How to survive; 2008 - 2009 (borrow, money, properties, financial)

[Thatguywho]

to clear up those who did not read and are jumping to conclusions..excerpts...

Your house – lose it. Give up on it (assuming you are having problems paying for it.) .... If you are in duress and having problems with the payment, stop paying it. Doing the 'right thing' by paying your bills until you go broke and lose everything anyway is not good economic sense for you and your family.

You are not committing fraud by staying in a house you legally own. Foreclosure is a legal action and until it is finished it is your home. Everything in that home is yours, you can take it with you. Lenders do not want empty houses and cannot go to foreclosure sale very easy right now,
5- Until the day of the foreclosure sale or bankruptcy discharge it is your house. You can paint it, modify it, even sell it. You own it.

Realizing you are in financial trouble, it is better to start clean with a bankruptcy.

Wisdom – you did not get out when you could have. The experts, who have a vested interest in making you spend your money, told you it would be fine. They lied. Take care of yourself, the next year is going to be a *****.

-A whole bunch of fake baloney will happen on capitol hill regarding the lending industry but nothing will happen, other than your taxpayer money making sure the lenders did not lose a penny.

- Gold, silver, and Oil will bankrupt many as it drops to the floor, bringing dumb investors to their knees. Oh yea, oil is gonna go to two hundred you say. Hey, it is your money, go ahead and gamble it like a moron. It will start dropping back down on its way to 34 bucks a barrel by year's end (it will eventually get to 34, not at years end, but heading towards it on its way down.) As for gold and silver, if you buy it now you are really stupid.

If you bought an interest only or adjustable rate mortgage in the last 6 years you made a mistake. The bank is happy though and that is all that matters, at least in congress.

4- Paying your bills while knowing that you will be unable to keep up with them means you spend all your money every month and still fall behind. Lenders do not care how honorable you are. You are late, you are screwed. If you do not see a way out, stop paying now.

Fight the foreclosure at every turn. Doing the 'right thing' by paying your bills until you go broke and lose everything anyway is not good economic sense for you and your family. If you continue to try to keep up you will not only lose the house but you will be destitute and heading towards homelessness. Pride destroys finances.

Help your family survive and forget your 'honor.' The lender could not care if you lived or died. They knew what they were doing. Until someone else owns it, it is your property.

In other words, survive and let the multi billionaires who have ripped everyone off for so long get some heat. You and your family come before any crooks like the lenders. Your family first, lenders last

Your news and ‘expert’ advice are all from people, or represent others, that have a vested interest in making you feel good about spending your money. When the stock market was crashing in the 20’s big business was pushing in the papers how it was just a ‘bump’ and many big companies did everything they could to make it look good. Some of the ‘high profile’ rich men would walk into the market and loudly proclaim how it was to rebound and would buy 100,000 shares of some stock. It was all BS

[Thatguywho]

Originally Posted by floridasandy

i am wondering if some people don't understand cause and effect. if you owe a debt that you agreed to and you don't pay, you may be depriving someone else's child of food or a roof over their head through no fault of their own! ( i did say previously that medical illness was an unplanned circumstance different than average debt). there is always a way to work it out but some people are too selfish or too lazy to do so. on mortgages, you can walk away from the debt and return the house to the bank but you have no right to live in the house rent free while you develop a new strategy in my opinion. it is patently unfair to people who are trying to behave responsibly, which up to now has been largest part of our society.

you are right, they should pay. Those auto comapnies, airlines, lenders and the like. They ran their companies into the ground, defrauded consumers, bribed congress, are receiving fraudulent loans from congress and it all ended up with millions of people losing their jobs, homes, and livlihoods.

those irresponsible should pay for their crimes.

but, instead you blame a person who just wanted to buy a home and cannot afford the ARM they were sold.

One person bailing on a legal contract, a contract that has provisions for that type of thing, is nothing nex to the way these companies have destroyed peoples lives and are ruining america.

nice try


and you do not turn the house over to the bank. The bank has to get it in forclosure. In a perfect world for the bank you could sign papers and give them ownership, however they are not allowed to own more than a certain dollar amount of property so THEY CANNOT FORECLOSE or take the property.

by leaving, and not living in it you do the following

1- drive up rent prices as less homes are available for rent.
2- leave an empty house which will be a blight on the neighborhood (lawn, damage,etc)
3- Winter can destroy a house that is just sitting vacant, thus destroying value
4- squatters or drug dealers can take it over and make your neighbors hate life
5- robbers will gut the home for valubles from toilets to plumbing to the AC

in the end, an empty house, sitting for a year or two is a blight on the communtiy, a drain on law enforcement, a real danger to your kids, and will most likely become a complete rehab project as the bank will eventually take over a delapited and destroyed home. Some have to be torn down due to damage and mold.

