Financial Ruin Thread

[Don Ho]

I was just outside of Tampa (New Port Richey), and I couldn't believe how low the property values are. Unfortunately for the current residents, it looks like a buyers' market.

My coworker just moved to Tampa, from the SF Bay area.  He is calling on Publix HQ for us and is now living like a king compared to what he had in Nor Cal.

Sorry about your situation Rome. Living in Hawaii my whole life I have experienced the true perils of the high cost of living.  Even with the real estate disaster, homes here are still off the charts.  I have many friends making good money but they live paycheck to paycheck just to survive here.  My brother is going through a divorce and has to move in with my parents.  His son is heading off to college, daughter in private school, he's struggling.

I got hit pretty good by Uncle Sam this year on taxes and my wife had some medical bills.  We tried to make a loan to pay some things off and the bank never called back to even reject us.  Just blew us off like we didn't exist.  I was so pissed off.  Fortunately we were able to clean things up but did we ever have to cut back and watch every penny.

I'd have to think things are pretty messed up in Florida real estate wise that the lending institution has so much going on you could drag these pricks out for awhile.

[Rome]

I just can't believe the system is set up to almost ensure people walk away.  I guess these clowns got their bailouts and aren't really interested in helping people keep their homes.

My wife is seriously freaking out over this, though.  I feel bad for her mostly because I couldn't care less if they take it.  The reality of the situation is pretty simple to me.  We make "X" and that's not enough to continue paying a mortgage we received when we made "2X".

They either don't care or are simply saying, fine, we'll foreclose, sell the property for whatever we can get then issue a deficiency judgment against you and you'll owe us for the rest of your lives.

Good luck with that.

[lurking wierdo]

then issue a deficiency judgment against you and you'll owe us for the rest of your lives.

Good luck with that.

When you horde that money you don't pay in mortgage payments, don't put it into any account that can be attached. A safe deposit box is a good investment. The important thing is to keep making the payments "to yourself".

[rjs246]

While I don't support sharing personal problems with these goddamned hyenas, my undersized heart does go out to you Rome.

I'm not surprised to read that your wife is the one really freaking out and your situation is exactly why I jumped at the chance to move to bumblefarg central Virginia. The ladyfriend and I make a good living and there's no immediate threat to either of our jobs, but neither of us are motivated by money or lofty career aspirations and because of that I have a tendency to tell people in high places to eat shtein, which means that at any given moment my mouth could get me fired. I didn't want to be stuck in Boston or DC paying a Boston or DC mortgage and find myself suddenly out of a job. There's no way we could have made it through that and kept a five hundred thousand dollar house. So Richmond happened.

Anyway, I have nothing to add beyond what you've already been told by Dio and everyone else. If this shtein is going to ruin your credit anyway, farg them. Don't pay another cent and make them eat shtein the whole time. The system is rigged and they deserve a nice fat fist in their ass.

[Rome]

So it turns out I got an absolutely fantastic bit of news this morning.  After all the nonsense that transpired yesterday I called back this morning and because I'm now "three" months behind I've automatically been placed into the loan modification program.  I'm still not permitted to make payments unless I bring it completely up to date, but there's no incentive to actually pay anything until a decision is made which should take up to six months.

Laughable, right?

[Rome]

And by "three" I mean actually one and a half, but not really because I have the money to be up to date but they won't take that until I'm actually five months behind.

No, I'm not kidding.

[lurking wierdo]

Huh?

[PoopyfaceMcGee]

It will take forever for you to actually get booted. Keep paying your other bills and hoarding cash as possible.

[lurking wierdo]

Huh?

Realistically, how much are you upside down?

[PhillyPhanInDC]

While I don't support sharing personal problems with these goddamned hyenas, my undersized heart does go out to you Rome.

I'm not surprised to read that your wife is the one really freaking out and your situation is exactly why I jumped at the chance to move to bumblefarg central Virginia. The ladyfriend and I make a good living and there's no immediate threat to either of our jobs, but neither of us are motivated by money or lofty career aspirations and because of that I have a tendency to tell people in high places to eat shtein, which means that at any given moment my mouth could get me fired. I didn't want to be stuck in Boston or DC paying a Boston or DC mortgage and find myself suddenly out of a job. There's no way we could have made it through that and kept a five hundred thousand dollar house. So Richmond happened.

RJS is a real human being, and by proxy, a Hoyda.

[ice grillin you]

just make more money....thats what id do

[Eagaholic]

I know a couple of people in your situation Rome, one friend in FL hasn't made a payment in about 2 years. Sucks that's just the state of affairs for so many people today, good luck with everything. At least you have other important things going for you, it sounds like you're blessed with a marriage so many people would be envious of.

[Sgt PSN]

She'll hate him when they move into an alligator infested trailer park. 

Seriously though, that sucks man.  I rent but I've still really been feeling the pinch since moving to Cali.  This is the worst state to live in during a recession and instead of moving me out, they're moving me to SD which is only 3x more expensive to live in than the shteinhole desert town I'm in right now.  Good times.  If you need to, come out to SoCal and you can move into the refridgerator box that squaw and I will be living in.  Farg it...I might just move to TJ and commute every day.   

[PhillyPhreak54]

The 401k took an ass whipping today.

Ouch.

[Munson]

which is why SS should obviously be privatized into 401K's, same with those with pensions.