Foreclosures?

I don't mind the constructive critcism of what I am considering. Everyone is entitled to an opinion. What i do mind is people basically calling me a scumbag for something that hasn't happened, and criticizing me for asking a question. I have thick skin, but critcixing mr for clubbing and enjoying my life pissed me off. Just like if I called you a moron for building a glass garage(which I wouldn't because I think ot rocks). I did put my part of my life on the Internet, so it is partially my fault.

 

My finances are in good order. I have a great job, and so does my wife, so that is not the issue.

 

Not living in America or Miami has a good deal to do with understanding this. When your lawyer, your CPA, etc. Tell you it doesn't make sense to continue paying for something that you are losing money on. When everyone you know and meet are making money by screwing the banks.

Wow, what did I miss!

 

Mike, I still don't understand how you're "losing money"..Like Mr. Successful Doctor buddy of yours, making payments on a depreciating asset sucks but it wont be that way forever......hold it as long as possible until you can sell it for something close to what you paid, rent it out in the meantime, buy a new place.

 

Easy solution man, walking away will cause you more problems than you can predict right now.

 

BTW a pre-approval is worthless. Until an underwriter has reviewed your docs, you have nothing but a paper to convince a seller to accept your offer... can your household income cover both homes (PITI) by double, do you have 3 months worth of both payments in the bank AFTER putting your 20% down? Is your credit over 660, if so buy the other house and the rent the old one, don't walk away you make enough to swallow the neg. difference in the rent.

 

As for the Doc.....................Scumbag. Really if you can pay for it, pay for it, I think there's more to the story the Doc aint telling you. The property losing value is a stupid reason to move your family.

Simple rationale brotha. I owe $170k, the place is worth $50,000-$60,000. It would bet my life that it will get worse for at least another 3 years in that area. After that things may pick up slowly. Say the place appreciates 3%-5% over the next 20 years. I will have to pay for it forever just to break even.

 

My credit is mid 700's, and my wife is closer to 800. We have a pretty nice household income considering our age, and will be approved at the pricepoint we are looking at with another home on our personal balance sheet. Going FHA, so we only need 3.5% down, and have plenty in savings.

 

What I may end up doing if I buy another place is talking to the bank to see if I can get a loan mod to where I at least can break even monthly with the rent I am getting. If I can do that, i would keep it as long as I have a tenant living there. I would hold on until I own it outright if that was the case. It all depends how everything unfolds.

I wish you were listening to me because as I helped many others to get on top of their financials I could possibly have some good advice for you,

 

 

 

Kind of off topic-ish (or perhaps not) but something you posted helped me and made me gain some focus one time while I was in a tough frame of mind.

 

For what it's worth.

 

 

Simple rationale brotha. I owe $170k, the place is worth $50,000-$60,000. It would bet my life that it will get worse for at least another 3 years in that area. After that things may pick up slowly. Say the place appreciates 3%-5% over the next 20 years. I will have to pay for it forever just to break even.

 

My credit is mid 700's, and my wife is closer to 800. We have a pretty nice household income considering our age, and will be approved at the pricepoint we are looking at with another home on our personal balance sheet. Going FHA, so we only need 3.5% down, and have plenty in savings.

 

What I may end up doing if I buy another place is talking to the bank to see if I can get a loan mod to where I at least can break even monthly with the rent I am getting. If I can do that, i would keep it as long as I have a tenant living there. I would hold on until I own it outright if that was the case. It all depends how everything unfolds.

 

Cool, THATS the plan brah......You're doing the right thing.

Kind of off topic-ish (or perhaps not) but something you posted helped me and made me gain some focus one time while I was in a tough frame of mind.

 

For what it's worth.

 

Yeah man. Trust me, Fortis is a smart guy bro..............

I don't mind the constructive critcism of what I am considering. Everyone is entitled to an opinion. What i do mind is people basically calling me a scumbag for something that hasn't happened, and criticizing me for asking a question. I have thick skin, but critcixing mr for clubbing and enjoying my life pissed me off. Just like if I called you a moron for building a glass garage(which I wouldn't because I think ot rocks). I did put my part of my life on the Internet, so it is partially my fault.

 

My finances are in good order. I have a great job, and so does my wife, so that is not the issue.

 

Not living in America or Miami has a good deal to do with understanding this. When your lawyer, your CPA, etc. Tell you it doesn't make sense to continue paying for something that you are losing money on. When everyone you know and meet are making money by screwing the banks.

