[patb]

[quote=ucodegen][quote briansd1]
Not so fast… my 80+ yo dad knows how to spend money very well, especially when he travels and takes the ladies out. He’s spending my inheritance, damn it!
[/quote]
Your inheritance is what is left over.. he earned it, you didn’t. You get to spend what you make. If you get inheritance or ‘gifts’.. consider it extra.

a decent bankruptcy would let these people have a future.

They declared bankruptcy several times, only to withdraw the bankruptcy. I suspect they were using this to delay the foreclosure process.

a decent society would let these people cram it down and screw the shylocks not some losers in reno.

And just who would absorb that cram-down? People who acted responsibly with their money? Its gotta come from somewhere! The true ‘shylocks’ were the brokers that hot-potato’d the mortgage and made sure that the got their commission. The holders of the note got screwed because they fronted the cash and only got a percentage back.[/quote]

let us assume it was carrying a note for 400K
let us assume it was worth 200K today.

the reality is that the note for 400K was sunk, lost, wasted, shot, screwed. Gone.

The only value is the 200K now that it’s worth.

In a decent society, a bankruptcy judge would write the note down to the new value of 200K.

In a decent society, the real value is 150K (200- foreclosure cost).

If you write the note to 150K, then, they have a shot at paying the note.

I suspect that might have provided a better outcome then what we have today.

what do we have today?

– 2 dead people.

– 1 burned smoldering wreck.

– some group of shot at deputies.

– total loss on the property and note.

yes it may not appeal to people but the
cramdown is the best outcome.

[patb]

Sara plain. The trailerbparkmrepublican

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Sara plain. The trailerbparkmrepublican

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Sara plain. The trailerbparkmrepublican

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Sara plain. The trailerbparkmrepublican

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Sara plain. The trailerbparkmrepublican

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[quote=FormerSanDiegan][quote=patb][quote=FormerSanDiegan]That’s why I suggest they might not fund these unless the LTV of 75% or better, likely 70%.
That way the lender has at least some additional protection against a declining market.

Seems to me to be a reasonable risk at today’s price levels.[/quote]

this product is just expensive rent with a nasty termination fee.[/quote]

This is true for those of us without the funds to completely pay off the loan at any time.

However, for those who can, it is a cheap source of capital.[/quote]

so you are interest rate arbitraging your house?
That just makes you a small hedge fund.

Why don’t you incorporate as Boldman-Sachs

[patb]

[quote=FormerSanDiegan][quote=patb][quote=FormerSanDiegan]That’s why I suggest they might not fund these unless the LTV of 75% or better, likely 70%.
That way the lender has at least some additional protection against a declining market.

Seems to me to be a reasonable risk at today’s price levels.[/quote]

this product is just expensive rent with a nasty termination fee.[/quote]

This is true for those of us without the funds to completely pay off the loan at any time.

However, for those who can, it is a cheap source of capital.[/quote]

so you are interest rate arbitraging your house?
That just makes you a small hedge fund.

Why don’t you incorporate as Boldman-Sachs

[patb]

[quote=FormerSanDiegan][quote=patb][quote=FormerSanDiegan]That’s why I suggest they might not fund these unless the LTV of 75% or better, likely 70%.
That way the lender has at least some additional protection against a declining market.

Seems to me to be a reasonable risk at today’s price levels.[/quote]

this product is just expensive rent with a nasty termination fee.[/quote]

This is true for those of us without the funds to completely pay off the loan at any time.

However, for those who can, it is a cheap source of capital.[/quote]

so you are interest rate arbitraging your house?
That just makes you a small hedge fund.

Why don’t you incorporate as Boldman-Sachs

[patb]

[quote=FormerSanDiegan][quote=patb][quote=FormerSanDiegan]That’s why I suggest they might not fund these unless the LTV of 75% or better, likely 70%.
That way the lender has at least some additional protection against a declining market.

Seems to me to be a reasonable risk at today’s price levels.[/quote]

this product is just expensive rent with a nasty termination fee.[/quote]

This is true for those of us without the funds to completely pay off the loan at any time.

However, for those who can, it is a cheap source of capital.[/quote]

so you are interest rate arbitraging your house?
That just makes you a small hedge fund.

Why don’t you incorporate as Boldman-Sachs

[patb]

[quote=FormerSanDiegan][quote=patb][quote=FormerSanDiegan]That’s why I suggest they might not fund these unless the LTV of 75% or better, likely 70%.
That way the lender has at least some additional protection against a declining market.

Seems to me to be a reasonable risk at today’s price levels.[/quote]

this product is just expensive rent with a nasty termination fee.[/quote]

This is true for those of us without the funds to completely pay off the loan at any time.

However, for those who can, it is a cheap source of capital.[/quote]

so you are interest rate arbitraging your house?
That just makes you a small hedge fund.

Why don’t you incorporate as Boldman-Sachs

[patb]

[quote=FormerSanDiegan][quote=patb][quote=FormerSanDiegan]That’s why I suggest they might not fund these unless the LTV of 75% or better, likely 70%.
That way the lender has at least some additional protection against a declining market.

Seems to me to be a reasonable risk at today’s price levels.[/quote]

this product is just expensive rent with a nasty termination fee.[/quote]

This is true for those of us without the funds to completely pay off the loan at any time.

However, for those who can, it is a cheap source of capital.[/quote]

so then pay it off

[patb]

[quote=FormerSanDiegan][quote=patb][quote=FormerSanDiegan]That’s why I suggest they might not fund these unless the LTV of 75% or better, likely 70%.
That way the lender has at least some additional protection against a declining market.

Seems to me to be a reasonable risk at today’s price levels.[/quote]

this product is just expensive rent with a nasty termination fee.[/quote]

This is true for those of us without the funds to completely pay off the loan at any time.

However, for those who can, it is a cheap source of capital.[/quote]

so then pay it off

[patb]

[quote=FormerSanDiegan][quote=patb][quote=FormerSanDiegan]That’s why I suggest they might not fund these unless the LTV of 75% or better, likely 70%.
That way the lender has at least some additional protection against a declining market.

Seems to me to be a reasonable risk at today’s price levels.[/quote]

this product is just expensive rent with a nasty termination fee.[/quote]

This is true for those of us without the funds to completely pay off the loan at any time.

However, for those who can, it is a cheap source of capital.[/quote]

so then pay it off

[patb]

[quote=FormerSanDiegan][quote=patb][quote=FormerSanDiegan]That’s why I suggest they might not fund these unless the LTV of 75% or better, likely 70%.
That way the lender has at least some additional protection against a declining market.

Seems to me to be a reasonable risk at today’s price levels.[/quote]

this product is just expensive rent with a nasty termination fee.[/quote]

This is true for those of us without the funds to completely pay off the loan at any time.

However, for those who can, it is a cheap source of capital.[/quote]

so then pay it off

[Author]

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