[LesBaer45]

I’ve toured the Biltmore House in Asheville NC. They claim 250 rooms (although the tour doesn’t even begin to cover the entire house). They still claim to be the largest privately owned house in the U.S.

Soooo figure 10 minutes per room/moving between rooms and you are looking at 2500 minutes. Or 41.6667 hours. Close to two days assuming no sleep but a few snack/bathroom breaks.

Hell I wonder if the Spellings ever got lost? I’d need a friggen map just to find them all.

Ever wonder if they wandered into a section of the house every so often and go “Gee, I don’t remember this room” or “Gosh, it’s been ages since I’ve been in here”?

[LesBaer45]

[quote=CricketOnTheHearth]Can you change the title to, “News from the heart of the rats’ nest, no less” ?[/quote]

No way. I live in hurricane country. Makes perfect sense to those of us used to riding out the storm.

Lots of destruction on the way in, a brief respite all nice and quiet, then another (usually worse) time of destruction on the way out.

Then the clean up begins…..

[LesBaer45]

[quote=CricketOnTheHearth]Can you change the title to, “News from the heart of the rats’ nest, no less” ?[/quote]

No way. I live in hurricane country. Makes perfect sense to those of us used to riding out the storm.

Lots of destruction on the way in, a brief respite all nice and quiet, then another (usually worse) time of destruction on the way out.

Then the clean up begins…..

[LesBaer45]

[quote=CricketOnTheHearth]Can you change the title to, “News from the heart of the rats’ nest, no less” ?[/quote]

No way. I live in hurricane country. Makes perfect sense to those of us used to riding out the storm.

Lots of destruction on the way in, a brief respite all nice and quiet, then another (usually worse) time of destruction on the way out.

Then the clean up begins…..

[LesBaer45]

[quote=CricketOnTheHearth]Can you change the title to, “News from the heart of the rats’ nest, no less” ?[/quote]

No way. I live in hurricane country. Makes perfect sense to those of us used to riding out the storm.

Lots of destruction on the way in, a brief respite all nice and quiet, then another (usually worse) time of destruction on the way out.

Then the clean up begins…..

[LesBaer45]

[quote=CricketOnTheHearth]Can you change the title to, “News from the heart of the rats’ nest, no less” ?[/quote]

No way. I live in hurricane country. Makes perfect sense to those of us used to riding out the storm.

Lots of destruction on the way in, a brief respite all nice and quiet, then another (usually worse) time of destruction on the way out.

Then the clean up begins…..

[LesBaer45]

jpinpb I found the missing link. (snicker)

[quote]Do you have a link to this story?[/quote]

Eh, crap. I thought I edited it better than that. It’s an old story, nothing new.

http://www.marketwatch.com/story/keeping-up-with-an-avalanche-of-troubled-mortgages-2009-10-15

[LesBaer45]

jpinpb I found the missing link. (snicker)

[quote]Do you have a link to this story?[/quote]

Eh, crap. I thought I edited it better than that. It’s an old story, nothing new.

http://www.marketwatch.com/story/keeping-up-with-an-avalanche-of-troubled-mortgages-2009-10-15

[LesBaer45]

jpinpb I found the missing link. (snicker)

[quote]Do you have a link to this story?[/quote]

Eh, crap. I thought I edited it better than that. It’s an old story, nothing new.

http://www.marketwatch.com/story/keeping-up-with-an-avalanche-of-troubled-mortgages-2009-10-15

[LesBaer45]

jpinpb I found the missing link. (snicker)

[quote]Do you have a link to this story?[/quote]

Eh, crap. I thought I edited it better than that. It’s an old story, nothing new.

http://www.marketwatch.com/story/keeping-up-with-an-avalanche-of-troubled-mortgages-2009-10-15

[LesBaer45]

jpinpb I found the missing link. (snicker)

[quote]Do you have a link to this story?[/quote]

Eh, crap. I thought I edited it better than that. It’s an old story, nothing new.

http://www.marketwatch.com/story/keeping-up-with-an-avalanche-of-troubled-mortgages-2009-10-15

[LesBaer45]

[quote=sdrealtor]I dont necessarily disagree witrh analyst either. I have no access to the loan docs and was not party to that transaction. Whatever happens to the balance is irrelevant in this conversation about shadow inventory because this one was ripped out of that category.