 

I did not call you a scumbag, I called scumbag people that can afford to pay their bills and don't just because it has become a national sport in Miami.

 

The nightclubbing reference was a hit to prioritizing, I am not against you going clubbing, you can wave you hands up in the air because I don't care!

 

The glass garage

you see what happened here, you just proved my point, putting private crap on the net for everyone to see not necessarily a good idea, I will always be known as the guy with the glass garage you as the guy that's contemplating to dump his mortgagee.

 

Let's do the agree to disagree thingy because to be honest I am quite tired of this whole conversation.

 

 

Kind of off topic-ish (or perhaps not) but something you posted helped me and made me gain some focus one time while I was in a tough frame of mind.

 

For what it's worth.

 

 

I also remember that I took quite literally one of your very first posts, what a big mistake that was, now every time I get ready to read one of your replies I have to make sure that I am not drinking anything

I did not call you a scumbag, I called scumbag people that can afford to pay their bills and don't just because it has become a national sport in Miami.

 

The nightclubbing reference was a hit to prioritizing, I am not against you going clubbing, you can wave you hands up in the air because I don't care!

 

The glass garage

you see what happened here, you just proved my point, putting private crap on the net for everyone to see not necessarily a good idea, I will always be known as the guy with the glass garage you as the guy that's contemplating to dump his mortgagee.

 

Let's do the agree to disagree thingy because to be honest I am quite tired of this whole conversation.

 

Point taken. Thanks.

 

Point taken. Thanks.

 

Its Monday, have you filed the fcuking paperwork yet?

I also remember that I took quite literally one of your very first posts, what a big mistake that was, now every time I get ready to read one of your replies I have to make sure that I am not drinking anything

 

 

Haha!

 

That's the one!

 

And even though whatever I said was not directed at you, I did take some stock in what you posted in reply. I was going through a really tough time at that point. I didn't wish any ill will on anyone who had found some success but I think you took my post as being negative towards those with success. The good part is that I did see that you had gone from tough times to good times so I decided I'm going to do that too.

I didn't (and still don't) know how, but I'm going to do that, no matter how long it takes.

 

 

Dammit, I want a glass garage in my house too!

Its Monday, have you filed the fu#king paperwork yet?

 

 

Haha. Just got my 1099's. JK.

Haha!

 

That's the one!

 

And even though whatever I said was not directed at you, I did take some stock in what you posted in reply. I was going through a really tough time at that point. I didn't wish any ill will on anyone who had found some success but I think you took my post as being negative towards those with success. The good part is that I did see that you had gone from tough times to good times so I decided I'm going to do that too.

I didn't (and still don't) know how, but I'm going to do that, no matter how long it takes.

 

 

Dammit, I want a glass garage in my house too!

 

don't worry since my glass garage is so popular I will start to build miniature versions of it and distribute them around the world, I can make you the US distributor

 

on a more serious note, my take on success in my opinion only:

 

your attitude and way of thinking has a lot of influence on your success, the never give up attitude and not accepting defeat are paramount to me, if I get something in my stubborn head nothing will deter me.

 

I am always positive and never worry, the only time I worry when my kids are sick, than I crap my pants even if they have a common cold, the reason for that is because I can't make them better, it is out of my control;

 

business on the other hand is very controllable, it is up to you to make it or break it.

 

I analyze everything very carefully and bite as much as I can chew, success in my book is not measured by the amount of $ you have in the bank, it is a perfect balance between a lot of factors: happy family life, respect, having true friends, ability to help others, honor etc.

 

My drive was never to make a crap lot of money, it always was to achieve milestones and goals that I set for myself, money is a byproduct and than becomes a tool, you need it otherwise you will go under, the law of business, your books have to balance that's why the $ is the necessary evil.

 

I am happy when I make money but I am a lot happier when I make a difference in somebody's life.

I didn't have tears in my eyes when I bought my first Lambo but I did have tears in my eyes when I bought this old man a $300 TV because his broke down;

 

I knew him from my childhood, I went to visit him with my uncle because I heard he was sick, we just wanted to drop by to say hi and see how he was doing.

he was lying in a bed very said because he was diagnosed with prostate cancer, the day before during a big storm his TV got busted by a lighting strike, his favorite team was playing soccer on TV, there was no way he could afford a new TV, his pension and half of his wife's pension had to be spent on medicine for him.

