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Posted on 10/6/13 at 1:49 pm to LSUandAU
quote:
I do actually and it is idiotic for you to suggest walking away from a mortgage if you are rich. Bottom line...walking away didn't work and I have no idea what he paid for the house, but it appears he lost money. Obviously, there are personal economic decisions to make about how much to put down, comparing interest rate to investment alternatives, etc...but a mortgage is not an insurance policy...folks have to still payoff the mortgage if they sell the house, often after getting into trouble and having paid thousands through monthly payments toward interest and little toward principal...if they sell at a loss, they lose their arse. A home is not a complex transaction! If he had good advice, he would have properly paid for it, financed it or used an appropriate combination of the two. Also, good advice never leads one with money to simply stop making payments on what was primary home (although it may have been on market the whole time, media reports may be inaccurate, etc) or allow someone to become delinquent in paying taxes. I'll shut-up, but we both no how interest rates factor in to financing/investing decisions, etc...I do and presume you do!
You poor thing.
This is MSB gold, all of it
Posted on 10/6/13 at 2:04 pm to LSUandAU
Since you are the California real estate whiz, you should be able to tell us if California is a recourse or nonrecourse state, and what difference that might make, with respect to mortgages and foreclosures. If Russell is cutting his losses isn't that a sound financial decision? Criticizing Russell for bad decisions is one thing, but you are criticizing him for making good decisions.
Posted on 10/6/13 at 2:06 pm to Poodlebrain
yeah i didn't want to speak out of my arse, but i went and read and Cali is a non-recourse state.
...so his comments about having to pay it back are lol-worthy
...so his comments about having to pay it back are lol-worthy
Posted on 10/6/13 at 2:16 pm to Poodlebrain
Far from an expert here, but California is a walkaway State for borrowers, which of course in an advantage for the wealthy, who aren't concerned with how much equity is lost, their credit rating, etc. Unfortunately, liitle guys get screwed. Financial decisions vary person to person, considering all options.
Again, it would be a great story he he comes back, but I think success is improbable! Still irresponsible to allow foreclosures, run-up tax debt, etc.
Again, it would be a great story he he comes back, but I think success is improbable! Still irresponsible to allow foreclosures, run-up tax debt, etc.
Posted on 10/6/13 at 2:18 pm to LSUandAU
quote:
Still irresponsible to allow foreclosures, run-up tax debt, etc.
not if he comes out ahead financially, which by all accounts he did
the tax issues attach to the property, also, from what i've read
Posted on 10/6/13 at 2:20 pm to LSUandAU
My comment about him losing money, was because another poster, who seemed to know specifics about the home' sale, said JaMarcus sold it...didn't allow foreclosure...and lost $500K.
I
I
Posted on 10/6/13 at 2:25 pm to SlowFlowPro
quote:
not if he comes out ahead financially, which by all accounts he did
the tax issues attach to the property, also, from what i've read
I hear you, but I do think it is generally irresponsible. May benefit individuals, but not good for the system, which ends up hurting the small guy! When lenders/banks start failing, the system is frisked.
Posted on 10/7/13 at 7:42 pm to LSUandAU
quote:
LSUandAU
Don't lie and say you don't want Russell to fail. It insults my intelligence. Douche.
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