My glimmer of hope in today's economy - GoFuckYourself.com

Rochard · 01-30-2009, 09:10 AM

Last night I got a letter from my mortgage company. Turns out the value of my house has dropped by nearly 50%. The upside is my property taxes also dropped about 50%.

My mortgage is now $750 less a month.

Sweet!

Scott McD · 01-30-2009, 09:11 AM

As long as you plan to stay there for a while then, it's all good !!!

Ross · 01-30-2009, 09:13 AM

WOW 50% of the value of your house is insane man. Good tho that you're saying so much on your mortgage.

My Mortgage dropped $200 a month due to the interest rate decrease. I'm on a tracker so as the Bank of England drop interest rates, I save more money. The value of my house is holding strong so far tho, I think I've dropped about 5% at its peak. Its wether or not someone will buy it tho if I decide to sell.

Evil Chris · 01-30-2009, 09:16 AM

Mortgage drop? What the hell is that?
Do you have to re-amortize to make that happen? Notary?

Why pay less on your mortgage anyway? I say pay more to get the principal down as fast as you can.

Barefootsies · 01-30-2009, 09:16 AM

Quote:

Originally Posted by Rochard

My mortgage is now $750 less a month.

Sweet!

Ross · 01-30-2009, 09:19 AM

Quote:

Originally Posted by Evil Chris

Why pay less on your mortgage anyway? I say pay more to get the principal down as fast as you can.

If you don't plan on keeping the house for the lifetime of your mortgage then I don't see the point in keeping paying more money. Put the monthly savings into something else. That's just my 2 cents

Evil Chris · 01-30-2009, 09:21 AM

Quote:

Originally Posted by Ross

If you don't plan on keeping the house for the lifetime of your mortgage then I don't see the point in keeping paying more money. Put the monthly savings into something else. That's just my 2 cents

The point is that a home/property is probably the best investment any regular person can ever have in their life. The return on it is likely better than any savings account will ever yield.

If your mortgage payment somehow drops 50%... keep paying what you were before, because now you're paying your principal off twice as fast.

Rochard · 01-30-2009, 09:40 AM

Quote:

Originally Posted by Evil Chris

Mortgage drop? What the hell is that?
Do you have to re-amortize to make that happen? Notary?

Why pay less on your mortgage anyway? I say pay more to get the principal down as fast as you can.

My property taxes and homeowners insurance is all rolled into my mortgage. This way I pay one bill, not three, and it avoids getting huge bills every year when my property taxes are due.

My property taxes fluctuate depending on the value of my house. House value drops, so does my property taxes.

Evil Chris · 01-30-2009, 09:47 AM

Quote:

Originally Posted by Rochard

My property taxes and homeowners insurance is all rolled into my mortgage. This way I pay one bill, not three, and it avoids getting huge bills every year when my property taxes are due.

My property taxes fluctuate depending on the value of my house. House value drops, so does my property taxes.

OK... but hold on... a drop in value of your home equates to a whopping $750 less per month just based on your property tax?

Where do you live? Malibu?

Drake · 01-30-2009, 09:58 AM

How much do you pay in property taxes in total?

The Dawg · 01-30-2009, 10:09 AM

Damn 50%!! Are you upside down in your mortgage now?

tranza · 01-30-2009, 10:49 AM

Wish you luck!

Connor · 01-30-2009, 11:14 AM

Quote:

Originally Posted by Rochard

Last night I got a letter from my mortgage company. Turns out the value of my house has dropped by nearly 50%. The upside is my property taxes also dropped about 50%.

My mortgage is now $750 less a month.

Sweet!

You know, I should be getting that annual appraisal letter too anytime soon, and yeah, there had better be a drop in my property taxes. Last years the fuckers RAISED IT! Claiming the value went UP. We all know that will be bullshit this year.

Cool thing about CA is your property tax won't RAISE from the price you bought the house at... it gets locked in. Wish that was the case where I'm at but fuck, at least there's no state income tax here.

Rochard · 01-30-2009, 11:48 AM

Quote:

Originally Posted by The Dawg

Damn 50%!! Are you upside down in your mortgage now?

Am I upside down in my mortgage now? Yeah, to the tune of like $250k. Not the best situation, but I love my house and where I live so I plan on staying here a long time.