 

The following day I went to the shops and bought him a TV, when he saw the TV he started crying instantly and he refused it, of course I did not accept that, myself and my uncle set up the TV for him and put the remote control in his hand, when he saw sports on TV the smile returned to his face instantly, his wife laughed and said now there is no chance he will get out of bed, we all had a good laugh, I am definitely glad that we were laughing because I could mask the tears in my eyes which won't from laughing.

The good thing is that he had surgery done and he's still alive and doing much better, last time I saw him was 4 years ago.

That $300 brought me a lot of satisfaction, situations like that make me happy that I've been blessed with financial wealth.

 

I hate to put my personal life on display online I like to keep my private life private but I think I owe an explanation to pikemike for my reaction.

 

Pikemike I hope you now have an idea why I am so frustrated with people that run away from their responsibilities, when you describe yourself as a young healthy individual that earns good money for his age and you come and mention bankruptcy just to stiff the banks my blood reaches boiling point. I can guarantee that you don't really know what pain is and what it means wether you will eat tonight or you wont, you live in one of the luckiest countries on this planet not in the middle of Africa awaiting UN drop offs.

I am sure you will get your affairs in order try to select people that you will be listening to, if your solicitor and CPA is asking you ti commit fraud I would stay away from their sorry asses, go and get proper advice from a genuine individual.

 

 

Sorry guys for the long post sometimes I get carried away

GREAT Post Fortis!!

 

Now I have to get off and go try to fix my TV its busted

 

hahajk

GREAT Post Fortis!!

 

Now I have to get off and go try to fix my TV its busted

 

hahajk

 

I knew that was coming but I didn't know who was going to be first

 

Pikemike I hope you now have an idea why I am so frustrated with people that run away from their responsibilities, when you describe yourself as a young healthy individual that earns good money for his age and you come and mention bankruptcy just to stiff the banks my blood reaches boiling point.

 

Fortis you raise a lot of valid points about honor, integrity etc but they are all one sided. You chastise Mikey for wanting to welch on his mortgage, but not a bad word out of your mouth for the bankers, the realtors, mortgage brokers, developers, gov't regulators who assraped the poor lad, sold him a bill of goods("don't worry home prices always go up~!", "you can afford it", "check out our new adjustable rate loan!.etc, etc,") about his dream home which turned out to be nothing but bullcrap. A phony real estate bubble was created so that they could profit by selling/financing him a way overpriced home, the bubble bursts, now the home is worth a fraction of the selling price...... would you not feel ripped off?

 

For the system you believe in to function correctly, there has to be honor and integrity on both sides of the deal.... sadly, this is lacking in the US today, so while in a perfect world, with perfect bankers, devlopers, realtors, and a fairly priced home, Mike would be a POS for bailing, but given the circumstances I can't fault the man for trying to get out of a 30 year dead weight, ball and chain situation, especially since he was the one played by the system FIRST.

Fortis you raise a lot of valid points about honor, integrity etc but they are all one sided. You chastise Mikey for wanting to welch on his mortgage, but not a bad word out of your mouth for the bankers, the realtors, mortgage brokers, developers, gov't regulators who assraped the poor lad, sold him a bill of goods("don't worry home prices always go up~!", "you can afford it", "check out our new adjustable rate loan!.etc, etc,") about his dream home which turned out to be nothing but bullcrap. A phony real estate bubble was created so that they could profit by selling/financing him a way overpriced home, the bubble bursts, now the home is worth a fraction of the selling price...... would you not feel ripped off?

this is why we need an attorney, financial advisor, parents, grandparents, friends, wives, anybody to help us make educated decisions on what we spend our money on.

That's Fortis,

 

I wanted to copy your post in my reply, but I can't as it's an iPhone. Touching story. As gay as it sounds, I truly appreciate you opening up to us. I know your intentions are as good as it gets.

 

Opening up some more:

I have made a bet with my wife as she is really the one who wants another house, and is willing to do whatever it takes to make that happen. She has a lot of determination to meet her goals, however that determination also clouds her judgement. She wanted to be married by 25, and have a single family home (not a townhouse or apartment) by the age of 30. She is 26 now.

