Posted on 09/22/2006 8:47:25 PM PDT by churchillbuff
HUGE mistake, for most people. As is well known, and well explained, if one cares to look.
If you can't pay your mortgage, and can't refinance, and can't sell, and can't rent, hurry up and ask the lender if they will accept a "deed in lieu" of foreclosure. Last one to ask won't get it.
I dunno what people can do to preserve their assets and their credit ratings when they are in over their heads, and the ARMS are adjusted too high for them to pay, except file bankruptcy.
Don't believe the people who tell you that the new bankruptcy laws made it impossible; they don't know what they're talking about.
And, if you have a personal objection to the entire concept of bankruptcy, too bad. It's the law.
And, if you're afraid you won't get credit after Chapter 7, don't be offended, but "ha ha ha." Creditors LOVE to lend to people who were discharged in bankruptcy, because that means they can't file bankruptcy for another 8 years.
My bankruptcy clients get credit offers in the mail immediately, which I think is wrong, but hey, that's capitalism, and I believe in capitalism.
Ok so their after Income 4,000$ and their mortgage was 1,350$ So their payments we 33% of their income. This is on the extreme end of 'ok' but when you borrow that close to the edge you damn well better have a fixed mortgage.
My mortgage runs about 24% of my monthly income and thats fixed (well the expense side of things). My wife and I decided to buy on the pizza delivery theory, if I lost my job and delivered pizza's (and my wife got a part time job) we could keep the house. It meant buying something small (1K sq ft) but in five years or so we will upgrade. In the mean time I am paying about 15% more than an apartment would cost and my family has stability.
You're not only completely and utterly wrong, you're damned dead wrong!
Bill Gates voted for Gore and Kerry.
I think you are absolutely correct. FR is not here just to inform us that everything is all rosy and hunky-dory.
I would think that if there was some situation that people oughta be warned about, they would want to know. And be thankful if the info provided helped them in some way.
But if you post ANYTHING about the economy, there seems to be a cadre of folks who like to ping each other and show up to deride the poster.
Just what I see, anyways...
I'm not exactly sure what you just said, but it sounds stinky.
PS
Things are starting to look pretty good for gold and silver:
http://www.jsmineset.com/cwsimages/Miscfiles/3444_Charts220906-1.pdf
The PPT may try to stabilize the USD until the elections. But it looks to me like the gold shorts and the dollar longs are about to get slaughtered:
http://www.jsmineset.com/cwsimages/Miscfiles/3445_Charts_for_09-22-2006.pdf
LOL!
OMG!
Is he seriously referring to a "plunge protection team?"
"stinky" ? A lot less "stinky", dear, than your childish name calling.
Are you sure it doesn't "smell loud?"
Yes.
Have you seen my little song, that I've been posting? heheheheheehehehehehehehehehe
Obviously he is. ROTFLOL
He has no real limit to his credit card borrowing, because his mailbox is just stuffed with no-interest credit card offers he uses to fund his gold-trading empire.
Yeaaaaaaaaaaaaah, riiiiiiiiiiiiiiiight and I'm the Queen of the world. LOL
I bet there really IS a PPT! All the 16-month-old doomwhoring essays say so.
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