For him, the interest rate was lowered by a few % and the amount he was paying on was reduced by over 30%. HIs payment is less than 1/2 of what it was and will stay there indefinitely. For the owner, its an awesome home (a dream home if you will) that he gets to keep living in at a price well under rental value with a nice tatx deduction to boot. What renter would turn down a rent reduction and news that their rent was now tax deductible? Oh yeah, the rent you didnt pay last year….just forget about it.

My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

IANAL nor do I play one on the Internet. But it seems to me that such a loan mod if it doesn’t include the “hidden” language for the missing $250K to suddenly become real again at a sale or appreciation (things go back to full retard crazy) would trigger some sort of IRS action. Basically in my currently beer-ed state, that person was handed a $250K gift. It’s no different than a short sale in my misguided opinion. He might have dodged a foreclosure bullet but did he just step into the path of an IRS audit grenade?

[LesBaer45]

[quote=sdrealtor]I dont necessarily disagree witrh analyst either. I have no access to the loan docs and was not party to that transaction. Whatever happens to the balance is irrelevant in this conversation about shadow inventory because this one was ripped out of that category.

For him, the interest rate was lowered by a few % and the amount he was paying on was reduced by over 30%. HIs payment is less than 1/2 of what it was and will stay there indefinitely. For the owner, its an awesome home (a dream home if you will) that he gets to keep living in at a price well under rental value with a nice tatx deduction to boot. What renter would turn down a rent reduction and news that their rent was now tax deductible? Oh yeah, the rent you didnt pay last year….just forget about it.

My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

IANAL nor do I play one on the Internet. But it seems to me that such a loan mod if it doesn’t include the “hidden” language for the missing $250K to suddenly become real again at a sale or appreciation (things go back to full retard crazy) would trigger some sort of IRS action. Basically in my currently beer-ed state, that person was handed a $250K gift. It’s no different than a short sale in my misguided opinion. He might have dodged a foreclosure bullet but did he just step into the path of an IRS audit grenade?

[LesBaer45]

[quote=sdrealtor]I dont necessarily disagree witrh analyst either. I have no access to the loan docs and was not party to that transaction. Whatever happens to the balance is irrelevant in this conversation about shadow inventory because this one was ripped out of that category.

For him, the interest rate was lowered by a few % and the amount he was paying on was reduced by over 30%. HIs payment is less than 1/2 of what it was and will stay there indefinitely. For the owner, its an awesome home (a dream home if you will) that he gets to keep living in at a price well under rental value with a nice tatx deduction to boot. What renter would turn down a rent reduction and news that their rent was now tax deductible? Oh yeah, the rent you didnt pay last year….just forget about it.

My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

IANAL nor do I play one on the Internet. But it seems to me that such a loan mod if it doesn’t include the “hidden” language for the missing $250K to suddenly become real again at a sale or appreciation (things go back to full retard crazy) would trigger some sort of IRS action. Basically in my currently beer-ed state, that person was handed a $250K gift. It’s no different than a short sale in my misguided opinion. He might have dodged a foreclosure bullet but did he just step into the path of an IRS audit grenade?

[LesBaer45]

[quote=sdrealtor]I dont necessarily disagree witrh analyst either. I have no access to the loan docs and was not party to that transaction. Whatever happens to the balance is irrelevant in this conversation about shadow inventory because this one was ripped out of that category.

For him, the interest rate was lowered by a few % and the amount he was paying on was reduced by over 30%. HIs payment is less than 1/2 of what it was and will stay there indefinitely. For the owner, its an awesome home (a dream home if you will) that he gets to keep living in at a price well under rental value with a nice tatx deduction to boot. What renter would turn down a rent reduction and news that their rent was now tax deductible? Oh yeah, the rent you didnt pay last year….just forget about it.

My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

IANAL nor do I play one on the Internet. But it seems to me that such a loan mod if it doesn’t include the “hidden” language for the missing $250K to suddenly become real again at a sale or appreciation (things go back to full retard crazy) would trigger some sort of IRS action. Basically in my currently beer-ed state, that person was handed a $250K gift. It’s no different than a short sale in my misguided opinion. He might have dodged a foreclosure bullet but did he just step into the path of an IRS audit grenade?

[Author]

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