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Arrived: Recession (pg. 18)
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| 72hrpartyanimal |
| quote: | Originally posted by gehzumteufel
Yep. Sad but true. |
NICE!!! New Party Pad... hopefully... |
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| djGT |
| quote: | Originally posted by 72hrpartyanimal
any advice on how to save home from foreclosing?
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Let's hope he didn't refinance and took some cash out (HELOC). If so, his loan becomes "recourse" and the bank can go after his assets for any deficiency from the foreclosure. Good luck with that tax bill! :wtf: |
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| gehzumteufel |
| quote: | Originally posted by 72hrpartyanimal
NICE!!! New Party Pad... hopefully... |
lol you gonna try to buy it out from under him and let him stay there?
| quote: | Originally posted by djGT
Let's hope he didn't refinance and took some cash out (HELOC). If so, his loan becomes "recourse" and the bank can go after his assets for any deficiency from the foreclosure. Good luck with that tax bill! :wtf: |
Forgot about that. Hopefully that doesn't happen. |
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| 72hrpartyanimal |
| quote: | Originally posted by gehzumteufel
lol you gonna try to buy it out from under him and let him stay there?
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nope... BBB = Billy Be BROKE!
| quote: | Originally posted by djGT
Let's hope he didn't refinance and took some cash out (HELOC). If so, his loan becomes "recourse" and the bank can go after his assets for any deficiency from the foreclosure. Good luck with that tax bill! :wtf: |
i think they did. explain that one to me. |
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| djGT |
| quote: | Originally posted by 72hrpartyanimal
i think they did. explain that one to me. |
Say the loan left on the house is 600K and the bank foreclose it for 400K. Then they can send a bill to Uncle Sam and your buddy will be responsible for 200K worth of "income". |
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| 72hrpartyanimal |
| quote: | Originally posted by djGT
Say the loan left on the house is 600K and the bank foreclose it for 400K. Then they can send a bill to Uncle Sam and your buddy will be responsible for 200K worth of "income". |
oh... i seeee... there goes the beer. |
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| gehzumteufel |
| quote: | Originally posted by djGT
Say the loan left on the house is 600K and the bank foreclose it for 400K. Then they can send a bill to Uncle Sam and your buddy will be responsible for 200K worth of "income". |
You should have added if that extra 200k is a Home Equity line of credit (HELOC). |
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| djGT |
| quote: | Originally posted by gehzumteufel
You should have added if that extra 200k is a Home Equity line of credit (HELOC). |
It doesn't have to be a HELOC, just a refinance, like trying to get a lower rate. If the guy is really in this situation, he should hire a CPA to see what his best options are. |
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| gehzumteufel |
| quote: | Originally posted by djGT
It doesn't have to be a HELOC, just a refinance, like trying to get a lower rate. If the guy is really in this situation, he should hire a CPA to see what his best options are. |
edited//
Damn on a refi that is gay. I guess it doesn't work that way though on a purchase. |
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| DJ RANN |
| quote: | Originally posted by 72hrpartyanimal
oh... i seeee... there goes the beer. |
Don't forget banks would prefer to not have the defaults at the moment. He should speak to a CPA and see if he qualifies for refinancing.
Also, he can file bankruptcy to get away from the personal liability of the loan in case they come after the assets.
If all that fails, and they have to leave....well just have a three month squat party in the abandoned house! |
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| DJ RANN |
On a serious note, what the is going on with government bailouts?
I know the arguments for it: it will affect the average person, the trickledown etc.
But WTF?
So profits are privatised and losses are nationalised?
So basically, these bankers (with a "W") make historically obscene amounts of money through unethical practices and now they begin to make a loss, the tax payers have to pay for it?
Go Bush. |
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| stefanoc |
| quote: | Originally posted by DJ RANN
On a serious note, what the is going on with government bailouts?
I know the arguments for it: it will affect the average person, the trickledown etc.
But WTF?
So profits are privatised and losses are nationalised?
So basically, these bankers (with a "W") make historically obscene amounts of money through unethical practices and now they begin to make a loss, the tax payers have to pay for it?
Go Bush. |
the reason behind the bailout is the ripple effect that these huge institutions could cause if they fail. but it's funny why we are the ones bailing out aig when the company runs a multinational business. if someone is going to bail them out, why is it only us and not other countries?
as for goldman sachs survival, i think their case is pretty different than the ones that already failed. so far goldman sachs had no losses of earnings. last reported earnings were profit of $800m. it sure isn't a big number as usual but it still isn't a loss. the market is beating it because people are trying to take advantage over the current trend, the fear and the hype. everything is getting beaten for no reason and goldman isn't alone. apple shares even went as low as 122. |
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