[jjameson922]

Originally Posted by cedar_bluff_tree_farm

So if a person has exhausted his savings, has no job, and is on the verge of losing his house, what should he or she do to stay in the home?

If the person wants to walk away, that's ok. Those suggestions above are for the people who want to stay in their home. If you have others, I'd like to hear them.

I suppose he could sell drugs, steal cars, break into homes to pay the mortgage but I think those options are a whole lot worse. He could gamble at the casinos, but that probably won't pan out. Any other suggestions?

Well let's see, since you asked....here's what I would suggest for Joe. I'd tell him NOT to touch his savings account/rainy day fund. Once that's gone, it's gone and there doesn't seem to be anything on the horizon to replace it. I would get him to the unemployment office to apply for benefits that with all the extensions, would help him out for close to a year. I would then suggest his wife get out and if she can't find anything else, she can at least begin a cleaning service that should net her at least $150 a day. Add that to the $75 a week Joe is allowed to earn while on unemployment and together they'd be bringing in $825 a week plus unemployment for approx. $3800-4000 a month. Next, Joe needs to get to his bank and apply for one of the Affordability Refinance Programs that were made available. 2% for 40 yrs. makes a big difference. If Joe has a big old gas guzzeling truck with payments, something that is pure luxury under these circumstances, sell that to the highest bidder and use the cash to buy whatever that buys that is economical. A plan like this could buy them a year to either find another job, rent the house or sell the house.

[olecapt]

Originally Posted by jjameson922

Well let's see, since you asked....here's what I would suggest for Joe. I'd tell him NOT to touch his savings account/rainy day fund. Once that's gone, it's gone and there doesn't seem to be anything on the horizon to replace it. I would get him to the unemployment office to apply for benefits that with all the extensions, would help him out for close to a year. I would then suggest his wife get out and if she can't find anything else, she can at least begin a cleaning service that should net her at least $150 a day. Add that to the $75 a week Joe is allowed to earn while on unemployment and together they'd be bringing in $825 a week plus unemployment for approx. $3800-4000 a month. Next, Joe needs to get to his bank and apply for one of the Affordability Refinance Programs that were made available. 2% for 40 yrs. makes a big difference. If Joe has a big old gas guzzeling truck with payments, something that is pure luxury under these circumstances, sell that to the highest bidder and use the cash to buy whatever that buys that is economical. A plan like this could buy them a year to either find another job, rent the house or sell the house.

As far as I know all the "affordable loan programs" have limitations on the loan to value. Practically nobody in Vegas qualifies.

I continue to watch the skill with which every program is drawn so nobody in Vegas qualifies...

On the other side the financial types would simply point out that the Vegas folk are so deeply in the hole they should in general walk.

Everybody around seems to understand that except Tony S...who comes from another planet.

[jfkIII]

I say Joe should buy a really nice tent and some camping equipment...with his few remaining dollars.

[tony soprano]

Originally Posted by jfkIII

I say Joe should buy a really nice tent and some camping equipment...with his few remaining dollars.

The resident flim-flam artist likely recommends Joe use his much deserved key money for just such a purpose.

[olecapt]

Originally Posted by tony soprano

The resident flim-flam artist likely recommends Joe use his much deserved key money for just such a purpose.

Well as you are obviously are the resident flim flam artist why would you make such a recommedation?

If he follows my suggestions he would be into the new rented home the day after with more than a year of built of reserves...

Then again you really want Joe the wife and kids going to the shelter don't you. Or camping on the street?

[tony soprano]

Originally Posted by olecapt

Well as you are obviously are the resident flim flam artist why would you make such a recommedation?

Sorry, there's only one person on this board that routinely advises others on how to milk the system. Hundreds of members, thousands of posts, yet you're the only person that routinely recommends that people should take a free ride. I think that speaks volumes on your personal brand of ethics, or lack thereof. What's next, advising Joe on how to scam the welfare and unemployment system? It's the American way!

If he follows my suggestions he would be into the new rented home the day after with more than a year of built of reserves...

Yes, wouldn't Vegas be a better place if every underwater homeowner followed your sage, yet sleezy, advice?

Then again you really want Joe the wife and kids going to the shelter don't you. Or camping on the street?

Yeah, I'm sure if not for that key money, Joe would be headed straight to the shelter.

[jfkIII]

ok boys...enough of this! What's behind all this personal hostility towards one another?

[AA702]

Originally Posted by Tanque Verde

Yes, unemployment is a serious problem in many areas, although not in every city and state.

Direct comparisons between the Bay Area and Las Vegas , for example, might be like comparing apples to oranges. They have the same high unemployment and upside down home owners due to a weak economy, but other issues are in play that are very specific to the Bay Area.

Such as the Toyota plant forced to shut down due to high eco costs. 5000 well paid workers who used to contribute to the local economy and pay taxes are now on unemployment..Revenue from operating permits worth millions of dollars per year to state and local governments..... no longer collected.

Exactly my point, you said Vegas was the worse off... I don't agree because both areas are hard hit in different areas.

[gtbguy]

Originally Posted by jfkIII

ok boys...enough of this! What's behind all this personal hostility towards one another?

No problem here, this is the way olecap and tony play in the sand box. Since there hasn't been much activity on a previous real estate market thread, I was wondering where these two went. Both have opposite views extremely well thought out and conveyed. Enjoy the ride....

[airics]

but since they are throwing sand, aren't they afraid of getting sand in their eyes?