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Old 04-17-2008, 09:52 AM
 
Location: Mcdonough, GA
242 posts, read 771,727 times
Reputation: 47

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Quote:
Originally Posted by Buckhead_Broker View Post
As harsh as it might sound, people should never buy a home without at least 6 months of total household expenses in savings. If a person loses a job or has a major financial obligation they are in serious trouble without a cash cushion to rely on.
That is good advice, lucky we figured that on our own - we actually did a year savings as we have two kids.

To the OP seriously I saw this on Oprah (one of those money ones) go work for Starbucks to make ends meet. After all there is one on every corner - you could walk to work and get good benefits and pay. Don't let pride get in the way.
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Old 04-18-2008, 12:30 AM
 
42 posts, read 186,095 times
Reputation: 18
Cool Shylocks - a fact of life.

Quote:
Originally Posted by LovinDecatur View Post
Good God, this sounds like an episode of The Sopranos
Yeah, it sure does. Like I mentioned, this is really a last resort, and make no mistake, these guys want nothing more than to see you fail to make those payments so they can take your property and flip it while you ride off to bankruptcy and personal financial ruin. However, if you're only a little short, and can definitely afford to pay the vig (the weekly interest on your principal), and expect a windfall at some point allowing you to pay off the total loan, then it can work. I borrowed once, $2,000, and it took me two months to repay. Because I was what is referred to as "a friend of ours" my vig was only 10 points, or 10 percent of the principal, per week. So, in total, I repaid $3,800 over 9 weeks on a $2,000 loan. Absurd from a financial perspective, but it was an emergency, and I was confident that there was no way I would miss a payment - even if I got hit bya a bus, I had that weekly amount covered, which is where you get into trouble. I know guys who've been carried by their Shy for three and four years - usually these are degenerate gamblers or other kinds of addicts - and they make the vig by the skin of their teeth. Lucky for them!

Cheers,
Dave G.
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