The funny thing is I can walk away from my house and buy the same exact house across the street for half of what I currently owe.

Sly · 01-30-2009, 11:57 AM

Quote:

Originally Posted by Evil Chris

The point is that a home/property is probably the best investment any regular person can ever have in their life. The return on it is likely better than any savings account will ever yield.

If your mortgage payment somehow drops 50%... keep paying what you were before, because now you're paying your principal off twice as fast.

A property may be the best investment any "regular person" makes only because most people don't know jack about finances. Houses are bad investments, the return typically barely keeps with inflation. Of course that's better than a savings account, but if you can stick that money in a better investment or pay off more expensive debt you would be much better off.

And paying more into a house really only benefits you if you plan on staying more than five years.

Sly · 01-30-2009, 11:59 AM

Quote:

Originally Posted by Connor

You know, I should be getting that annual appraisal letter too anytime soon, and yeah, there had better be a drop in my property taxes. Last years the fuckers RAISED IT! Claiming the value went UP. We all know that will be bullshit this year.

Cool thing about CA is your property tax won't RAISE from the price you bought the house at... it gets locked in. Wish that was the case where I'm at but fuck, at least there's no state income tax here.

Is that true? That's a pretty sweet deal.

avalanche · 01-30-2009, 12:01 PM

Quote:

Originally Posted by Connor

You know, I should be getting that annual appraisal letter too anytime soon, and yeah, there had better be a drop in my property taxes. Last years the fuckers RAISED IT! Claiming the value went UP. We all know that will be bullshit this year.

Cool thing about CA is your property tax won't RAISE from the price you bought the house at... it gets locked in. Wish that was the case where I'm at but fuck, at least there's no state income tax here.

FYI, county does not automatically re-assess your property value. Only time they are really required to do it is when a title changes hands or when the home owner pushes for it due to a drop in value. And, your property taxes can increase from the original value in California unfortunately. If your house has dropped, don't wait!! It only costs you money.

FreeHugeMovies · 01-30-2009, 12:02 PM

That's an interesting way of looking at it! Never buy property when they are at their peak. Always buy when the housing is at a downward slope.

Kenny B! · 01-30-2009, 12:04 PM

I'm also confused, you're house might have dropped 50% in value but you still owe what you owe, so your property taxes and HO ins. were $1500/month?

John-ACWM · 01-30-2009, 12:26 PM

That's good for your wallet. Things will turn around pretty soon again

Rochard · 01-30-2009, 12:55 PM

Quote:

Originally Posted by Kenny B!

I'm also confused, you're house might have dropped 50% in value but you still owe what you owe, so your property taxes and HO ins. were $1500/month?

Property taxes are $1400 a month. Clearly I don't live in a trailer park.

Evil Chris · 01-30-2009, 01:01 PM

Quote:

Originally Posted by Sly

A property may be the best investment any "regular person" makes only because most people don't know jack about finances. Houses are bad investments, the return typically barely keeps with inflation. Of course that's better than a savings account, but if you can stick that money in a better investment or pay off more expensive debt you would be much better off.

And paying more into a house really only benefits you if you plan on staying more than five years.

I'd like a few Canadian home owners to read the quote above and give their thoughts.

Evil Chris · 01-30-2009, 01:03 PM

Quote:

Originally Posted by Rochard

Property taxes are $1400 a month. Clearly I don't live in a trailer park.

So you have to pay $16,800 per year on property tax alone? This is based on the value of your home? What percentage?

Reak AGV · 01-30-2009, 01:51 PM

Quote:

Originally Posted by Evil Chris

The point is that a home/property is probably the best investment any regular person can ever have in their life. The return on it is likely better than any savings account will ever yield.

If your mortgage payment somehow drops 50%... keep paying what you were before, because now you're paying your principal off twice as fast.

Yeah, I agree on it. Investment in a house is the best, paying it double if you can afford it. why not

Ozarkz · 01-30-2009, 01:54 PM

50% ... wow ... I would be soo depressed right now. Even if I planned to keep the house for 40 years i'd still be depressed.

Evil Chris · 01-30-2009, 03:22 PM

Quote:

Originally Posted by Reak AGV

Yeah, I agree on it. Investment in a house is the best, paying it double if you can afford it. why not

Yeah... well, unless you live in the states I guess!

deniska · 01-30-2009, 03:28 PM

Quote:

Originally Posted by Evil Chris

So you have to pay $16,800 per year on property tax alone? This is based on the value of your home? What percentage?

