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It is a last resort but is better than not filing and being sued repeatedly. You can start over but with poor credit. I think we are going to be seeing a huge spike, not to save home as we have seen in the past, but to get rid of upside down houses with adjustable mortgage increases. So...

They are pulled for jobs, for insurance coverage and rates, for mortgage rates, for trying to get an apartment. If you live off the land in a cabin you own, they are not a problem. You won’t die if they are low but you may have fewer opportunities and pay more for things you don’t even...

If you stop paying it your credit will be ruined and they will foreclose on your house. They will see the house at auction and depending on which state you live in they will sue you for the deficiency balance, which being the difference between what you owe and what they got at auction when...

I posted this in Economics but it fits here. If you want to see something scary go to http://countrywide-foreclosures.blogspot.com/ Check about 1/2 way down the page, past the current list and see when on October 23rd Countrywide accidentally listed 195k REO properties. You can actually...

If you want to see something scary go to http://countrywide-foreclosures.blogspot.com/ Check about 1/2 way down the page, past the current list and see when on October 23rd Countrywide accidentally listed 195k REO properties. You can actually select a state and see which houses are...

275 all cash or mortgage? Does the 35K include your carrying costs, mortgage, taxes, insurance or just upgrades to the house? You have it under agreement for 352.9k. Is there a broker involved? If so at what percent? I ask because I have done this for years and see those flip those...

I agree, they are an Intellectual property theft based country.

I went to one of those big convention center bank owned real-estate sales around a month ago. 300+ properties about ½ from Countrywide. I was high bidder on 1 but it didn’t meet the reserve and 4 weeks later the told me they are rejecting it. I just checked and Countrywide seems to have...

I went and looked at a house going up for auction in Hyannis Mass today. It’s a nice neighborhood, probably 35% summer, 2nd homes, 65% year round. I drove around the 60 or so houses in the neighborhood and saw that about 15% or so were for sale. I also saw that three were already...

Most of these folks were buying their own homes, not investments. Since lending standards so eroded prices rose until this inevitable crash. If you wanted to buy a house you had to pay the price which usually meant getting one of these mortgages. The place for the government to step in is to...

When I got out of college I was a mortgage originator. The Rules were pretty simple, you could use 28% of your income for PITI, principle, interest, taxes and insurance and 36% for PITI plus all other debt, car loans, credit cards student loans etc…. If you made 60k a year and had no or...

The Federal employee’s 401k system is called Thrift Savings and is such a plan. It has well over $200 billion, 3 million users and 5 choices, Government Securities Investment Fund (T Bills) Fixed Income Index Investment Fund (Bonds) Common Stock Index Investment Fund (S&P 500) Small...

I got it a couple of years ago. 10 years ago I got really sick, couldn’t work for a year and got wiped out as I was highly leveraged. I then recovered, made some good money but had no goal. About 2 years ago I figured it out, save massively, have zero debt. I am so much happier...

The 328 is the one to get per the Ferrari buyers guide. It is the most practical of the ones in the last 30 years. It is well built and reliable. Cars like this are not cheap to maintain though even if this is the most reasonable Ferrari to keep on the road. I would own one of these if I...