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peterb
ParticipantOK 23109VC, your last post tells me you’re starting to think like an investor. Cut your losses and make the right move going forward. You just learned a great lesson. Your strategy sounds very logical to me. (Look into the tax implications if you default. I believe you’ll owe the IRS money.)
2009 could be an all-time disaster in CA real estate. Best not to be in it.$140K/year, good on ya! Now use what you’ve learned to turn that into some real money in the future.
Also consider this…how many investments would let you get away with defaulting? Most people would just lose $200K in a typical venture…OUCH!!! I gotta believe that next year there will incredible amounts of non-payments on mortgages. But I doubt the lenders will be forcing the foreclosure process. They’re screwed.
ParticipantOK 23109VC, your last post tells me you’re starting to think like an investor. Cut your losses and make the right move going forward. You just learned a great lesson. Your strategy sounds very logical to me. (Look into the tax implications if you default. I believe you’ll owe the IRS money.)
2009 could be an all-time disaster in CA real estate. Best not to be in it.$140K/year, good on ya! Now use what you’ve learned to turn that into some real money in the future.
Also consider this…how many investments would let you get away with defaulting? Most people would just lose $200K in a typical venture…OUCH!!! I gotta believe that next year there will incredible amounts of non-payments on mortgages. But I doubt the lenders will be forcing the foreclosure process. They’re screwed.
ParticipantOK 23109VC, your last post tells me you’re starting to think like an investor. Cut your losses and make the right move going forward. You just learned a great lesson. Your strategy sounds very logical to me. (Look into the tax implications if you default. I believe you’ll owe the IRS money.)
2009 could be an all-time disaster in CA real estate. Best not to be in it.$140K/year, good on ya! Now use what you’ve learned to turn that into some real money in the future.
Also consider this…how many investments would let you get away with defaulting? Most people would just lose $200K in a typical venture…OUCH!!! I gotta believe that next year there will incredible amounts of non-payments on mortgages. But I doubt the lenders will be forcing the foreclosure process. They’re screwed.
ParticipantPrechter has cried wolf a few times in the last decade. But in the last few years EW has been right on target. So gotta give them props. They called it today when everyone else was saying “choppy weather”.
But Stevie Wonder coulda seen this macro picture comming. If we’re blaming this melt-down on prime imploding, then hang on to your hats as Alt A and prime/jumbo prime start to cave next year. Man, this may be the bear of all time. Wish I had the balls to really short it hard!!ParticipantPrechter has cried wolf a few times in the last decade. But in the last few years EW has been right on target. So gotta give them props. They called it today when everyone else was saying “choppy weather”.
But Stevie Wonder coulda seen this macro picture comming. If we’re blaming this melt-down on prime imploding, then hang on to your hats as Alt A and prime/jumbo prime start to cave next year. Man, this may be the bear of all time. Wish I had the balls to really short it hard!!ParticipantPrechter has cried wolf a few times in the last decade. But in the last few years EW has been right on target. So gotta give them props. They called it today when everyone else was saying “choppy weather”.
But Stevie Wonder coulda seen this macro picture comming. If we’re blaming this melt-down on prime imploding, then hang on to your hats as Alt A and prime/jumbo prime start to cave next year. Man, this may be the bear of all time. Wish I had the balls to really short it hard!!ParticipantPrechter has cried wolf a few times in the last decade. But in the last few years EW has been right on target. So gotta give them props. They called it today when everyone else was saying “choppy weather”.
But Stevie Wonder coulda seen this macro picture comming. If we’re blaming this melt-down on prime imploding, then hang on to your hats as Alt A and prime/jumbo prime start to cave next year. Man, this may be the bear of all time. Wish I had the balls to really short it hard!!ParticipantPrechter has cried wolf a few times in the last decade. But in the last few years EW has been right on target. So gotta give them props. They called it today when everyone else was saying “choppy weather”.
But Stevie Wonder coulda seen this macro picture comming. If we’re blaming this melt-down on prime imploding, then hang on to your hats as Alt A and prime/jumbo prime start to cave next year. Man, this may be the bear of all time. Wish I had the balls to really short it hard!!Participant23109VC – call you lender and play hardball. Most lenders are only surviving right now because they dont have to recognize upside down loans. But, they cannot avoid defaults. So, they are deathly afraid of people defaulting on their mortgages.
Go on Mr Mortgages website, I think there are some pro’s on there that do this kinda thing. Worth a look. Your chance to get back at the Man!If I still had a mortgage right now, I would be kicking these guys in the crotch as hard as I could. Just my 2 cents.
Participant23109VC – call you lender and play hardball. Most lenders are only surviving right now because they dont have to recognize upside down loans. But, they cannot avoid defaults. So, they are deathly afraid of people defaulting on their mortgages.
Go on Mr Mortgages website, I think there are some pro’s on there that do this kinda thing. Worth a look. Your chance to get back at the Man!If I still had a mortgage right now, I would be kicking these guys in the crotch as hard as I could. Just my 2 cents.
Participant23109VC – call you lender and play hardball. Most lenders are only surviving right now because they dont have to recognize upside down loans. But, they cannot avoid defaults. So, they are deathly afraid of people defaulting on their mortgages.
Go on Mr Mortgages website, I think there are some pro’s on there that do this kinda thing. Worth a look. Your chance to get back at the Man!If I still had a mortgage right now, I would be kicking these guys in the crotch as hard as I could. Just my 2 cents.
Participant23109VC – call you lender and play hardball. Most lenders are only surviving right now because they dont have to recognize upside down loans. But, they cannot avoid defaults. So, they are deathly afraid of people defaulting on their mortgages.
Go on Mr Mortgages website, I think there are some pro’s on there that do this kinda thing. Worth a look. Your chance to get back at the Man!If I still had a mortgage right now, I would be kicking these guys in the crotch as hard as I could. Just my 2 cents.
Participant23109VC – call you lender and play hardball. Most lenders are only surviving right now because they dont have to recognize upside down loans. But, they cannot avoid defaults. So, they are deathly afraid of people defaulting on their mortgages.
Go on Mr Mortgages website, I think there are some pro’s on there that do this kinda thing. Worth a look. Your chance to get back at the Man!If I still had a mortgage right now, I would be kicking these guys in the crotch as hard as I could. Just my 2 cents.
October 15, 2008 at 8:45 AM in reply to: Cramer predicts DOW 4700 by Tuesday (1995ish levels) #287564ParticipantElliottwave calling for this to settle down at 8200 and then pop up again. But I dont see how. What good news is coming? Nothing. So, it’s down we go…..
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