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Started By
Message
re: Nearly a Million Americans Fear Losing Their Home to Foreclosure in the next two months
Posted on 10/20/22 at 8:59 am to lsu777
Posted on 10/20/22 at 8:59 am to lsu777
quote:
imagine being so inept with money that you think this is a good thing when less than a year ago a 30 year morg was below 3% and inflation is well over 5%
now imagine bragging about how inept you are
"how DARE someone go through life with NO debt. What a dummy! HAHAHAHA"
1
Posted on 10/20/22 at 9:01 am to lsu777
quote:
imagine being so inept with money that you think this is a good thing when less than a year ago a 30 year morg was below 3% and inflation is well over 5%
now imagine bragging about how inept you are
Huh?
Posted on 10/20/22 at 9:02 am to GetCocky11
quote:
"how DARE someone go through life with NO debt. What a dummy! HAHAHAHA"
people can do what they want, but if you think having debt is dumb than you dont understand money.
coming on here bragging about essentially not taking free money +3% ...well its laughable.
im sure i will get downvoted for this post, but its the truth. this is the same OT that thought it was smart to pay cash for a vehicle when dealerships were offering 96month 1.9% interest rates. Im sorry buts thats free money.
Posted on 10/20/22 at 9:03 am to upgrayedd
quote:
Huh?
what didnt you understand?
having your house paid off is not something to brag about when interest rates less than a year ago were under 3% and inflation was over 5%. now inflation is closer to 8%, essentially those people braggin about having a house paid off left free money on the table. in the case of a house, its serious money.
Posted on 10/20/22 at 9:04 am to lsu777
quote:
imagine being so inept with money that you think this is a good thing when less than a year ago a 30 year morg was below 3% and inflation is well over 5%
What if he paid his houses off well before last year?
Posted on 10/20/22 at 9:05 am to lsu777
quote:
essentially not taking free money +3% ...well its laughable.
My wife has a hard time grasping that. She just wants to pay everything off all of the time. I wanted to do a HELOC on some of our paid-off rentals to buy more and it melted her brain.
This post was edited on 10/20/22 at 9:06 am
Posted on 10/20/22 at 9:06 am to lsu777
quote:
what didnt you understand?
having your house paid off is not something to brag about when interest rates less than a year ago were under 3% and inflation was over 5%. now inflation is closer to 8%, essentially those people braggin about having a house paid off left free money on the table. in the case of a house, its serious money.
I think you're missing the point here. He's saying that he's happy his house is paid off in a time of uncertain economic instability, especially in the housing market.
Goddamn, some of you people can't help but be pretentious douche nozzles for no reason whatsoever. But please continue frothing at the mouth.
Posted on 10/20/22 at 9:07 am to lsu777
quote:
but if you think having debt is dumb than you dont understand money.
He's also about to enter a recession with no housing costs. Good for him.
Posted on 10/20/22 at 9:07 am to stout
It is freaking awesome not having a mortgage anymore.
Posted on 10/20/22 at 9:07 am to stout
Thanks Biden
Posted on 10/20/22 at 9:09 am to stout
quote:
My wife has a hard time grasping that. She just wants to pay everything off all of the time. I wanted to do a HELOC on some of our paid-off rentals to buy more and it melted her brain.
mine too. when building, i put down just enough to make it not a jumbo and she was pissy I didnt want to put more.
finally got here to understand but like you said, melted her brain for a while.
Posted on 10/20/22 at 9:09 am to Jack Daniel
quote:
There were idiots on this board paying ABOVE appraisal last year for a house
While it was stupid financially, the housing market isn't the cause of someone ending up in foreclosure. If you could afford the payment when the value of the house was high, you can still afford it now, provided you have the same job. You ight be upside down and will end up paying more than the house is worth, but a bank can't forclose if you're making your payment. People aren't ending up in foreclosure because the value of their house went down.
Posted on 10/20/22 at 9:09 am to Ponchy Tiger
quote:
It is freaking awesome not having a mortgage anymore.
why?
Posted on 10/20/22 at 9:09 am to lsu777
quote:
maybe for you ....ssssssssssshhhhhhhhhhhhhhiiiiiiiiiiiittttttttttttttt....
No, I am ready as well. Missed some opportunities during the 2008 shitshow.
Would love to find that forever retirement home in the Rockies for much cheaper. Prices are way out of control there now.
Edit - I am just trying to encourage Stout to post something positive, just once
This post was edited on 10/20/22 at 9:11 am
Posted on 10/20/22 at 9:11 am to Steadyhands
quote:
You ight be upside down and will end up paying more than the house is worth, but a bank can't forclose if you're making your payment. People aren't ending up in foreclosure because the value of their house went down.
And if you're planning on owning the house for 20-30 years, you end up coming out ahead regardless (especially with inflation)
Posted on 10/20/22 at 9:12 am to stout
quote:
Of those not caught up on their mortgages,
What does this mean? Like there are people not paying their mortgage? To me that just screams, "I bought a house I have 0 business living in, because I can't afford it". Covid was 2 years ago. I don't think you can use that as an excuse for no money.
And losing equity doesn't have anything to do with paying your note. Your note won't just go up randomly. Sure your house isn't worth as much, but your note didn't change when you signed that name.
Posted on 10/20/22 at 9:13 am to upgrayedd
quote:
I think you're missing the point here. He's saying that he's happy his house is paid off in a time of uncertain economic instability, especially in the housing market.
Goddamn, some of you people can't help but be pretentious douche nozzles for no reason whatsoever. But please continue frothing at the mouth.
im not being a douche not pretentious.....my point was so many on the OT are so simple minded when it comes to money. I dunno why but so many in here are scared to frickign death of any type of debt...even if financially its the right decision.
i understand if you are in a field that you could lose your job at any time and maybe thats why i am different. A recession really wont effect me, especially if it beings deflation with it.
so i try and make the best decision based on the numbers.
as far as others asking about what if it was paid off way before last year....well you should have taken out a refi or heloc when the rates were extremely low. it was free money, not figuratively but literally free money based on the interest vs inflation rates.
Posted on 10/20/22 at 9:13 am to DarthRebel
quote:
Edit - I am just trying to encourage Stout to post something positive, just once
I mean this is not a doom and gloom media post. This is hard data from the industry that tracks this stuff. I am in the industry so I watch it closely.
Posted on 10/20/22 at 9:13 am to stout
Do they all have iPhone 14s?
Posted on 10/20/22 at 9:14 am to stout
hopefully my neighbor is one of them. I know he doesnt have running water and at times no electricity. Shockingly he doesnt work and seems to rent out any inch of the house to degenerates like him who dont pay him rent
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