San Diego Housing Bubble News and Analysis

forgot to add: if the ex wins I'm gonna be crying like a baby as I recently graduated with my degree and haven't secured a position in my field yet. I'm presently earning the pitiful salary of a substitute teacher as this job affords me the flexibility of not working the days I am offered interviews on.

I'm very worried that the declining market in relation to the ex's career won't bode well for me at the hearing. :(

Get a job and stop depending on your ex for payments. There are a lot of single mothers out there that work hard and take care of their kids without help from others.

My guess as to the income potential of a loan broker in Arizona (or Orange County) right now - especially one without an existing network of recent clients: $0

Any loan broker worth his salt should have been making $155K in 2003 - one of my buddies was making this kind of money JUST doing refis for his past clients - his past clients kept calling him to do refis because interest rates kept dropping - he didn't have to do any advertising for new loan business

The market has changed dramatically since then

~

As a father I am interested to see how the court handles this one - if the court really doesn't care about the man (which is the perspective of men paying alimony and child support) it will award you benefits based on the $155K - a more realistic decision IMO would be to assume that the guy will earn the median wage for the area and then revisit the decision in six months or a year

I doubt he could find a job as a broker right now. I personally know 3 out of work brokers. These guys are all long timers with years of experience and not one of the new young wannabee's. There's just no one hiring in that field, most places are still laying off.

You might want to read this article

http://www.ocregister.com/money/year-job...

Get a job and stop depending on your ex for payments. There are a lot of single mothers out there that work hard and take care of their kids without help from others.

I think the person is trying to get started in her career. Also, if you are a single parent, you'll quickly notice that being a parent doesn't give you the necessary freedom to take as many risks and do whatever the hell you want at any instance of time. I'm sure it's not an easy task, especially if you are dedicated to being a good parent. 

If he has a good lawyer, he should be able to convince the court to (i) discount the $155k due to current market conditions and employability of that job title, (ii) consider the fact he has not worked in that job for a while and may have to take a step down salary wise to get back in, and (iii) wait until he finds a job before setting support and award his request for a reduction until then. He can also ask the court to impute your new expected income as a benefit from your schooling, which would adjust down your prior support level anyway.

DISCLAIMER: The above ramblings do not constitute legal advice of any kind and are not intended to solicit or imply any kind of attorney-client relationship or legal service rendered.

On Suze Orman they had a Real Estate professional who stated that last year she made $136,000 and this year she is breaking $40,000 if she is lucky. The market has changed drastically.

While I am for child support I think alimony is a ridiculous concept, but that is another story anyway!

I was reading on a mortgage broker blog the other day about the job market for unemployed mortgage brokers. According to what many of these people are posting on the blog they are widely considered to be the equivalent of toxic waste when it comes to getting a new job. There are very few opportunities in the loan origination field and almost nobody outside the RE field wants to hire them either.

There are lots of stories about sending out hundreds of resumes and not getting a single call. A couple people spoke of going to job fairs and being told straight out that the HR managers have been instructed to avoid anyone who's ever worked in any capacity for a mortgage brokerage.

Even the people who are still employed are making a lot less money than they were a couple years ago. "Less" as in below 50%.

Just so you know what you're getting into. Be prepared to first be told he can't get a job, and then when he does get a job be prepared to be told he's working for $10/hour at some service job.

What is a disability for a loan broker, a paper cut?

You really need to get a lawyer. Your lawyer will investigate his assets and answer all these questions for you. The case will likely settle in mediation without going to a judge.

If it does go to the judge, I hope he/she is impartial and fair to both parties.

I am sorry to hear about your situation. I have a good friend that is going through the same thing. Divorce sucks. Anyways, I think you both should come to some sort of compromise. Expecting him to pay support on an assumed salary of $155k is unrealistic. You don't need a mortgage expert to understand the market isn't what it was back in 2003. At the same time, he should sac-up and help you raise the child(ren) you both had together.

Educating yourself was a good move. You might consider increasing your attempts at building a strong network in your area. Try to befriend moms or dads in a similar situation. They might be able to help you through this transition phase while you get established in your new career (e.g., find a good, inexpensive day care). I wish you the best of luck.

"what is the disability for a loan broker, a paper cut?"

Well, according to him, he has "facial nerve damage" and it is worsened by heat, stress, climate changes. Of course, i think it's a bunch of bull. His has just started his own "jumper rental" business and estimates his monthly earnings will be between 2-3k.

"He can also ask the court to impute your new expected income as a benefit from your schooling, which would adjust down your prior support level anyway."

I guess the judge can and that's what I'm afraid of. I have been searching since I graduated. I have the applications and rejection letters to prove it.

