Housing Bailout???

Prof said:
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:mad: :mad: :mad:
There is one more possibility Prof, "Cash is King", when no one else has it. (or can borrow it :p )
 
joemags54 said:
He's a subprime mortgage broker:p

I have a Sub S corp That is Cyclical. I spent all the money On other shit. But this is it. its Either DUE or Die. Gotta keep hustling. If you play hard you Pay Hard. I admit I took too much risk and Now gotta pay. But that doesn't mean I going to give up and Become a Drud Addict.
 
joemags54 said:
There is one more possibility Prof, "Cash is King", when no one else has it. (or can borrow it :p )


And one more...

Cash is King when purchasing a "recreational truck". The concept of paying interest on a toy is just not rational.
 
I heard from a mortgage broker. That the FBI is investigating and arresting real estate agents and loan officers for committing fraud. I guess alot of these professional people have purchased many houses on low to no down loans, and now have walked away from paying for there payments. They just let them foreclose. As a real estate professional you are should know better.
 
Prof said:
And one more...

Cash is King when purchasing a "recreational truck". The concept of paying interest on a toy is just not rational.
True, but very few people drop 50k cash on a vehicle. Most people finance.
 
joemags54 said:
He's a subprime mortgage broker:p


:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:
 
Prof said:
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.


This is well spoken advise. Annu I don't understand why you would choose to keep vehicles over houses. Your vehicles will become worthless someday (maybe these truck will show some appreciation in 2095;) ) but a house on the other hand will continue to grow through the cycles. Why not dump your cars and just drive a beater like I am doing right now. I did not want to sell my truck but I saw a choice in my future of Truck or House? F**k the truck I choose the house. These trucks are not going up in value anytime soon. By the time you get this worked out and the market corrects itself you could alway get another truck probably for cheaper. If you owe too much on the truck just take what you can get. I would rather owe 10k-15k on a truck I sold that hundred$ of thou$and$ on properties. the houses will serve you better in the long run. Just remember the vehicle doesn't make the man.
 
BriteCrawler said:
I still think the loan approvals for people who make 1200 a month to own a 250,000+ home is where all these issues came from to start with.

Ha Ha Ha! Welcome to the Pittsburgh suburbs! They're building $300,000 McMansions here left and right, and 90% of the people living in them don't make shit. It's insanely backwards.

Here's a perfect example: I've got a customer who lives in one of those types of houses. His place had to cost at least 250k. Well, I seal his driveway every two years for him, at a cost of $150. It's a major expense for him and his wife, and they call at least 3 months ahead of time to schedule so that (in their own words) they can "save up"!

He is a shift manager at a restaurant, and his wife doesn't work. I don't know too much about the dining industry in Western PA, but I can guarantee he's not making anywhere over 40k/yr before taxes. Yet..he lives in this monster ass house, and he's gotta "save up" to have his little driveway professionally sealcoated. Just imagine what's gonna happen when he needs a new roof!
 
sealalot said:
Ha Ha Ha! Welcome to the Pittsburgh suburbs! They're building $300,000 McMansions here left and right, and 90% of the people living in them don't make shit. It's insanely backwards.

Here's a perfect example: I've got a customer who lives in one of those types of houses. His place had to cost at least 250k. Well, I seal his driveway every two years for him, at a cost of $150. It's a major expense for him and his wife, and they call at least 3 months ahead of time to schedule so that (in their own words) they can "save up"!

He is a shift manager at a restaurant, and his wife doesn't work. I don't know too much about the dining industry in Western PA, but I can guarantee he's not making anywhere over 40k/yr before taxes. Yet..he lives in this monster ass house, and he's gotta "save up" to have his little driveway professionally sealcoated. Just imagine what's gonna happen when he needs a new roof!

You couldn't buy a cardboard box in FL for under $250K. :nurse: But, that will all change, as soon as the foreclosures kick-in. ;)
 
sleeper said:
I heard from a mortgage broker. That the FBI is investigating and arresting real estate agents and loan officers for committing fraud.