I'd estimate it at 2% house was probably 900k and now its 450k..

After Shock Media · 01-30-2009, 03:29 PM

I wish our city/county updated property tax more often, I think they do it yearly or every two years. Fuckers.

GetSCORECash · 01-30-2009, 04:43 PM

I'm currently in the process of getting my homes re-accessed by the county Appraisers. I believe my taxes will be lowered, after they are done reviewing my case.

notoldschool · 01-30-2009, 04:45 PM

Quote:

Originally Posted by Evil Chris

The point is that a home/property is probably the best investment any regular person can ever have in their life. The return on it is likely better than any savings account will ever yield.

Wow is that open for debate. I would say it might be the worst investment many regular people will make.

AlienQ - BANNED FOR LIFE · 01-30-2009, 04:51 PM

Well I guess thats positive?

I bought my home on a foreclosure paid in full.
Now I come to learn that basically just by buying this house with the economic issues as of late I prolly lost 60K - 80K.

And I thought it was an investment.
At least I got some place to live though. COuld be worse.

[db] · 01-30-2009, 04:52 PM

Great, but aren't you just another conservative idiot who has spent the past 8 years telling everyone how great right wing economics work? For this you are clearly a failure; like all your peers, you do not have the ability to comprehend basic information, but you are happy to pretend that you do. This has now been proven to everyone on a global scale.

Someone would have to be a complete fucking moron to listen to anything you have to say about anything.

dyna mo · 01-30-2009, 04:59 PM

prop taxes are 1% in cali so that's tax on a $1.4 m home

JP-pornshooter · 01-30-2009, 05:00 PM

Quote:

Originally Posted by Evil Chris

So you have to pay $16,800 per year on property tax alone? This is based on the value of your home? What percentage?

socal is roughly 1% property taxes, so yeah no trailer park for Mr Rochard..
he should consider walking away from his house but before he does he should buy the one across the street for half the money.
banks in US dont pursue people abandoning their "investments".. merely give them a bad credit rating so it might be worthwhile..

JP-pornshooter · 01-30-2009, 05:03 PM

Quote:

Originally Posted by After Shock Media

I wish our city/county updated property tax more often, I think they do it yearly or every two years. Fuckers.

i believe you can get it re-appraised by request, since prices mostly have gone up (minus the past 1.5 years) it is rarely done..

AlienQ - BANNED FOR LIFE · 01-30-2009, 05:07 PM

Quote:

Originally Posted by JP-pornshooter

i believe you can get it re-appraised by request, since prices mostly have gone up (minus the past 1.5 years) it is rarely done..

Not exactly, its kinda a minor task but can be done. Assessors came out no problem during the boom but now it seems they are hard to get ahold of!

However Property Tax is based on the purchase price of your home and generally it assumed to be locked at the rate you bought at, but there are ways to get it re-adjusted.

START HERE: http://www.reducepropertytaxesnow.com/

Sly · 01-30-2009, 05:13 PM

Quote:

Originally Posted by Evil Chris

Yeah... well, unless you live in the states I guess!

LOL. Start doing some math. Houses are not the amazing investment everyone thinks that they are.

tony286 · 01-30-2009, 08:15 PM

Quote:

Originally Posted by Rochard

Property taxes are $1400 a month. Clearly I don't live in a trailer park.

i will never bitch about my $1200 a year property tax again.

dyna mo · 01-30-2009, 08:30 PM

cherry pimps must pay pretty good!

Spunky · 01-30-2009, 08:40 PM

Geez that's quite a drop,that's great

MandyBlake · 01-30-2009, 08:44 PM

wow saving 750/month is quite nice

ExLust · 01-30-2009, 11:47 PM

Good for you.

Paul Markham · 01-31-2009, 02:57 AM

Quote:

Originally Posted by Evil Chris

The point is that a home/property is probably the best investment any regular person can ever have in their life. The return on it is likely better than any savings account will ever yield.

It's this thinking linked to bankers/financiers who have little scruples so long as they earn that contributed to getting us into the mess we are in. Yes property should be a good investment and in most circumstances is.