Thanks for all responses. To some of you, he wasn't a mortgage broker, but rather a "mortgage loan officer" that worked for a large, well-known company.

note: We've been divorced and he's being paying child support and alimony since then. He recently asked for a hearing to have it reduced since his private disability insurance cut him off. Neither of us have lawyers. I should get one.

"Well, according to him, he has "facial nerve damage" and it is worsened by heat, stress, climate changes. Of course, i think it's a bunch of bull. His has just started his own "jumper rental" business and estimates his monthly earnings will be between 2-3k."

I was going to be the first responder to this thread but decide to wait. My hunch was that this disability was a likely hoax as a result or his loss of emploment income. Now the "ballon" thing. Either this guy is very familiar with a lawyer already, or he is well on the road to perdition and is a future deadbeat. In any case doesn't sound like he is going to be much of a "provider" for a while.

Yes you need to get a lawyer. I don't like running to lawyers for every little thing but in this case it is clear that you'll be needing one. Why don't you have one already? Are you trying to be "nice"? This is your child's future on the line, f*** being nice. If he had custody I'd tell him to do the same.

Cry havoc and let slip the dogs of war! (lawyers heh heh)

Slightly besides the point; With $155K annual income, what are the assets/savings to fall back on in what is most certainly going to be a nasty recession in California & Arizona? A lawyer can't squeeze juice out of sand.

Sorry Marion, no sympathy here. I work in a career field where half of the guys pay $4-$5k a month in alimony for "failed" marriages. Have you even thought about how he is going to support HIMSELF on this lower income? How will he pay for his expenses? Oh that's right, the courts don't care about the primary wage earner, I forgot about that.

Men really need to keep their dicks in their pants if they don't want to pay up. Women on the other hand are all too eager to procreate thinking that it'll bring happiness to the relationship and to use the children as pawns.

I do agree that you can't squeeze juice out of sand. The whole family better get ready for a change in lifestyle. Married, or divorced, a family's lifestyle depends on the parent's earnings. The judge will look at the parents' total earnings and allocate the funds based on that. There's nothing else the judge can do.

All you boys take notes!! Don't fall into this trap women weave, get a prenup! If she won't sign then drop her.

PS Marion why haven't you found a new victem yet? Did you gain a lot of weight? Cut off all your hair?

Guys, take it easy. I've been on the receiving end of a divorce and while the judge didn't grant alimony the child support I paid was deserved - by the kids. Men get emotionally attached to the $$$ in a divorce because we often derive our self worth through the size of our....salary (get your heads out of the gutter), but the truth of the matter is most men just start a whole new life while the women carry the baggage (kids) for a long time. Not saying it's fair financially, but let's be completely honest here...we are far better off after the divorce than the women are. This is coming from a guy who shelled out over $60K in child support (I got off easy as my income was low at the time). She never went in for a readjustment when I started making more, but my ex also worked.

Marion, what skillset do you have? What degree(s)? How are you marketing yourself and how open are you to working outside of your area of expertise?

"Men get emotionally attached to the $$$ in a divorce because we often derive our self worth through the size of our....salary (get your heads out of the gutter)"

Hehehe. Knowing men,"salary" would be a close second... Let's be honest here.

Moving on, I have a bachelors and a Masters in Educational Psychology and a credential authorizing me to work as a school psychologist. I perform as a psychologist in the schools, minus the in-depth psychotherapy.

Other than that, my skills are limited. I was a stay-at-home mom during my 10-year marriage. Before that, I worked here in there in customer service and receptionist positions. However, I am now working as a substitute teacher, so I have experience in that. I cannot work as a full-time teacher (don't want to either) as you need a regular education teaching credential for that.

In the education profession, there is a national database that posts open positions. I would say 99% of the positions in education are posted there. I have my resume and credentials posted there and whenever a position opens up, I am able to apply online.

waiting to buy, assuming your good friend got screwed by his ex-both figuratively and literally-why take it out on me? As far as 1k to support a child, that's not much these days. The child deserves a roof over his/her head-a nice one-just like you do. And food costs are very high; these days it takes a side of beef to satiate my kids.

Piggingtons,what about the buyers who are able to refinance their arms or whatever other unsavory loan product they received to a more affordable fixed rate? Isn't there a market for that service?

Well, on second thought, the buyers who can do this are probably few and far between because they bought such ridiculously expensive homes they can't afford them at today's fixed rates anyway. Thanks Greenspan.

Child support is ok, even though we know most of the cash doesn't go to the kids. My good friend pays $1k per month in child support for a 5 year old. This, of course, is in addition to the $3,500/month in alimony he pays. Does a 5 year old really consume $1k per month in goods/services etc? Ironically his ex-wife's name is Marion too! LMAO.

Take your questions elsewhere Marion. Now back to our regularly scheduled Real Estate bashing........

