Matt 26z

Interesting article on how poor people can deal with their bad loans. This reads like something Anal Hobbit would post here at GFY.

http://www.politicalgateway.com/news/read/140497

crockett

Pretty much right on the ball.

I knew this shit would hit the fan 5 years ago. When I bought the house I used to own, I made about 25k a year when I was 21. (over 10 years ago) It was all I could afford to buy a house that cost 54k.

Yet up till year or two ago, they were giving people loans for 200k that only made 30k a year. I mean WTF kind of dumb ass thinks they are going to pay for a 200k house on 30k a year. Not to mention have these people most likely have 25 to 30k car loans..

This is exactly why a govt wants a dumb population, because they are easy to take advantage of.

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fluffygrrl

I was shorting and had puts in BSC, I'm shorting and have puts in LEH, GS, it's not that hard really.

50-75% gain weeks are not that difficult this spring.

DateDoc

You do not have enough posts nor did you register soon enough to play in the stock market!!

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pornguy

Pretty fart little smeller aint he.

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fluffygrrl

Lmao.

Do not hate. Imitate.

rowan

"6- Realizing you are in financial trouble, it is better to start clean with a bankruptcy. You will get credit and can buy cars and homes within a very short time, even a day. Depends on your situation."

Is it really that easy in the USA? In Australia you'll have a black mark on your credit record for 7 years.

pornmasta

not the good moment to sell a house, a good moment to buy one...

AlienQ - BANNED FOR LIFE

Bob Hoffman fucken rocks.

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Violetta

my loan is not very big... but not small either1

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GrouchyAdmin

I don't even like using my credit cards.

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crockett

you have a black mark here too for 7 years and they can even extend it by putting warning ons your SS number. (not sure how that works)

However you can typically get another loan at high interest somewhat easy if you have a down payment and can prove your income. Kinda fucked up when you think about it..

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fluffygrrl

He's giving a slanted picture, but not completely wrong. You'd have a bad mark on your credit for 3 to 7 years, depending (on exactly how much the banks want to lend to people). They're a lot more "flexible" in the US, which is how they manage to get in this sort of mess in the first place

There certainly isn't an easy way out, should you find yourself in the shit position of paying 300k worth of mortgage on a house now worth 180 tops, and with an interest that just went out of teaser and is now 8%.

But his solution is certainly the best way to do the most damage to the system, which many people are going to try for. Being the one spaghetti that's lodged flush cross the guy's intestine. A hefty goal, but cooked pasta doesn't have much resilience left.

JimmiDean

I am not sure this is a guy to take financial advice from.
If you are not over leveraged anywhere and have some equity along with your bills under control you are fine just ride it out.
If you financed your ass off at 20 or 30 percent you are probably fucked.

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Elli

Very informative article. It's refreshing to see a guy get down to brass tacks like that and tell people when they need to start looking after themselves and not worry about the lenders.

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atom

Great an article on how to teach people to steal because they were too fucking stupid and overextended themselves in their finances. Brilliant!

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crockett

He's not talking to people that have things under control.

It took two sides to put us in this situation. Of course it took buyers whom were too dumb to understand what they were getting into and it also took loan companies that knew the people had no real chance of ever paying for the loan.

Both are to blame for this but in reality, the loan companies share the most blame. It was their job to make sure the person could afford the loans. He is also right that these companies are getting off scott free getting a govt bail out and still making a profit paid for by our tax dollars.

On the other side what did the buy get other than fucked? Granted it's not an excuse for them but the reality is the banks allowed this to happen and they get the free bail out while the average joe is fucked.

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RyuLion

even my assistant from Mexico asked me how everyone in the US is dealing with it..
all I told her is thank God I'm never going to be there as long as I have my brain..

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Barefootsies

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Barefootsies

It's not as easy as it once was, and it's on your record for 10 years here. Unless you do a chapter 13.

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Barefootsies

Interesting perspective.

After watching some of these home buying shows on TV and seeing how they go over the loan papers, and whole buying process. I can see why many of the average Americans get taken advantage of.

That said, if finance companies take advantage of ignorant people on these 25% car, and ARM mortgage loans. The system has to correct itself somehow.

Bankruptcy is sweet justice in that regard.

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tony286

Your right if its all turning to shit,to keep spending every nickel you have and your going to wind up fucked anyway isnt good. So ones credit would be just as fucked and without a nickel to restart because someone tired to keep up and they lost anyway.

HeadPimp

I skimmed through it and this dude is an ass-hat. If you can't afford your house then that is your fault. If you can't pay for it, then sell it. Can't sell it for what it is worth? That is called a short sale kids. Plus lenders right now are pretty willing to work with people on their loans. IF and I stress IF they aren't jerks and avoid phone calls and don't respond to letters.

Sure, what he is saying will work, but I just get the vibe of what he wrote that he would advocate trashing the house before you leave as well.

The fact is that lots of people got loans they couldn't afford, bought 'investment' properties that were flat out stupid and did fraudulent loans. They deserve to get beaned in the head.

DWB

They wanted this and they got it.

Hook, line and sinker.

DWB

I can't speak for the rest of the world, but Americans are hell bent on living WAAAAAY beyond their needs.

G.A.F

I don't have a loan because I can't afford to be in debt for the rest of my life. Don't want my daughter to end up paying my loan either.
I will buy a house whenever I would be able to pay for it. Otherwise, I'll keep on paying the rent.

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JimmiDean

I agree fully for the most part with your thoughts.
It was stupid of the bank to lend people with poor credit and no equity large amounts of money and for the most part run by greed.
One example is a morg broker finds a client (sucker) tells them he can put them in a brand new home worth 400 k and he only has to pay a low interest rate and no principle for three years.
His payment would be say 900 hundred a month for three years (less then the rent he pays for the crap hole he or she is in now) .
At that time the broker tells the borrower that his rate will reset and that his morg payment would be around 3800 a month.
But this is not a problem as the home following trends in the market would be at that time worth five or six hundred k the borrower could sell the home and make enough to buy another home outright or make a large deposit on another home at a better rate.
So the borrower gets the following.
1 A brand new home at a cost the same as rent or lower.
2 A chance to establish themselves with the bank.
3 A chance to make a large amount of cash.
4 A chance to live the American dream.
Once signed the broker (sometimes homebuilder) goes to the bank and tells them this guy is a great guy making lots of cash and with great credit, the bank does not want to check for themselves so they grant the loan.
The buyer gets his house (for now)
The broker gets a cut
The home builder gets paid
The bank sells the loan to Wall St and gets its cut.
everyone is happy, until the loan resets the market is flooded with inventory (said to be three years at this point)
The 400 k home is now only worth 200 k.
The home owner cant or wont pay,has no real money in the home and may have a history of bad credit therfore nothing to loose and walks away.
Loans go bad, markets get hurt.
And I am not sure if anyone else has gone to their bank lately to get a bag of cash for something but it is getting a lot harder (I had to jump through a few hoops)

Finally if you have some cash the time to buy stock is now and the time to buy homes in FLA and other hard hit states is coming,
We plan to buy a few and hold them till things turn around.
Buy when everyone is selling and sell when everyone is buying.

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JimmiDean

You might want to rethink that.

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AsianDivaGirlsWebDude

When in doubt, I whip it out...



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CurrentlySober

i like poo

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Enough Said.

"Would you rather live like a king for a year or like a prince forever?"