Questions about an economic collapse

[Raineyrocks]

I've been reading so much about the economy collapsing and I still don't understand what happens to a house if you owe a mortgage and the economy collapses.

How can anyone get paid to enforce evictions and foreclosures if there isn't a currency?

So many people are saying it would be best to be debt free if the economy collapses, but why?   If people can't pay their, (is it i before e, I forget), house taxes then they would lose their homes too, right?  So it doesn't matter if you own your house or not.

What is the smartest thing to do if you don't have money to pay off your debt?  Like, what do you focus on then for preparations?   How the heck do you "bug out" if you don't even know where to go?

[Jim Johnson]

An economy collapse doesn't mean your money will be worthless and the powers that be will always be able to pay enforcers more.

"people are saying it would be best to be debt free if the economy collapses" is not true under all conditions; your ability to repay a debt (equity and job skills) is far more important. 

You can't just "bug out", your debt will always follow you.  If you don't have money to pay off your debt you need to spend less and produce more.

The focus for preparations should then be storing valuable durable items and increasing your negotiating skills.

[Raineyrocks]

An economy collapse doesn't mean your money will be worthless and the powers that be will always be able to pay enforcers more.

"people are saying it would be best to be debt free if the economy collapses" is not true under all conditions; your ability to repay a debt (equity and job skills) is far more important. 

You can't just "bug out", your debt will always follow you.  If you don't have money to pay off your debt you need to spend less and produce more.

The focus for preparations should then be storing valuable durable items and increasing your negotiating skills.

That makes sense, thanks Jim. 

[MaineShark]

Also remember that an "economic collapse" does not happen overnight.  It's an extended process which can take months or years.

If you have a lot of debt, it will become harder and harder to pay it, if you have more and more trouble finding work because the economy is failing.  You could lose your house well before things collapse to the point that no one is going to bother trying to evict you.

[Kat Kanning]

Runaway inflation could be good if you owe a lot of money.  You pay back a real debt with buckets of worthless greenbacks.  But if the debt is your house, they could just take your house.

My father in law says it's happening Sept. 13th.

[MaineShark]

Runaway inflation could be good if you owe a lot of money.  You pay back a real debt with buckets of worthless greenbacks.

If you can get those buckets of worthless paper in time.

Many folks will have already lost their jobs and their houses, before it gets to the point where you can pay off your house by sweeping someone's floor for an hour.

[Free libertarian]

Runaway inflation could be good if you owe a lot of money.  You pay back a real debt with buckets of worthless greenbacks.  But if the debt is your house, they could just take your house.

My father in law says it's happening Sept. 13th.

Sept. 13th ...Crystal ball or just a guess....I'm curious why on that date?

[Silent_Bob]

Runaway inflation could be good if you owe a lot of money.  You pay back a real debt with buckets of worthless greenbacks.  But if the debt is your house, they could just take your house.

My father in law says it's happening Sept. 13th.

Sept. 13th ...Crystal ball or just a guess....I'm curious why on that date?

This is all I could find:

http://www.youtube.com/watch?v=gFxWHyIxxQw&feature=youtu.be

20 mins in more or less.

[Pat K]

Yeah Sept 12 at 2:03:30 EDT.

Or maybe not.

[Raineyrocks]

Also remember that an "economic collapse" does not happen overnight.  It's an extended process which can take months or years.

If you have a lot of debt, it will become harder and harder to pay it, if you have more and more trouble finding work because the economy is failing.  You could lose your house well before things collapse to the point that no one is going to bother trying to evict you.

Yup, that makes sense too   It seems like it has already started, right?  Kind of like we are in the middle of a failing economy or near the beginning. 

[Raineyrocks]

Runaway inflation could be good if you owe a lot of money.  You pay back a real debt with buckets of worthless greenbacks.  But if the debt is your house, they could just take your house.

My father in law says it's happening Sept. 13th.

Wow, that would be nice but I'm a pessimist, (sp?).  Yikes, that's Rick's birthday!  Oh well, I'm glad he didn't ask for anything.    Wow, that was quite optomistic, (sp?), of me! 

[Raineyrocks]

Yeah Sept 12 at 2:03:30 EDT.

Or maybe not.

Why that time?  I guess it's close enough to Sept. 13th. 

[Raineyrocks]

Here is something I stumbled upon about a possible way to keep your house.  I don't understand it at all so I emailed it to Rick so he could read it and then explain it to me in simple terms.

http://www.fourwinds10.net/siterun_data/government/corporate_u_s/news.php?q=1330367720

[Silent_Bob]

Here is something I stumbled upon about a possible way to keep your house.  I don't understand it at all so I emailed it to Rick so he could read it and then explain it to me in simple terms.

http://www.fourwinds10.net/siterun_data/government/corporate_u_s/news.php?q=1330367720

This is registering very high on the scam detector.

[Raineyrocks]

Here is something I stumbled upon about a possible way to keep your house.  I don't understand it at all so I emailed it to Rick so he could read it and then explain it to me in simple terms.

http://www.fourwinds10.net/siterun_data/government/corporate_u_s/news.php?q=1330367720

This is registering very high on the scam detector.

Darn it!  Thanks.