"I was going to be the first responder to this thread but decide to wait. My hunch was that this disability was a likely hoax as a result or his loss of emploment income. Now the "ballon" thing. Either this guy is very familiar with a lawyer already, or he is well on the road to perdition and is a future deadbeat. In any case doesn't sound like he is going to be much of a "provider" for a while."

Rustico, yes it is a hoax. At the height of the refinance boom, E-trade financial changed their compensation plan resulting in a reduction of profits for their loan officers. According to my ex, E-trade became greedy and felt the loan officers were making too much. The ex was furious. Therefore, my assumption is the ex went out on a "fake" disability claim so he could sit at home and collect $5,600 per month for doing nothing. Nice.

This is beside the point, but during the 3 years my ex collected this sum every month, he went to Cuba (his dad lives there) and "bought" a 17-year-old Cuban wife (he's 44). He actually told me how he had to pay off Cuban officials to get her out of the country. I'm serious.

Anyway, I have subpoened all "records and conversations" from his private disability company to be presented at the hearing.

As far as assets, I have no idea what he's hiding. I have subpoened bank statements for the last 3 years for the upcoming hearing as well. Oh, he just bought a brand new house in July/Auguust of this year. It is in Arizona where he now resides. I did some checking, the house is in his name only. No surprises there. The new wife is now making money. The ex listed her income as $2k per month from a daycare business she is running out of their (I mean his) new home.

Throughout the whole divorce proceedings, I did not retain counsel. The ex convinced me neither of us needed a lawyer (although he had one on consultation at all times...). Due to the ex's character, for me to not hire a lawyer was tantamount to bringing a knife to a gun fight. I was beyond stupid.

"bought" a 17-year-old Cuban wife (he's 44). He actually told me how he had to pay off Cuban officials to get her out of the country.

Couldn't you have tipped off FBI about this Kidnapping? Also, there may be criminal laws aginst relationship with a minor (statutory rape or something). Men are prosecuted for such crimes against children all the time. Even the marriage may be void if she entered into it as a minor.

Hi Marion,

I went through divorce six years ago, initiated by my wife while I was in a medical crisis.

I took the attitude "I am sick, let her have the $$$ she wants and I will use my energy to fight illness." In a way, I had little choice due to my condition. I had to give up control.

In the end, my backing down allowed us to actually talk and things ended up relatively fairly. We have a daughter together and she is living with her Mom for a year, and this came about through an amiable discussion. The financial issues also were resolved, in the end, in a fair manner.

My point? The harder you fight, the harder he will fight, and more damage of all kinds will occur. The marriage is over, take the high road as best you can and that will make the future of your kids much easier. Don't squabble over money. Hating each other over money is toxic.

I am healthy and re-married, and my bank account has more than recovered. I hope you also have such good luck ahead.

I am very sorry for the pain you are going through in divorce.

JS

Man I'm glad my wife works and has similar income. Alimony is a concept based on old ideas that just won't die.

"Couldn't you have tipped off FBI about this Kidnapping? Also, there may be criminal laws aginst relationship with a minor (statutory rape or something). Men are prosecuted for such crimes against children all the time. Even the marriage may be void if she entered into it as a minor."

Had I been smart, I would have. She went into the marriage willingly. Naturally, she would have done anything to get out of Cuba. Now they have a 6-month-old daughter, and of course, the ex is using that as a hardship excuse even though his new wife brings in 2k per month with the in-home daycare business. Go figure. This is beside the point, but the thought that my two boys might end up like their father is my WORST nightmare.

And for the men on here who profess no sympathy, all my ex talked about while negotiating this woman out of Cuba was how far superior Cuban women were to us "American b*tches".

"PS Marion why haven't you found a new victem yet? Did you gain a lot of weight? Cut off all your hair?"

Actually, I'm a trim and fit size 6, educated, with long, dark hair. Not only that, I'd bet the farm when it comes time to be intimate, you wouldn't want to put a brown paper bag over my head. The problem for my ex was I'm not a "Stepford wife".

One more thing, I can cook up a pot roast like it's nobody's business! :)

Your ex is right about American women.

One more thing you have to remember YOU PICKED HIM!!!

What, you couldn't change him to the way you thought he should be. And one more thing, even though you knew your ex was a POS you decided to have 2 kids with him. But that's not all, you the realized you can't change the sob so WTF since you have 2 of his kids now he should give you thousands of dollars a month for the next 18 years!!!

Watch out boys, this is how its done!

And for the men on here who profess no sympathy, all my ex talked about while negotiating this woman out of Cuba was how far superior Cuban women were to us "American b*tches".

Well, there must be some truth to that....   Cuba was the American playground before Castro took over.  It will be again after Castro dies.