But when the price of the investment is inflated to 100% more than it's real value then the investment starts to look less safe. You buy $1 for $2 and you repay $0.02 every month because the interest is $1.98 every month.

All works while everyone has a job and the economy flourishes. The bankers make a fortune and can earn their $20 billion bonuses and in 40 years people are paying 10% of what their neighbor pays to rent.

(OK the figures are to illustrate the point

.)

Then the bosses of the banks decide it's time to move the call center to India because it's cheaper and they earn bigger bonuses. Then the guys who used to work in the call center based in Ohio don't have a job, can't pay their inflated mortgage and put the property on the market. Then the market declines and the Banks are left holding paper on $2 that's worth $1 and the dominoes start to fall.

Plug in higher fuel, food and living expenses, because the picture was all rosy and we could afford it. And you have the recipe for a disaster. But no worries the bankers still get their $20 billion bonuses and it needs the President to bitch slap them into not buying a French executive jet while Boeing lay off people.

We pay $10 a year property tax here, don't ask me why, and we own the house. So off to the Mall to buy some cheap Chinese manufactured goods. That will solve the problem according to the politicians. It would be a perfect solution if we could use borrowed money instead of earned money.

And yes I have a very weird view of things.

Antonio · 01-31-2009, 03:24 AM

Quote:

Originally Posted by Evil Chris

The point is that a home/property is probably the best investment any regular person can ever have in their life...

it itsn't, your own business is - much higher ROI, when people think house prices they think only about the last 8-10 years when the prices grew out of proportion, there are periods when the prices go down too just like it's happening now and my guess is it will contuinue this way in the net few years

01-30-2009, 09:10 AM	#1
Rochard Jägermeister Test Pilot Industry Role: Join Date: Dec 2001 Location: NORCAL Posts: 74,488	My glimmer of hope in today's economy Last night I got a letter from my mortgage company. Turns out the value of my house has dropped by nearly 50%. The upside is my property taxes also dropped about 50%. My mortgage is now $750 less a month. Sweet! __________________ “The choice is no longer between right or left. The choice is between normal and crazy.” - Sarah Huckabee Sanders YNOT MAIL \| THE BEST ADULT MAILING SOLUTION

01-30-2009, 09:11 AM	#2
Scott McD Too lazy to set a custom title Join Date: Nov 2002 Location: Glasgow, Scotland Posts: 67,795	As long as you plan to stay there for a while then, it's all good !!! __________________ I Buy My High Quality Traffic Here, You Should Too!

01-30-2009, 09:13 AM	#3
Ross Ik ben een aap Industry Role: Join Date: Sep 2002 Location: Traffic Force Towers, Canada! Posts: 18,874	WOW 50% of the value of your house is insane man. Good tho that you're saying so much on your mortgage. My Mortgage dropped $200 a month due to the interest rate decrease. I'm on a tracker so as the Bank of England drop interest rates, I save more money. The value of my house is holding strong so far tho, I think I've dropped about 5% at its peak. Its wether or not someone will buy it tho if I decide to sell. Last edited by Ross; 01-30-2009 at 09:15 AM..

01-30-2009, 09:16 AM	#4
Evil Chris OG Industry Role: Join Date: Dec 2001 Location: 3rd from the Sun Posts: 13,235	Mortgage drop? What the hell is that? Do you have to re-amortize to make that happen? Notary? Why pay less on your mortgage anyway? I say pay more to get the principal down as fast as you can. __________________ It PAYZE to post on GFY chris at payze.com \| Skype chriswrp

01-30-2009, 10:49 AM	#12
tranza ICQ: 197-556-237 Join Date: Jun 2003 Location: BRASIL !!! Posts: 57,559	Wish you luck! __________________ I'm just a newbie.

01-30-2009, 09:58 AM	#10
Drake Hello world! Industry Role: Join Date: Mar 2003 Posts: 12,508	How much do you pay in property taxes in total?

01-30-2009, 10:09 AM	#11
The Dawg Confirmed User Join Date: Apr 2002 Location: State Of Bliss Posts: 2,438	Damn 50%!! Are you upside down in your mortgage now?

01-30-2009, 12:02 PM	#18
FreeHugeMovies Too lazy to set a custom title Join Date: Dec 2001 Location: Charlotte, NC Posts: 14,137	That's an interesting way of looking at it! Never buy property when they are at their peak. Always buy when the housing is at a downward slope.

