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2nd Mortgage paid off

Discussion in 'Members' Lounge' started by corvetteguy78, Apr 27, 2010.

  1. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    Well as some of you may remember i have a second mortgage with my ex fiance for 50k, currently down to $38,600. And that for the past 2 years she has been threatinging not to pay and yadda yadda yadda. Her name is also ont he condo which she wants off.

    Well over the weekend my Dad called me out of the blue and told me he was going to pay off the entire thing for both of us. My Ex has $20k to sent him for her half and he will pay my half and I will be paying him monthly payments.

    After its paid off I will be selling my Condo and moving in with my girlfriend and saving up for a house, possibly together or just on my own.

    The Condo was good for my first place but i am tired of having neighbors on all sides, below and above me. No privacy, 4 doors to get inside my condo, longg set of stairs leading down to the condo, no yard.

    I'll prolly wait about 6months before looking for a house.

    but having this paid off is such a relief
     
  2. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Badass. :thumbsup:
     
  3. BigJ

    BigJ I'm just about that action Boss. VIP

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    Congratulations man.
     
  4. invisibledemon

    invisibledemon Bored Moderator VIP

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    congrats, but let this be a lesson to you, when looking for a new place, i would put it in only your name.
    just in case the current becomes an ex, you wont be stuck in the same situation.
    then, if you tie the knot, put her name on there.
     
  5. 95b16coupe

    95b16coupe New Member

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    so you're going to buy another house with a woman?

    why not RENT? or just buy it yourself? or wait until you are married to buy?

    why do americans always think it's so much better to buy?
     
  6. Korax

    Korax New Member

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    Um.. because before OCT 2008 It was a sound investment .. and now again with how low prices are its stupid not to buy a house. Why the fuck would you rent when you can buy (women issues aside)? Renting gets you nothing. You are paying for something that will never go up in value and you don't get to keep. Plus there are two things that every American should do.. buy and OWN property .. because it's yours not the feds, and own some type of firearm. Obviously you should be smart enough to know if you can afford to own a house before you actually purchase.

    Secondly.. You have yourself listed as living in CT.. does that not make you an American?
     
  7. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    Well just to clarify, the problem wasn't that we bought a place together. The problem stemmed from some genius loan company deciding to give first time home buyers a $50,000 2nd mortgage who only lived there 9 months and not explaining anything about it. Partially our fault for not researching more.

    If we didn't have the 2nd mortgage the break up would have been easy as pie, i would have just refinanced myself, quick deeded and been done.

    I'm not gonna rush into anything as of yet. I need to sell my condo first and I will move in with her and save money and we will save and see what happens.

    I always have a plan B, being able to move into my best friends house if need be.

    "Never forget the Cardnial fucking rule, always leave yourself outs"

    Keep in mind this is a serious relationsip, not just some girl i am dating.

    I will not be taken out a second mortgage the next round though!
     
  8. 95b16coupe

    95b16coupe New Member

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    not really. thats why it was called a housing "bubble". investors pumped up the market so much, it inflated housing values. realistically houses shouldn't go up value more than a couple percent a year. savvy investing can get you a better rate. there are too many stories of nannys and strawberry pickers getting triple financed due to poor lending practices based on unrealized equity in property.

    here's a good read.
    34 cities where it's still better to rent - MSN Real Estate

    Because right now you can rent all the houses that dropped in value for really cheap. i see tons of houses and condos that would cost a ton more to buy. i'm looking for the yahoo article that puts it in black and white.

    also, 95% of your home payment the first 5 years goes towards interest only.


    the government still controls you. you still have to pay massive taxes on it.


    i'm american, i'm just commenting on the american sentiment. not all nations view owning a home as a great achievement. 1) it's not always economical. 2) its' not always a good investment 3) people don't realize the added cost to owning a home.

    http://realestate.yahoo.com/promo/should-you-buy-or-rent?source=patrick.net
     
    Last edited: Apr 27, 2010
  9. Korax

    Korax New Member

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    Oh well sorry you must have worked for Sally/Fannie or Goldman (you probably work on some board now for the White house like the rest of the execs) to know that there was going to be a bubble.. or so smart you didn't tell anyone before it happened, which makes you a jerk or a lesbian. That's why i said BEFORE oct 2008, no one knew this shit except a few on the top and a few really smart people no one listened to.

    I realize that value isn't supposed to go up much in the short term. That's why it's called an investment. The reason housing values rose so rapidly was due to local governments continually reappraising property year after year and raising the value higher than it should have been, so you had to pay more taxes for their failing public schools, public transportation, etc, etc, etc. This was huge in Allegheny county (i.e. Pittsburgh PA) for years before the recent crash. Don't tell me it was the investors. They are the ones who got screwed.