Aside from personally being the biggest asshole I know in this world, my brother-in-law was also a loan officer for Wells Fargo and Household Finance. He's only 26 years old, mind you. I don't know all of the specifics, but he was involved in some sort of shitty mortgage scheme where, basically, he was screwing people up the ass on interest rates and raking in a shitload of commission for himself. He and my sister (who's a lazy, unemployed drug addict with 2 kids) literally went from rags to riches within a matter of months. And they're still rich. The "how did they do it?" question however, has yet to be answered.

He quit his job at Wells Fargo, and now he's working at a bank. I don't know if he's a teller or what. All I know is that he got the hell outta Wells Fargo, and right after people started "going down" at that office for all sorts of shady dealings. He was obviously involved, and I can only pray that freckle-faced red-headed stepchild gets what he deserves. He's the most manipulating, cunning piece of human garbage I've ever encountered.

A couple of years ago, he asked me to hand out his business cards, and he'd give me $200 for every person who refinanced because of me. I didn't hand out a single card, because I didn't need the money, and even if I did I wouldn't take it from him. But also because it seemed so fishy and shady I didn't want any parts of it.
 
sealalot said:
Aside from personally being the biggest asshole I know in this world, my brother-in-law was also a loan officer for Wells Fargo and Household Finance. He's only 26 years old, mind you. I don't know all of the specifics, but he was involved in some sort of shitty mortgage scheme where, basically, he was screwing people up the ass on interest rates and raking in a shitload of commission for himself. He and my sister (who's a lazy, unemployed drug addict with 2 kids) literally went from rags to riches within a matter of months. And they're still rich. The "how did they do it?" question however, has yet to be answered.

He quit his job at Wells Fargo, and now he's working at a bank. I don't know if he's a teller or what. All I know is that he got the hell outta Wells Fargo, and right after people started "going down" at that office for all sorts of shady dealings. He was obviously involved, and I can only pray that freckle-faced red-headed stepchild gets what he deserves. He's the most manipulating, cunning piece of human garbage I've ever encountered.

A couple of years ago, he asked me to hand out his business cards, and he'd give me $200 for every person who refinanced because of me. I didn't hand out a single card, because I didn't need the money, and even if I did I wouldn't take it from him. But also because it seemed so fishy and shady I didn't want any parts of it.


Just because he left does not mean he is not liable. Hell I am liable for appraisals for at least 5 years after the are completed.
 
The net net of your situation is that if he goes down because of his unscrupulous ways...your sister and her kids will move in with you until he serves his time...

Ahhhh, the trials and tribulations of life...hide your stash.
 
The market did pop a little.... (up 175pts)... But, I'm not sure if it was exclusively because of the credit "band aid" announcement.
 
Oh, I truly believe he'll eventually go down in flames. It's just gonna take a while. My parents think he's the greatest thing in the world, and they'd do everything in their power to save his sorry ass if he was ever brought up on charges. That's not saying much though, because my parents aren't very desirable people themselves.
 
Damn. Sounds as if the family is not very closely knit...

But you have us!
 
EVERYBODY THATS ENOUGH!!!!!!!!!!!!! I"M SICK OF EVERYTHING. BUT I LOVE MY TRUCK. I"M IN DEEP WATER. BUT THERE IS A WAY OUT I HOPE.
 
Prof said:
The net net of your situation is that if he goes down because of his unscrupulous ways...your sister and her kids will move in with you until he serves his time...

Doubtful. We haven't spoken for quite some time. If he goes down, she'll just move back in with my parents.

As for my parents, I don't speak to them either. They're horrible people.
 
Annu Kumar said:
EVERYBODY THATS ENOUGH!!!!!!!!!!!!! I"M SICK OF EVERYTHING. BUT I LOVE MY TRUCK. I"M IN DEEP WATER. BUT THERE IS A WAY OUT I HOPE.


How about:

"11 million didvided by 3 Plus attorney fees" From your post about being married...

Or was it $200,000 that you mentioned when speaking about the 1000 hp build you wanted to do...as I recall you were going to budget $20k for that.

I think if you go back through your posts, you will find lots of assets to use to get out of your current situation...maybe not take delivery on the new Mercedes?
 

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