts: 801
Thanks: 1,980
Thanked 1,719 Times in 472 Posts
Talking

Quote:
Originally Posted by goose3 View Post
...Suppose the dollar collapses, and the price of silver goes to $100 or $300 per ounce....

Ahh, Just like Goose3 said - don't forget, the mortgage on your home is listed in $ US Dollars $.



As hyperinflation hits, the cost to repay that debt falls rapidly because the dollar loses value against the home as a fixed asset.

The mortgage doesn't change. It is fixed as a contractual obligation in dollars.

So long as you are a skilled worker, your wages should be out-pacing inflation, even in this economic market, and even in a global economic collapse. Individuals that will be harder hit in the upcoming years are those that do not have a mortgage contract and rent. Those costs will skyrocket with inflation.

Look at precious metals and the stock market, neither have changed since the collapse...
ohhhh you say, "but look, they are 30% higher than they were"

... nope.
The value has not changed a single penny

Begin to think of the world in terms of ratios between non-fixed cost commodities

The stock market is up compared to 2008? Nope
The value of gold is up compared to 2008? Nope

Look at other goods along with PMs and WallStreet - food vs. stocks; gold vs. fuel... The purchasing power of the US Dollar has fallen by about 30%.

That is all we have seen, folks.
That's all we have seen.

But my mortgage stayed the same while my pay went up.

Did it go up enough to cover the loss of purchasing power of non-fixed cost commodities, which is at about 29% inflation over the last year, no.

But against my fixed mortgage it did
The Following 5 Users Say Thank You to Michigan_RN For This Useful Post:
Old 03-27-2011, 07:57 PM
Kingfish's Avatar
Kingfish Kingfish is offline
Survivor
 
Join Date: Jun 2009
Location: Michigan
Posts: 3,384
Thanks: 1,459
Thanked 3,957 Times in 1,550 Posts
Default

Quote:
Originally Posted by Michigan_RN View Post
Ahh, Just like Goose3 said - don't forget, the mortgage on your home is listed in $ US Dollars $.



As hyperinflation hits, the cost to repay that debt falls rapidly because the dollar loses value against the home as a fixed asset.

The mortgage doesn't change. It is fixed as a contractual obligation in dollars.

So long as you are a skilled worker, your wages should be out-pacing inflation, even in this economic market, and even in a global economic collapse. Individuals that will be harder hit in the upcoming years are those that do not have a mortgage contract and rent. Those costs will skyrocket with inflation.

Look at precious metals and the stock market, neither have changed since the collapse... ohhhh you say, "but look, they are 30% higher than they were"

... nope.
The value has not changed a single penny

Begin to think of the world in terms of ratios between non-fixed cost commodities

The stock market is up compared to 2008? Nope
The value of gold is up compared to 2008? Nope

Look at other goods along with PMs and WallStreet - food vs. stocks; gold vs. fuel... The purchasing power of the US Dollar has fallen by about 30%. That is all we have seen folks.

But my mortgage stayed the same while my pay went up.

Did it go up enough to cover the loss of purchasing power of about 29% inflation over the last year, no.

But against my fixed mortgage it did
Exactly, Dont worry about fixed rate loans. Kingfish
The Following User Says Thank You to Kingfish For This Useful Post:
Reply

Bookmarks

Tags
life after shtf, life after teotwawki



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
cordwood log homes ken k Disaster Preparedness General Discussion 8 10-08-2012 09:09 AM
odd homes on hgtv hank2222 Disaster Preparedness General Discussion 2 07-25-2009 09:34 PM
$1,000 homes Malaz General Discussion 7 01-10-2009 04:38 PM
How many homes could be bought cicio Controversial News and Alternative Politics 0 10-14-2008 07:30 PM
Haunted Homes across the US PolkaDotGirl General Discussion 11 07-19-2008 07:23 PM


All times are GMT -5. The time now is 05:49 PM.


Powered by vBulletin®
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd.
Copyright Kevin Felts 2006 - 2012,
Green theme by http://www.themesbydesign.net