 

So one of our 2 offers fell through today. The one I didn't want, so I'm not upset about it. We have 1 more left. The situation with this one is I think the owner is trying to pull off a deep scam. Him and his wife supposedly got a divorce, so they are attempting to short sale their home. He is essentially trying to short sale it to himself through the divorce proceedings. The realtor told us the bank will not sell to him due to being what they call an arms length transaction. The realtor is a stand up guy and told us what the bank wants. He is trying to talk the current owner out of leaving before he gets evicted by the bank.

 

Our current rental is up in August. One of the following will happen after that: the guy leaves and the bank accepts our offer and we buy the house. We keep our other place as long as we can afford it. The place doesn't work out, and we rent a home closer to my wife's parents as her mom is sick, or if our tenant wants to leave when his lease is up in July, we move back to the hood. It's in gods hands now.

 

So the deal with my wife is this: if we don't get the other place, we pay off all outstanding debt-cars and credit cards-and I get to buy the car of my choice. Her stipulation is that if she doesn't have a house before her 30th birthday, I have to buy her a new range rover and sell my car. If we don't have a house by 35, I have to upgrade her engagement ring to 3 carats.

 

It sounds like I married a gold digger, but i promise you, it couldn't be further from the truth.

stay cash rich right now,,,,do not buy the car of your dreams yet.

 

if you drive your dream car in the "hood", don't you think it will attract too much attention?

stay cash rich right now,,,,do not buy the car of your dreams yet.

 

if you drive your dream car in the "hood", don't you think it will attract too much attention?

 

 

Any insight as to why? Wasn't planning on a lambo just yet. just an American mid life crisis car.

 

The 30 year just jumped 3/8ths of a percent today. Shit could hit the fan real soon.

Fortis you raise a lot of valid points about honor, integrity etc but they are all one sided. You chastise Mikey for wanting to welch on his mortgage, but not a bad word out of your mouth for the bankers, the realtors, mortgage brokers, developers, gov't regulators who assraped the poor lad, sold him a bill of goods("don't worry home prices always go up~!", "you can afford it", "check out our new adjustable rate loan!.etc, etc,") about his dream home which turned out to be nothing but bullcrap. A phony real estate bubble was created so that they could profit by selling/financing him a way overpriced home, the bubble bursts, now the home is worth a fraction of the selling price...... would you not feel ripped off?

 

For the system you believe in to function correctly, there has to be honor and integrity on both sides of the deal.... sadly, this is lacking in the US today, so while in a perfect world, with perfect bankers, devlopers, realtors, and a fairly priced home, Mike would be a POS for bailing, but given the circumstances I can't fault the man for trying to get out of a 30 year dead weight, ball and chain situation, especially since he was the one played by the system FIRST.

 

Well spoken...

 

Well spoken...

I don't know....may be harsh, but caveat emptor

If I move back there i will also be investing in some home surveillance and an AR-15, and a 12 guage Mossberg. There were still a couple people there with nice cars when I lived there before. Will worry less with some additional home protection.

this is why we need an attorney, financial advisor, parents, grandparents, friends, wives, anybody to help us make educated decisions on what we spend our money on.

 

my father told me to buy it, my lawyer who is a multi-multi-millionaire bought an investment home down the street from me on the golf couse(which ended up being the only bad real estate deal he has done IN HIS LIFE), and he was one of the only reasons I bought there. Everything the guy has purchased has made thousands if not millions for 40+ years. He ended up with a nice house on the golf couse with Chinese drywall and he told me he would have let his go, but he paid $450k cash. Wife was dying to move out, and all my friends were single living with parents at the time.

my father told me to buy it, my lawyer who is a multi-multi-millionaire bought an investment home down the street from me on the golf couse(which ended up being the only bad real estate deal he has done IN HIS LIFE), and he was one of the only reasons I bought there. Everything the guy has purchased has made thousands if not millions for 40+ years. He ended up with a nice house on the golf couse with Chinese drywall and he told me he would have let his go, but he paid $450k cash. Wife was dying to move out, and all my friends were single living with parents at the time.

I forgot my sarcastic smiley. Sorry.

 

I was being sarcastic.

 

Ultimately, we are responsible for our actions. And therefore, suffer the consequences (good and bad).

Believe me I have been suffering the consequences. What if I get a job somewhere else and have to move.

I will be fucked with that place for a long time. What pisses me off too is the realtor that sold me it kept telling me " this is the only neighborhood in the area that doesn't allow section 8". Now everything there is section 8 housing!