So, staying in the home HELPS the communtiy, helps the lender, helps the person in trouble, helps the resale value, helps your neighborhood, keeps out drug dealers, and allows people to save up to become good citizens and not homeless.

and you have a problem with that? I think it is a matter of perception and you are only looking at one part of the program. You need to stop listening to talk radio and media talking poiints for a few days and rethink the situation.

The bailout money, tax breaks, P&I payments, mortgage insurance, all add up to the lender not losing a dime on the mortgage.
On top of that they now get the house...to sell at 100% profit and no loss, even if it is delapidated...to someone who will now pay 8% for 30 years.

Yes, shame on those people indeed.

[colleeng47]

Originally Posted by floridasandy

i am wondering if some people don't understand cause and effect. if you owe a debt that you agreed to and you don't pay, you may be depriving someone else's child of food or a roof over their head through no fault of their own! ( i did say previously that medical illness was an unplanned circumstance different than average debt). there is always a way to work it out but some people are too selfish or too lazy to do so. on mortgages, you can walk away from the debt and return the house to the bank but you have no right to live in the house rent free while you develop a new strategy in my opinion. it is patently unfair to people who are trying to behave responsibly, which up to now has been largest part of our society.

I don't understand your logic here. Don't the doctors, nurses and hospital personnel who get stiffed on a medical bill that is an "unplanned circumstance" have children who need food also? Why is your sympathy only for mortgage lenders and bankers kids? Why is it everytime someone mentions not paying bills they always excuse "medical expenses." They can be prepared for by having medical insurance. Doctor's children have to eat, too.

[jdrtx]

Stay tuned for next season on HGTV: Rehab 2008 - The Total Home Makeover! Stocks, Bonds,401Ks, CDs, credit cards, and also those granite and stainless kitchens.

[Thatguywho]

Originally Posted by jdrtx

Stay tuned for next season on HGTV: Rehab 2008 - The Total Home Makeover! Stocks, Bonds,401Ks, CDs, credit cards, and also those granite and stainless kitchens.

oh my god, a perfect idea for a new thread and predictions...lol

don't forget carlton sheets....we'll start seeing his ads again with a new hook too!!

[trishguard]

I just want to make something clear. I am against anyone walking away from a mortgage that they can well afford to pay because they find themselves upside down. I'm against the people who bought a second home knowing that they were going to stop paying for and eventually dump their first home, because they find themselves upside down.

I think that everyone should be responsible and not buy a home that they cannot afford or charge up their credit cards to great heights without making any significant payments every month. I will always chastize people about that kind of behavior when they don't own up to their part in their crisis.

Having said that, if it's a choice between paying some bank or credit card company or feeding your children, I will always side with you on feeding your children. I still don't want to hear any excuses but I will side with you. I will never advocate a parent letting their children starve because of their pride. Pride goeth before a fall.

[58robbo]

Originally Posted by trishguard

I just want to make something clear. I am against anyone walking away from a mortgage that they can well afford to pay because they find themselves upside down. I'm against the people who bought a second home knowing that they were going to stop paying for and eventually dump their first home, because they find themselves upside down.

I think that everyone should be responsible and not buy a home that they cannot afford or charge up their credit cards to great heights without making any significant payments every month. I will always chastize people about that kind of behavior when they don't own up to their part in their crisis.

Having said that, if it's a choice between paying some bank or credit card company or feeding your children, I will always side with you on feeding your children. I still don't want to hear any excuses but I will side with you. I will never advocate a parent letting their children starve because of their pride. Pride goeth before a fall.

if i was underwater and the bank only has claim to the property i'd be walking away from, i'd do it in a heartbeat. if they wanted to avoid people doing this they should've required a deposit, checked income, loaned out smaller multiples ie 3:1. if they had done this, none of this mess would've happened and homes would still be affordable. granted we wouldn't have been able to use the 'home atm' to pay for our humvies and battery operated pepper shakers!

[trishguard]

Originally Posted by Thatguywho

oil at alomst 40 a barrel today, dec 12th.......
metals dropping.
home prices falling
congress giving money to big business and doing nothing else
people who stayed in their homes getting a deal, those who left get nothing.
Dems won whitehouse

kinda close on those predictions. Kewpie doll anyone?

Bloomberg.com: Worldwide

We've gone below $36.

[neil0311]

Originally Posted by 70Ford

Oil....34 bucks a barrel? ...I think he's high....

Just goes to show that you never know, and opinions are like...well you know.

NYMEX Crude Oil 36.22 -3.84 -10.60203317

[HappyTexan]

Over the years home values have gone up and down and back up. I don't recall so many people just walking away when their values went down. They stuck it out. Eventually values went back up.

It certainly says something about the state of America when someone just walks away from a debt they willing entered and pass the blame to someone else.