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Old 11-07-2018, 08:44 AM
 
13,912 posts, read 7,405,593 times
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Quote:
Originally Posted by NewbieHere View Post
Itís done in the housing bubble. Letís say your house worth $2 million, whether you owe a $2million or $100k, if you canít pay your mortgage, some people walked away from their home, because California has no recourse. It doesnít matter whether you have mortgage or not. For a large mortgage, if you canít pay, itís easier to walk away then pay off $4.5million.

You walk away when you have negative equity. "Mail in the keys", as it were. People tend to have negative equity when a housing bubble pops. Like back in 2010 at the peak of the Great Recession or 1991 at the S&L Meltdown, not now in most places in the US.

 
Old 11-07-2018, 08:46 AM
 
3,615 posts, read 1,560,306 times
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Quote:
Originally Posted by City Guy997S View Post
Its simply bad math for most folks.......overspent, under saved.

RV parks/ nomadic lifestyles will surely expose more poor people living in their car/van/RV because they have to.

The biggest time bomb coming down the line in my opinion:

People hitting retirement with debt from mortgages to student loans to credit cards. Past generations didn't have this debt and were able to retire nicely, baby boomers never got this point and indulged in great lifestyles along the way instead.
If that is the case then we have to address the high cost of education and high of medical insurance and loan sharks. If you cant buy a house with your savings, then either its inflated or you are underpaid.

You know how those Chase bankstards work?? I tore my credit card and was never using it for 6 months or so. They made a fradulent transaction ( I am sure they did it themselves), blocked the old card and sent me a new card .

And as usual people are blamed for being greedy, causing economic collapses and recessions.
 
Old 11-07-2018, 08:58 AM
 
Location: SoCal
13,229 posts, read 6,331,374 times
Reputation: 9844
Quote:
Originally Posted by GeoffD View Post
You walk away when you have negative equity. "Mail in the keys", as it were. People tend to have negative equity when a housing bubble pops. Like back in 2010 at the peak of the Great Recession or 1991 at the S&L Meltdown, not now in most places in the US.
Yes, I’ve edited my post to add, it’s hard to sell anything when your home value lost 90% off its peak, I know it’s extreme situation, but people in this thread use extreme situation for discussion all the time.

But I suspect people who can afford $4.5 million mortgage loan are not a stupid bunch. More like Facebook Zuckerberg CEO, who is super wealthy but just like cheap loan.
 
Old 11-07-2018, 08:58 AM
 
8,857 posts, read 5,132,953 times
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Quote:
Originally Posted by NewbieHere View Post
What is the percentage of the population falls in this category.
Not to mention, if you divorce after 9 years, you have not spent your entire adult life taking care of this man's home.
 
Old 11-07-2018, 08:59 AM
 
3,615 posts, read 1,560,306 times
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I visited a senior living community located in a posh area. It was well maintained, gourmet food, assistants, medical care everything was available. They seemed to be well off, but I didn't know if they were happy.

But at least I learned one thing. I have been needlessly attacking or trolling Conservative people of the forum and that will stop. All I could see was old White people who needed some company and care.

Last edited by shanv3; 11-07-2018 at 09:16 AM..
 
Old 11-07-2018, 09:00 AM
 
8,857 posts, read 5,132,953 times
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Quote:
Originally Posted by City Guy997S View Post
Century Village is a development in Florida aimed at low income seniors. You can buy units there for as little as $20,000.

HBO did a documentary on Kings Point (sister community). Google either Century Village or Kings Point and it will be eye opening when it come to poor retirees.

Here is a short video on the misery:


https://www.youtube.com/watch?v=qM_4OWljZGc
Thanks, I am going to watch these later today.
 
Old 11-07-2018, 09:21 AM
 
Location: Paranoid State
13,047 posts, read 10,442,710 times
Reputation: 15683
Quote:
Originally Posted by NoMoreSnowForMe View Post
Imagine you never made much money to begin with. Your parents were poor and couldn't afford to pay for your college education. You couldn't afford to just go to college without student loans - and - work at the same time.

Then, you get divorced and you get custody of the kid. Yay! But, then your ex never pays child support, and you're working full time and trying to afford a house payment and student loan payments and your child care costs more than your house payment. And, your kid needs braces, and has allergies, on and on.

Then, you are severely injured and end up on disability.

You're really good at budgeting the money that you have. But, you definitely qualify as within the definitions of the poverty levels for assistance, etc.

Stuff happens. Why assume the people who are struggling in retirement are somehow losers, gamblers, drug addicts or whatever? Yeesh.
Stuff happens, of course; everyone has had stuff happen to them.

You describe, however, a situation where bad stuff - and only bad stuff - happen to a specific person over and over, year after year, bad stuff after bad stuff, with no good stuff ever happening.


Statistically, few people have bad stuff - and only bad stuff - happen to them over the course of their lives.

Statistically, most everyone has some good stuff happen to them along with some bad stuff happening to them.

Clearly, most everyone is a product of their decisions, where good decisions usually have good outcomes and bad decisions usually have bad outcomes, and every now and then a good decision has a bad outcome and a bad decision has a good outcome.

But at the end of the day, it is all about decision.
 
Old 11-07-2018, 09:21 AM
 
Location: Scottsdale, AZ
7,664 posts, read 4,705,800 times
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Quote:
Originally Posted by josie13 View Post
The statistic of who files for divorce does not reflect the reality of who leaves the marriage. In many cases, the spouse who files for divorce is simply taking care of the necessary paperwork in the wake of cheating, financial misbehavior, addiction, violence, or other betrayal on the part of her spouse.

Of course that never happens with men.

I could cite scholarly studies that shows the intent to divorce is not only predominantly the woman's in most heterosexual committed marriages but there's also a higher rate of breakups in lesbian marriage over gay male marriage, which kind of blows your "it's all the man's fault" reasoning out of the water.

But I don't want to argue. There are at least two sides to every issue and most of us tend to see the side we're most familiar with.
 
Old 11-07-2018, 09:25 AM
 
1,137 posts, read 570,166 times
Reputation: 4370
You could have just changed the word 'her' in the quote you referred to, to 'their', and then you would have had agreement without all the drama.
 
Old 11-07-2018, 09:35 AM
 
13,912 posts, read 7,405,593 times
Reputation: 25408
Quote:
Originally Posted by SportyandMisty View Post
Clearly, most everyone is a product of their decisions, where good decisions usually have good outcomes and bad decisions usually have bad outcomes, and every now and then a good decision has a bad outcome and a bad decision has a good outcome.

But at the end of the day, it is all about decision.

I wrote about this up-thread but most of us are pre-programmed to make good decisions by our parents. You have bad parents and you're primed to make a lifetime of bad decisions and the outcome is poverty. Once you're in that space, everything becomes tactical to survive the day or the week.
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