01-30-2009, 12:04 PM	#19
Kenny B! Confirmed Abuser Industry Role: Join Date: Jun 2003 Location: Montreal Posts: 5,718	I'm also confused, you're house might have dropped 50% in value but you still owe what you owe, so your property taxes and HO ins. were $1500/month? __________________ Kenny -at- YourPaysitePartner.com Skype: kennyb514 Do business with us: Your Paysite Partner Kenny's Pennies Sticky Dollars Radical Cash Indie Bucks Stand Ahead Read My Ambush Interview Here

01-30-2009, 12:26 PM	#20
John-ACWM Work Work Work Industry Role: Join Date: Nov 2008 Location: EU Posts: 20,060	That's good for your wallet. Things will turn around pretty soon again __________________ Video Chat Forum

01-30-2009, 01:54 PM	#25
Ozarkz So Fucking Banned Join Date: Jan 2009 Posts: 2,377	50% ... wow ... I would be soo depressed right now. Even if I planned to keep the house for 40 years i'd still be depressed.

01-30-2009, 03:29 PM	#28
After Shock Media It's coming look busy Join Date: Mar 2001 Location: "Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn". Posts: 35,299	I wish our city/county updated property tax more often, I think they do it yearly or every two years. Fuckers. __________________ [email protected] ICQ:135982156 AIM: Aftershockmed1a MSN: [email protected]

01-30-2009, 04:43 PM	#29
GetSCORECash Confirmed User Industry Role: Join Date: Mar 2008 Location: Miami Posts: 5,527	I'm currently in the process of getting my homes re-accessed by the county Appraisers. I believe my taxes will be lowered, after they are done reviewing my case. __________________ \| skype: getscorecash \| ICQ: 59-271-063 \| New Sites: \| SCORELAND2 \| Roku Channel SCORETV.TV \| 60PLUSMILFS \| \| Big Tit Hooker \| Tits And Tugs \| Big Boobs POV \| Karla James \| \| Naughty Foot Jobs \| Linsey's World \| Busty Arianna Sinn \| Get SCORE Cash \|

01-30-2009, 04:51 PM	#31
AlienQ - BANNED FOR LIFE best designer on GFY Join Date: Mar 2003 Location: IALIEN.COM - High Definition Video and Photographic Productions -ICQ 78943384 Posts: 30,307	Well I guess thats positive? I bought my home on a foreclosure paid in full. Now I come to learn that basically just by buying this house with the economic issues as of late I prolly lost 60K - 80K. And I thought it was an investment. At least I got some place to live though. COuld be worse. __________________ NAKED HOSTING FTW!11 I'm On The INSANE PLAN $9.95/mo! \| The Alien Blog Adult News Worth Reading Updated Daily \| Content For Sale! 641 PICS 216 MINUTES OF VIDEO $350.00 \|ICQ: 78943384 \|

01-30-2009, 04:52 PM	#32
[db] Confirmed User Join Date: Jul 2007 Posts: 327	Great, but aren't you just another conservative idiot who has spent the past 8 years telling everyone how great right wing economics work? For this you are clearly a failure; like all your peers, you do not have the ability to comprehend basic information, but you are happy to pretend that you do. This has now been proven to everyone on a global scale. Someone would have to be a complete fucking moron to listen to anything you have to say about anything.

01-30-2009, 04:59 PM	#33
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 66,164	prop taxes are 1% in cali so that's tax on a $1.4 m home

01-30-2009, 08:30 PM	#39
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 66,164	cherry pimps must pay pretty good!

01-30-2009, 08:40 PM	#40
Spunky I need a beer Industry Role: Join Date: Jun 2002 Location: ♠ Toiletville ♠ Posts: 133,949	Geez that's quite a drop,that's great __________________ *YOUR INFORMATION HERE*

01-30-2009, 08:44 PM	#41
MandyBlake The one and only! Industry Role: Join Date: Nov 2002 Location: Atlanta, GA Posts: 17,761	wow saving 750/month is quite nice __________________ Mandy's Playhouse Her First Fat Girl If you're interested in promoting my sites, ICQ me! 178411921

01-30-2009, 11:47 PM	#42
ExLust Confirmed User Join Date: Aug 2008 Posts: 3,223	Good for you. __________________ BE A PARTNER