from Local Attorney, Michael H. Wasserman

Friday, January 11, 2008

Hey Buddy, Got a Match? (or, How to Get Out from Under Your Mortgage with just NO easy payments

Here's more proof that I am a better lawyer than white collar criminal. If they would only use their higher level thinking for good and not evil....

The time honored tradition of burning one's note and mortgage AFTER the loan has been repaid seems to be falling victim to our short attention spans, need for immediate gratification, - and harder economic times.

Seems that "with the national foreclosure rate zooming and the real estate market in a two-year funk, the insurance industry fears more homeowners will see arson as a way out of their financial woes. A recent report by the industry-funded Coalition Against Insurance Fraud notes that with "untold thousands of homeowners struggling with ballooning subprime mortgage payments, fraud fighters are watching closely for a spike in arsons by desperate homeowners who can no longer afford their home payments." more details in the CNN press release of the full report from Fortune Magazine

Following the perverse logic that flows from these schemes, arson offers homeowners a SHORT TERM solution to (a) get out from under their mortgages and (b) save whatever equity they have left in their homes from those nasty foreclosures;

in the longer term, they (c) guaranty employment for the arson investigators, police & insurance adjusters; lawyers; court personnel and prison workers; and (d) secure some mid to long term state subsidized (prison) housing; and the finally, they

(e) help reduce the overall inventory of houses available on the open market, easing the over-supply problems the rest of us are facing.

a win/win/win solution, if it werent so dang illegal!!!