Add me to the list of Unemployed

[ChrisAZ]

Yep. The President decided his right hand man was too expensive in this downturn so I got the boot. Self Employment (not unemployment)here I come...again!!! I'm pretty excited at the prospect of being my own boss again. That is where my heart is anyway. I just couldn't bring myself to leave a high paying job for the last 9 years and risk it all on a new venture to do my own thing but now I am forced to do it and I am pretty excited. I want to do something I will enjoy and I am open to anything. I have done business plans for so many different businesses and launched several successfully that I know I can do anything I want.

One more thing. Now I guess I will qualify to short sale my home that is $300,000 upside down. That is a bitter sweet thing though. I love my house and I hate to shirk my responsibility to pay for what I agreed to. I can't deny that it is a big weight lifted off my shoulders to know I won't owe $300k over my home value.

Anyone have any great business ideas?

 

[Black1]

I know there is a retail ceiling fan business in Alaska with great up-side potential for the right buyer. :dontknow:




Good luck, Bro. I'm sure you will do just fine. :rock:

 

[ChrisAZ]

I know there is a retail ceiling fan business in Alaska with great up-side potential for the right buyer. :dontknow:




Good luck, Bro. I'm sure you will do just fine. :rock:

Thanks for the well wishes. I also heard about a heater sales business in the Mohave desert that's a bargain.

 

[TREKER]

Sorry to hear it bro. Good luck with the Biz...

Speaking about ceiling fans, you might just follow Ant-knee and labontecsi around doing drywall ceiling repairs. Heard theres a good market for that recently...

 

[Black1]

Thanks for the well wishes. I also heard about a heater sales business in the Mohave desert that's a bargain.

:laugh:

 

[kickinassrt-10]

I'm doing the same thing with my house. It's not that it's nit right because you agreed to pay a home that was forecasted to gain value. What's not right is that these banks were qualifying anyone and everyone which is why most of us with houses lost value over the past 3 years. I look at it as a way to make the bank pay for their wrecklessness!!!

Good luck in your new business venture!!!

 

[ViperJeff]

Good Luck, I wish you the best in your unplanned new endeavor

VJ

 

[Ironhead]

What does not kill you only serves to make you stronger :rock:


lost my job back in august,after 15 years of being plant manager and showing a profit every year,,found a better paying job 1 month later ,,,last two weeks owner of company i use to work for has been calling me everyday wanting me to come back to work :dontknow:

 

[Chuck B]

Chris,
First off the house....Default is a common means for commercial owners or investors to vacate properties that they no longer consider benefical and/or financially advantageous. Why is it individual borrowers can not follow the same practices that commerical parties have been using for decades? Should not the individual have the same opportunity with 'strategic default'? Is it really a moral issue or issue of responsiblility?

Also, in the commercial arena the officers of the Company have a fudicial responsibility to shareholders. If a property is costing more than the property is worth traditional business ethics require the officers to consider strategic default. This is an expected outcome in the business world and has been standard practice. Banks know this and amazingly have programs/strategies in place to deal with these expected outcomes as outlined in mortgage contracts. Number one being to lower the balance significantly enough to keep those loans solvent. Why won't banks take the same attitude towards homeowners? Benefits for everyone are indisputable.

Your mortgage is contract. What is a contract? Is it not anything but a legally binding agreement between two parties with like or competing interests? A document that sets up mutually acceptable terms and consequences? Every loan agreement includes default and repo as possible recourse. If a homeowner stops making payments are you actually breaching the contract? Wouldn't fullfilling the default and repo portion of the contract still render both parties in compliance? That brings up the question should this even affect the homeowners credit score? There's actually legal reform going on now within Az to possibly address this.

Here in Az we have a non-deficiency statute. It establishes default and subsequent foreclosure as a valid means of carrying out the terms of a contract as opposed to default as a breach of contract. Neither party is deficient. Short sale for under balance amount? Lender can not go after the difference.

Job...sorry to hear. I went self employment in 02. Last 18 months have been murder on my side. I've re-invented myself 3x now but still struggling. If you find something keep me in mind...I'll do the same! :rock:

 

[ChrisAZ]

Chris,
First off the house....Default is a common means for commercial owners or investors to vacate properties that they no longer consider benefical and/or financially advantageous. Why is it individual borrowers can not follow the same practices that commerical parties have been using for decades? Should not the individual have the same opportunity with 'strategic default'? Is it really a moral issue or issue of responsiblility?

Also, in the commercial arena the officers of the Company have a fudicial responsibility to shareholders. If a property is costing more than the property is worth traditional business ethics require the officers to consider strategic default. This is an expected outcome in the business world and has been standard practice. Banks know this and amazingly have programs/strategies in place to deal with these expected outcomes as outlined in mortgage contracts. Number one being to lower the balance significantly enough to keep those loans solvent. Why won't banks take the same attitude towards homeowners? Benefits for everyone are indisputable.

Your mortgage is contract. What is a contract? Is it not anything but a legally binding agreement between two parties with like or competing interests? A document that sets up mutually acceptable terms and consequences? Every loan agreement includes default and repo as possible recourse. If a homeowner stops making payments are you actually breaching the contract? Wouldn't fullfilling the default and repo portion of the contract still render both parties in compliance? That brings up the question should this even affect the homeowners credit score? There's actually legal reform going on now within Az to possibly address this.

Here in Az we have a non-deficiency statute. It establishes default and subsequent foreclosure as a valid means of carrying out the terms of a contract as opposed to default as a breach of contract. Neither party is deficient. Short sale for under balance amount? Lender can not go after the difference.

Job...sorry to hear. I went self employment in 02. Last 18 months have been murder on my side. I've re-invented myself 3x now but still struggling. If you find something keep me in mind...I'll do the same! :rock:

Chuck, we should have lunch sometime. I bet we could come up with a plan between the two of us. I am thinking of trying to flip websites. It's just like flipping homes but with established websites that are for sale. I'm also going to buy and sell cars here and there. I also would not mind flipping homes but I would have to start with really cheap homes.