Housing Bailout???
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ChrisAZ
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Annu, you can negotiate with the bank. They don't want your house. They will negotiate if you try. You can sell it at a loss and they will forgive the amount still owed. This is cheaper for them than foreclosing and they already have too many homes they have foreclosed on. If you speak to the right person (high up the chain) at the lender, you will be able to make a deal. As Black1 said, "IF" you really want to work hard enough to make a deal.
ChrisAZ
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Annu, I think OCBob worked a deal with his bank. Ask him about it.
Kevan
Full Access Member
I think you got the advice turned around. It should be "Spend 1% and save 99%".Annu Kumar said:
You're welcome.
BTW- 99% of 20,000 is 19,800. I can't put Mac & Cheese on the table for $200/mo.
Howinthehell are you surviving? On second thought, don't tell me. I'm afraid to know.
Annu Kumar
Full Access Member
Gaboon said:
Here is a True Fact in 1987 in So Cal you could buy a Home for 187,000 and than ten years later in 1997 you could buy the same home for 187,000. what does this mean It took ten years for the market to rebound!!! After 1997 it started boom. So expect this down turn to last 7 more years atleast.
Annu Kumar
Full Access Member
Gaboon said:
I still Love my truck didn't want give that baby away
Annu Kumar
Full Access Member
ChrisAZ said:
Yeah But than you got to deal with the IRS. The bank will issue a 1099 to the government and they will see your loss as a Gain
So there are tax consequences even its a short sale. I tlaked to my CPA and he said that you can claim that you are Insolvent. Meaning hopefully they will forgive the gain.
Black1
Full Access Member
Gaboon said:
Market is holding steady.... for now.
Annu Kumar said:
Sorry Annu, that is a logic fallacy...its called "Hasty Generalization".
Not that you are wrong...just that your arguments do not add up to your conclusion.
Annu Kumar
Full Access Member
I'm not wrong My frined is 63 years old Porbably just as old as you and he had homes in so Cal In 1987 and held for ten years and He told me that. This is a Hradcore invsetor Prof. Its Not wrong brother iTs true. That were a Lot of Base closures back than And so many job losses Prof. I am not wrong.Prof said:
I said that you may not be wrong...your evidence did not support your conclusion...it was illogical.
And your 63 year old friend is younger than me. No one is as old as I am. No one. Not one person in the world...but I am young at heart.
And your 63 year old friend is younger than me. No one is as old as I am. No one. Not one person in the world...but I am young at heart.
ChrisAZ
Full Access Member
Annu, if all you care about is coming out the best financially for yourself, then I guess you should listen to your CPA. I personally take responsibility for my financial decisions and try to do what I can to take care of my responsibility. You could pay the taxes. If your bills decrease after you unload the homes, you will have a surplus of income. Then again, you could sell all your vehicles if you wanted to do what you can to pay your bills. My nieghbor did what I think you are doing. He chose the easy way out and filed bankruptcy instead of causing himself any hardship. It's wrong in my opinion.
Clearly you are not financially responsible. To have expensive vehicles and let your homes foreclose is BS. Live it up I guess eh Annu. It's all about the benjamins no matter who gets screwed as long as you come out good. This is why so many people are in the bad spot you are in and we all have to pay for it. Thank you for being a perfect example of the selfish greed that so many in America are guilty of.
I bet you would take welfare if you could find a way to screw the system and you would drive your new BMW down to the welfare office to pick up your check. I am sorry to sound like a dick but this really burns me. You could pay your bills but you'd rather pawn your debts off on all of us now that you've made stupid financial decisions. By the way, don't feel too bad, you are among many just like you. It still pisses me off though.
Clearly you are not financially responsible. To have expensive vehicles and let your homes foreclose is BS. Live it up I guess eh Annu. It's all about the benjamins no matter who gets screwed as long as you come out good. This is why so many people are in the bad spot you are in and we all have to pay for it. Thank you for being a perfect example of the selfish greed that so many in America are guilty of.
I bet you would take welfare if you could find a way to screw the system and you would drive your new BMW down to the welfare office to pick up your check. I am sorry to sound like a dick but this really burns me. You could pay your bills but you'd rather pawn your debts off on all of us now that you've made stupid financial decisions. By the way, don't feel too bad, you are among many just like you. It still pisses me off though.
Annu Kumar
Full Access Member
ChrisAZ said:
I got lazy and forgot to pay attention To My Base Cashflow and that was my business. Hopefully In a year from now I will back on my feet. and Buying cheaper homes than I had before:rock: Here Is the Bottom Line: CASH IS KING.
Sorry again I say your comments are illogical.
What is "King" is accountability, hard work and responsibility...coupled with integrity, and good planning, and rational thinking.
There is no compounding in cash...the comment "Cash is King" is generally used to indicate that deals done in cash are often more valuable because some tax ramifications can be evaded. I think ChrisAZ has a right to be
What is "King" is accountability, hard work and responsibility...coupled with integrity, and good planning, and rational thinking.
There is no compounding in cash...the comment "Cash is King" is generally used to indicate that deals done in cash are often more valuable because some tax ramifications can be evaded. I think ChrisAZ has a right to be
sleeper
Full Access Member
Annu, I'm was a loan officer for over ten years, and I can tell you first hand. Thats Its very hard to get a home loan with foreclosures on your credit. If you think your subprime now just wait. When everyone you know is getting a 6 or 7% fixed rate. You will be getting an terrible adjustable rate. At around 12%+. It will also take around 30-40% or more down pmt. plus points.
It seems to me Annu that with $20k income a month, you could reduce your personal expenses to 5k and offer 15k to the loan holders...they would love to be able to work out a deal. If each can get $3500 from you a month without fail you may well be able to weather the storm...try it...you should be able to offer a deal the mortgage lenders will not want to refuse.
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An economic slow down ( recession) helps to cool off the machine. Commodities have recently stabilized, and in some cases have retreated. ( Oil for one, gold, copper etc.). This is good for the consumer. It also shakes loose alot of the speculators who gambled with borrowed money on margin or home equity line of credit, that, these commodities would go up. Either way, once again, we have motivated sellers to cover there loses. It is not a straight line up. This is the down side of a "sawtoothed" edge. The captain has turned on the seatbelt sign.
He's a subprime mortgage brokerGaboon said:
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