    Yeah there are lots of stories of people who couldn't afford houses getting houses... that's the whole fucking problem. That's what happens when you force banks to give loans to people who don't deserve them because they are "so poor and helpless *sob*". Requiring the banks to give loans with less up front money (if any at all!). I'm sure you didn't have to come up with 20% like our parents did, right corvetteguy? Of course some people at the banks are gonna gain the system to make money. Thats what happens when you force private industry to do stupid things, they will come back and do something retarded to counter. You only have the federal gov't to thank and I think that is the lesson everyone is missing. This current Goldman witch hunt is just a rouse.
     
    Last edited: Apr 27, 2010
  10. 95b16coupe

    95b16coupe New Member

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    jesus christ dude. relax. why are you attacking me? all i'm trying to do is provide some insight and different perspective on renting vs. owning.

    it was blatantly obvious there was a housing bubble. like i said, when nannys and strawberry pickers are getting mortgages for 3 houses based purely on assessed property values and mortgage brokers, something bad is going to happen. any time ANY investment gives you a 25%+ profit immediately after purchase, something is wrong. if it's too good to be true, it usually is. I knew housing couldn't continue the trend it was on. most average people had to expect it to cease, or at least slow down. nobody, i mean nobody could have predicted how bad it really was.

    i'll also discuss the rate of return on the investment. if you have a 5% mortgage, and it gains 5% in value each year, do you really come out on top? i would like to see the numbers crunched on that.
     
  11. BrutalB83

    BrutalB83 Brutal Moderator Moderator VIP

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    Renting is fine if you're a "move in, hang up some pictures, and call it good" kind of person. I've been renting and I'm looking into buying because I want to be able to tear shit apart and customize it if I want to. I want to run wires through everywhere and hang TVs on the walls and build custom shelves and stuff like that...
     
  12. reckedracing

    reckedracing TTIWWOP VIP

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    the housing bubble was caused by the fed dropping rates to all time lows and leaving them there
    when you can get an interest rate for practically the same rate as inflation, it makes sense to buy

    my mortgage is less than it would cost to rent my house
    so in my area, it works out to be economical
    but i also bought well within my means and didnt need to have the biggest best and newest
     
  13. B16

    B16 Super Moderator VIP

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    Not to be a dick, but that is 100% your fault; not partially. This is the problem; people getting into situations they don't fully understand then blaming ignorance as the excuse.

    Hopefully you've learned your lesson even though your father is bailing you out.
     
  14. 99sidude

    99sidude Moderator Moderator VIP

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    I just bought a place a few weeks back. The pro's and cons are quickly coming out.

    Pros:
    Its my fucking property
    I have loads of space
    I do whatever I want, make any improvements I want. Fire off a few rounds in the back yard... no one cares. Rip out a wall and relocate a laundry room. sure.
    I feel like I'm investing in something, and hopefully get something out of it

    Cons:
    VERY expensive right off the bat. Gotta pay for the new kitchen, tile floors, ect...
    Big time investment
    My roommate's shower doesn't work - I gotta fix it. Goes for anything that breaks
    Yard work. Mowing 1.5 hours each week

    Overall it's been a positive experience. I bought a place that I can easily pay for, so unless I lose my job, I'm golden. This list could be very long, this is just what comes to mind right away.
     
  15. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    And how is that not being a dick? And if it's 100% the consumers fault why did the Office of Fair Trading impliment new guidelines for Lenders? Let's see, o yeah to help protect the borrowers from unethical loan practices and irresponsible lenders whose responsibilty is to educate and protect the interst of the borrower.

    See they didn't have this in 2007 cause back then they gave homless people with no jobs loans.

    Not everyone who makes bad choices is ignorant you douchbage,--not to be a dick

    Reading is fundemental--try not to strain your eyes

     
  16. UNDR8D

    UNDR8D ...has a job!

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    Congratulations but...didn't you learn your lesson the first time?
     
  17. 95b16coupe

    95b16coupe New Member

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    that was the same question i asked. but i guess this one is "serious". :shrug:
     
  18. B16

    B16 Super Moderator VIP

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    The reason the Office of Fair Trading implemented these new guidelines is to protect the borrowers who are either too ignorant or lazy to understand the terms of the loan. Unless there is something they did that was not spelled out in the contract; then it is YOUR responsibility for understanding the terms. Did they flat out lie to you about the terms? Or did you just not know what you're getting yourself into on a 2nd mortgage. I don't think it is the responsibility of the lender to anticipate every life changing situation that may strike you and warn you about it. Accept responsibility.

    Hey, you don't need to start name calling; I didn't call you any names. Ignorance isn't an insult, it is just the lack of knowing something.

    Reading is fundamental; interpretation is key.
     
  19. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    Yeha i guess everyone should go through life and only date 1 person and if that doesn't work out commit to solitude.....good fucking lord you are a huge waste of space....i can only imagine what(if any)life you have...too bad you didn't live around here so i could smack some sense into you
     
  20. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    Wow you really are a waste aren't you. That's your view on why it was created, not WHY it was created. Just like in my job in handling worker's comp claims. It's my job to explain the laws of worker's compensation in their state and the rights they have under the worker's comp act. it's not their responsiblt to take courses and obtain an associates degree to obtain understanding of what they are getting into.
     
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