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To the Suckers of Freerepublic Who Have Paid Their Mortgages On-time
loansafe.org ^
| 2/22/2010
| Vanity
Posted on 02/23/2010 4:03:22 PM PST by rumrunner
So, after waiting for more than five years to finally buy a house that I thought was fairly priced in socal, and having paid out about $150,000 in rent over that time period, I'm about to close on a short sale.
The banks/investors (BofA, Citi) are going to "lose" about $400,000 on the house. The guy that's selling the house never lived in it. He never put a dime of his own money it. He will still have his own house in a different part of the county. He will keep that house. He is out nothing.
I did a little digging about short sales and came upon this gem this month:
Guy buys a house in Florida. $290k mortgage. Takes out a Heloc of $140,000. Uses it for his S corp business. He asks that his loan be modified. Citi says "sure". He settles the entire Heloc for $15,000 and the Heloc is now extinguished. Yes, 10% on the dollar. He still has his business and other assets.
This was his reply in that forum:
"WOOOOOHOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!! I just got my letter!!!!! $15,000.00 or 10% whichever is greater!!! I just settled 140K for 15K!!!!
THANK YOU xxxx You guys are the best!!!! I'm sooo happy right now!!!!!!!!!!!!!!!!
I was never behind on my 1st or 2nd. My credit is still good, the only remark will show paid in full but less than agreed on my credit file."
TOPICS: Chit/Chat
KEYWORDS: mortgage; realestate; vanity
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To: Pan_Yan
I was talking about the material world. I thought it was understood.
Jesus Christ, the nicest person to ever walk the earth, did not finish last.
To: usconservative
>>As I had no part in the agreement with the Bank and the borrower, why should I be stuck footing the bill?<<
You’ll have to speak to your representative about that.
122
posted on
02/23/2010 10:13:41 PM PST
by
RobRoy
(The US today: Revelation 18:4)
To: MikeWUSAF
Hey, Mike, I know of Heritage - they're one of my usual e-mail and phone spammers. We go the Log and Timber Frame Home Show every year, and know several reps on a first name basis. (And a good haul of booty this year: I won a $200 Cabela's gift card in a drawing from The Original Log Cabin Homes, too! THAT got put to good use. LOL) Here's a few others we're considering:
Log Castles by Bet'r Bilt, Inc. - we're considering a modified Rosebriar.
Possibly the Dakota by Falcon Log Homes:
The Guesthouse from The Log Connection:
You get the idea. Something that makes a statement reflecting my personality. We're hoping to keep it under $250K, turnkey. Which means we'll never be dealing with the likes of Jim Barna, Sitka, or (*GACK!!!!*) Precisioncraft, unless we hit the winning Powerball ticket, or something. LOL
123
posted on
02/24/2010 5:19:39 PM PST
by
Viking2002
(Old fishermen never die. They just smell that way.)
To: Viking2002
The first pic, from Bet’r Bilt, is quite nice, in sort of a Folk Gothic style. Loads of charm and visual interest, not relying solely upon log construction for that charm and visual interest. Mixing it up a bit is good, imho.
One thing that I'd point out is, depending upon species of wood utilized, you need to be very conscientious with the maintenance. A neighbor of my parents have a log home, and had a very costly process of replacing quite a few after twenty years. Allowing the logs to get damp, and then using the incorrect sort of sealant/stain, can seal the moisture in the logs and actually cause the logs to deteriorate, rather than protecting them.
Another point would be that an aunt and uncle lived in an original, two century old log house for several years, and dusting drove my aunt batty. I'd suggest seriously considering avoidance of the round profile logs, at least for the interior, for this reason. Dust catchers, cobwebs galore.
To: RegulatorCountry
I think we might go cedar or cypress, due to the wood density and/or natural insect repelling oils. More expensive, yes, but much more durable than pine. We also want to go with standing deadwood, if possible, because of the low moisture content - it reduces settling and checking in the logs. (I also prefer hand-peeled over milled, if it's in the financial cards.) And as much as I wanted 10" Swedish cope logs for the outer walls, we're going with 8" or 10" D-log, for your stated housekeeping reasons. I tried for a while to see if I could hybridize Swedish in the outer shell and and rectangular for the interior walls, but it's just prohibitively expensive to do so, whether you use either saddlenotch or butt-and-pass wall corners. And we're adamant that there be no prow angles in the great room - the wife doesn't/can't do windows, and I have enough on my plate to keep me busy 25 hours a day. One last caveat: NO DAMNED DRYWALL, ANYWHERE! Wazzup with that, anyway, people building a log home, then hanging sheet rock in every room? Move into an apartment, then! LOL
Yes, this is more than a passing fancy to me.
