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New Lamps for Old

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Message David Petrovich
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The sorcerer returns and is able to get his hands on the lamp by tricking Aladdin's wife, who is unaware of the lamp's importance, by offering to exchange "new lamps for old."

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Eminent Domain - The best-kept secret (weapon)

to condemn and then extinguish toxic mortgage loans. A secret weapon capitalists (and their pocket politicians) don't want you to know about.

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For millions, the manufactured American Dream of homeownership has metastasized into the nightmare reality of Zombie Foreclosures.

New Lamps for Old.

Once upon a time, financing the purchase of a home with a mortgage loan, compared to today, was much simpler. After saving the customary 20% down payment, the borrower would meet with the local banker for a long-term, fixed-rate loan. Once income and character were investigated, qualified and then approved, the borrower signed a mortgage note, and gave a mortgage in exchange for a loan.

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A mortgage note is the personal promise to repay a loan. A mortgage (lien) collateralizes or secures the mortgage note. Foreclosure can force the sale of the collateral (home) to repay the debt.

It was at the same local bank where the borrower made monthly loan payments for the life of the loan. If and when the borrower had a problem making a scheduled payment due to an unexpected expense or temporary hardship it wasn't necessarily an earthshaking event. The borrower could speak directly with the banker who could usually resolve the issue by adjusting the payment amount or due date - usually without a lot of red tape. That's because the local banker, who handled the bank's investments - which included the borrower's mortgage note - knew that keeping the loan (and the bank's investment) current and in good standing was in its (and the borrower's) best, long-term interest. Minor blips and slips were both anticipated, and manageable. Foreclosure, then a losing situation for all concerned, was something to be avoided and usually was.

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David Petrovich Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Executive Director: Society For Preservation of Continued Homeownership (SPOCH), a 501c3 tax exempt, charitable and educational consumer advocacy.

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