SEE post 112.
DAMN!!! Man, that would be a pisser, for someone with perfect credit who has never missed a payment on anything, and always has a zero credit card balance every month.
The "they" he is referring to are the respondents to this thread.
"They argue over the trivial issues of procedure, law etc. and I agree that the court ruling may just be an administrative snag, that will take some time to sort out, but the BOTTOM line is that the debt is only as good as the creditor's ability to pay, or the price that the property will fetch in an all cash foreclosure sale. In the interim, the debt cannot be priced at "market" so the capital markets "lock up" The velocity of money is as important as the money itself in a debt based fiat system, and since all money, (including debt/ money created outside the FR system) is then debt based the asset value is derived entirely upon the market value of the corresponding debt. If the debt value is in question, then so is the asset value, thus the velocity of "money" becomes hamstrung as a result. This is the kiss of death in a fractional reserve system that lends 10:1, as greater levels of debt/ money need to be created (and accepted) for the system to function. Absent hyperinflation there exists no remedy , and history is VERY clear on where all this ends up. (by the way, gold is virtually the only liquid asset that is "MONEY" and has no debt attached to it!!)