125
posted on
02/24/2010 6:07:16 PM PST
by
Viking2002
(Old fishermen never die. They just smell that way.)
To: Viking2002
Sounds like you’ve more than done your homework, lol. A lot of people fall in love with the idea, but have no idea, if that makes any sense.
Log homes tend to be different on the east coast, particularly in the south. There’s an implicit historical reference that’s there, most people are drawn to them for this reason, and so the more creative styles are not typically available through log home manufacturers in the region, via an affordable stock plan.
One thing I’ve seen is logs milled to resemble lap siding on the exterior. I can see doing that to get past restrictive covenants if that’s a problem, but why hide it otherwise? That makes no sense to me.
To: Viking2002
Jim Barna? The company that just went bankrupt? LOL!
http://www.loghomereports.com/forum/forum_posts.asp?TID=374
We really like Heritage especially for their through-bolt system but the rep needs to calm down because we are still a couple years from building. Hell, we don't close on the land until next month!
This is what we have in mind and also want to keep it under $250K turnkey.
127
posted on
02/24/2010 6:51:28 PM PST
by
TSgt
(RE-ELECT NOBODY - VOTE THEM ALL OUT!)
To: MikeWUSAF
Oh, so
that's why Barna didn't have a booth at the convention center last month! LMAO
I didn't realize they took a dirt nap...........I just figured the market tanking kept the likes of them, Katahdin, Gasitneau, and the the other 'big box' types, away from the conventions the last two years.
128
posted on
02/24/2010 7:11:55 PM PST
by
Viking2002
(Old fishermen never die. They just smell that way.)
To: MikeWUSAF
And if you can make that model turnkey for under $250K, I wanna know your secrets.
129
posted on
02/24/2010 7:13:01 PM PST
by
Viking2002
(Old fishermen never die. They just smell that way.)
To: RegulatorCountry
The only 'covenants' that restrict me are the ones I impose upon myself, which is why we plan on the nearest neighbor living at least one mile away. And preferably, our fire trails won't intersect.
130
posted on
02/24/2010 7:15:56 PM PST
by
Viking2002
(Old fishermen never die. They just smell that way.)
To: Viking2002
And if you can make that model turnkey for under $250K, I wanna know your secrets.
My secrets: It will be a much smaller version and be frugally furnished.
131
posted on
02/25/2010 4:09:08 AM PST
by
TSgt
(RE-ELECT NOBODY - VOTE THEM ALL OUT!)
To: MikeWUSAF
LOL Me, too, but just the opposite of what I've been doing, in some cases. I'm looking at smaller - 1100 sq. ft. and below - floor plans, taking into account the going rates for everything from the shell to turnkey packages, then seeing how much of my wish list can be squeezed in and added on before I hit the magic number. The square footage you see quoted on so many don't include a full, unfinished basement, either, so that can almost double a home's interior space. It can also really drop the cost-per-square-foot, too, in the final price. A lot of builders will make floorplan mods for a nominal fee, then once you buy the set of master blueprints, the cost is refunded once the first log is laid. I also take into account little things on other builders' floorplans, and if they are a good architectural match, explore the possibility of incorporating them. Kinda my way of playing fantasy football at this point. LOL
132
posted on
02/25/2010 6:36:11 AM PST
by
Viking2002
(Old fishermen never die. They just smell that way.)
To: Viking2002
Nobody needs a 5000 sq ft home with 4 bathrooms. The bigger the home the more maintenance, higher energy costs, higher taxes and higher monthly payment.
We are taking our current 1800 sq ft home and figuring where we need more and where we can do with less.
A basement is the cheapest living space and can be finished out for a song but I highly recommend a walk out basement for drainage purposes. My current home will be the first and last home that where I will do battle with sump pumps. Never again...
It is my understanding that Heritage will modify any plan for free.
Have you seen this?
http://www.youtube.com/watch?v=oKBC0f9QuJc
133
posted on
02/25/2010 6:51:24 AM PST
by
TSgt
(RE-ELECT NOBODY - VOTE THEM ALL OUT!)
To: MikeWUSAF
Wow. Heritage builds 'em good. LOL
134
posted on
02/27/2010 5:16:02 PM PST
by
Viking2002
(Old fishermen never die. They just smell that way.)
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