The Golden Rule of Borrower Stupidity

I don't understand why Angelo Mozilo, the CEO of Countrywide can deny claims all
week that there is not going to be a merger, buyout, LBO, or even bankruptcy protection from Bank of America.
The only reason I can in any way fathom why the tune changes so dramatically day to day,, is because there is a simple mentality among homeowners. It's based on a
shallow mindset that they invent themselves and it is now recognized as "The Golden Rule of Borrower Stupidity."
This rule simply states: Since my mortgage lender is going out of business, I
guess I don't have to pay my mortgage anymore.
Nothing could be further from the truth. This mentality is shared by people
who should have never qualified to get a mortgage loan in the first place and in there own meager defense, they have developed a certain bitterness from there new
best friends known as "The Collections Department."

The following is a quote made by Bank of America based on the further actions
that will be taken upon buying Countrywide.

Read it and weep Golden Rulers!

"Both companies share the goal of keeping distressed mortgage borrowers in their homes when possible," Bank of America said in a press release. "Bank of America plans to expand the ... internal capacity and flexibility for loan modifications for loan workout teams following the purchase of Countrywide."

Don't know the difference between a Loan Modification and Forbearance agreement?
It's pretty simple. Loan Mod. modifies your rate or term or both. Forbearance
allows you to make extra payments that are usually higher until your caught up
with the payments behind schedule.

-Christopher Rockey