Flytrap #2 - Possible NSFW Content and WAW fail , Whiskey Bacon and tamale hootch

Status
Not open for further replies.

Amstel

The Hoarse Whisperer
Jul 12, 2009
28,172
12,439
473
you're a whore, but in a good way. Kindof.
It depends on where you are. We bought a house in a new subdivision right as things started to go bad, we thought we got a good deal but now we have 20something foreclosures plus 9 abandoned properties in our subdivision, houses are short selling for 120k less than what we paid. Nobody is selling a house in our area for years now, the developer packed up and stopped building. So we have the tax write off, that's a good thing, but theres no way we'd be able to sell in the foreseeable future.

you want the good/shitty news?

you can shortsale your house and buy one of the other homes in your neighborhood for the low $$, and have a mort based on the new loan amount (if you didn't have 120k+ in equity). THEN, the old lender has you claim their loss from the shortsale as your income and the feds let you write that income off.

pretty bizarre.
 

JAXvillain

Curly_Sue
Oct 13, 2004
68,351
1,732
923
jesus, those are big

30701fd005de3f8ef0dc0e624694331c.png
 

fly

Osharts 11
Oct 1, 2004
71,757
23,480
1,073
Steam
mattressfish
How about this thought: Say you are renting, but the landlord is behind in mortgage payments and the place you rent gets foreclosed on. Wouldn't that suck ass, getting kicked out, having to find a new place to live, maybe even losing your deposit if the landlord has no money? I hear it is becoming more common in this economy. So if you own a home, condo, etc, you hold the mortgage and know it is paid up-to-date or not.

The banks are required to honor the lease agreement.
 

fly

Osharts 11
Oct 1, 2004
71,757
23,480
1,073
Steam
mattressfish
you want the good/shitty news?

you can shortsale your house and buy one of the other homes in your neighborhood for the low $$, and have a mort based on the new loan amount (if you didn't have 120k+ in equity). THEN, the old lender has you claim their loss from the shortsale as your income and the feds let you write that income off.

pretty bizarre.

Any shortsale has to be approved by all mortgage holders. None of that will be done without looking at your finances. If you can afford it, they will never approve it.
 

fly

Osharts 11
Oct 1, 2004
71,757
23,480
1,073
Steam
mattressfish
What do you have to show for it, exactly? Any money you manage to make if you eventually sell will go right back into yet another house purchase. So basically you have walls and a roof, which is the same thing I have to show for my rent money.

Or you could buy and hold... You'll always pay rent, I won't. And my rent will be the same for 30 years. Will yours? That's why housing is a good hedge against inflation.
 

Sarcasmo

A Taste Of Honey Fluff Boy
Mar 28, 2005
34,395
461
648
43
Austin
Or you could buy and hold... You'll always pay rent, I won't. And my rent will be the same for 30 years. Will yours? That's why housing is a good hedge against inflation.

Inflation is a small price to pay for freedom and lack of responsibility. I can move whenever I want, with a minimal lease breakage fee if necessary, and never have to pay maintenance. It all balances out. A friend of mine just paid $6500 for new air conditioning units, for example. What is she hedging?
 

fly

Osharts 11
Oct 1, 2004
71,757
23,480
1,073
Steam
mattressfish
Inflation is a small price to pay for freedom and lack of responsibility. I can move whenever I want, with a minimal lease breakage fee if necessary, and never have to pay maintenance. It all balances out. A friend of mine just paid $6500 for new air conditioning units, for example. What is she hedging?

I didn't say home ownership is perfect. Yes, it makes more difficult to be mobile. But in reality, how many cities does the average person live in during a 7 year period? And guess what's factored into your rent? Maintenance. That shit aint free dude.

If your rent and my mortgage are $1000/mo - you'll be paying $3500 in 30 years (assuming 4% inflation). I won't!
 
Status
Not open for further replies.