[temeculaguy]

There may be more than a triple whammy. At every point in history when a normal cycle hit bottom, the majority could just sit tight. Now it is not the case. Forget sub-prime, it was rampant in prime. At no time in history has even 20% of the mortgages been adjustable, neg am, teaser, etc. During the bubble in S.D. the number of non traditional mortgages exceeded 80% of new purchase financing in the county. Never before have we seen this dynamic, where time is against people attempting to ride it out. I’ve never seen anyone release data as specific as I need to illustrate this point, but buyers in 2004,2005,2006 and their percentage of underwater, distress and resetting mortgages with no viable escape and no ability to ride it out, what is their foreclosure rate? I’ll bet it breaks 50% for that specific group before we are all done. At no time has the average Southern California been so ill equipped to ride out the bottom, not even close, so anything that happens wont suprise me.

[temeculaguy]

There may be more than a triple whammy. At every point in history when a normal cycle hit bottom, the majority could just sit tight. Now it is not the case. Forget sub-prime, it was rampant in prime. At no time in history has even 20% of the mortgages been adjustable, neg am, teaser, etc. During the bubble in S.D. the number of non traditional mortgages exceeded 80% of new purchase financing in the county. Never before have we seen this dynamic, where time is against people attempting to ride it out. I’ve never seen anyone release data as specific as I need to illustrate this point, but buyers in 2004,2005,2006 and their percentage of underwater, distress and resetting mortgages with no viable escape and no ability to ride it out, what is their foreclosure rate? I’ll bet it breaks 50% for that specific group before we are all done. At no time has the average Southern California been so ill equipped to ride out the bottom, not even close, so anything that happens wont suprise me.

[temeculaguy]

There may be more than a triple whammy. At every point in history when a normal cycle hit bottom, the majority could just sit tight. Now it is not the case. Forget sub-prime, it was rampant in prime. At no time in history has even 20% of the mortgages been adjustable, neg am, teaser, etc. During the bubble in S.D. the number of non traditional mortgages exceeded 80% of new purchase financing in the county. Never before have we seen this dynamic, where time is against people attempting to ride it out. I’ve never seen anyone release data as specific as I need to illustrate this point, but buyers in 2004,2005,2006 and their percentage of underwater, distress and resetting mortgages with no viable escape and no ability to ride it out, what is their foreclosure rate? I’ll bet it breaks 50% for that specific group before we are all done. At no time has the average Southern California been so ill equipped to ride out the bottom, not even close, so anything that happens wont suprise me.

[temeculaguy]

There may be more than a triple whammy. At every point in history when a normal cycle hit bottom, the majority could just sit tight. Now it is not the case. Forget sub-prime, it was rampant in prime. At no time in history has even 20% of the mortgages been adjustable, neg am, teaser, etc. During the bubble in S.D. the number of non traditional mortgages exceeded 80% of new purchase financing in the county. Never before have we seen this dynamic, where time is against people attempting to ride it out. I’ve never seen anyone release data as specific as I need to illustrate this point, but buyers in 2004,2005,2006 and their percentage of underwater, distress and resetting mortgages with no viable escape and no ability to ride it out, what is their foreclosure rate? I’ll bet it breaks 50% for that specific group before we are all done. At no time has the average Southern California been so ill equipped to ride out the bottom, not even close, so anything that happens wont suprise me.

[temeculaguy]

Back to the original post, 40% after tax income on mortgage expense is still on the high side but roughly 2k. The perfect budget is that all of the expenses of the house, PITI,hoa, utilities, gardner and maid equal 50%, the complete house tab equal 50% of your take home, determined after health insurance, dental insurance and 401k deducted. Clothes, food, cars, alcohol, porn and just having fun is the other half, income tax refund can be used for furniture, vacations, braces or other big ticket one time expenses. That’s the perfect budget, unfortunately 100k isn’t going to make it in S.D., 150k for a family of three is the launching point.

That way you don’t have to forgo the Nails. BTW, I am all dude, hopelessly heterosexual and I get my nails done, buffed not polished. Sex with men makes a man gay, not having a mani/pedi to match the suit and tie, c’mon guys, a little grooming goes a long way.

[temeculaguy]

Back to the original post, 40% after tax income on mortgage expense is still on the high side but roughly 2k. The perfect budget is that all of the expenses of the house, PITI,hoa, utilities, gardner and maid equal 50%, the complete house tab equal 50% of your take home, determined after health insurance, dental insurance and 401k deducted. Clothes, food, cars, alcohol, porn and just having fun is the other half, income tax refund can be used for furniture, vacations, braces or other big ticket one time expenses. That’s the perfect budget, unfortunately 100k isn’t going to make it in S.D., 150k for a family of three is the launching point.

That way you don’t have to forgo the Nails. BTW, I am all dude, hopelessly heterosexual and I get my nails done, buffed not polished. Sex with men makes a man gay, not having a mani/pedi to match the suit and tie, c’mon guys, a little grooming goes a long way.

[temeculaguy]

Back to the original post, 40% after tax income on mortgage expense is still on the high side but roughly 2k. The perfect budget is that all of the expenses of the house, PITI,hoa, utilities, gardner and maid equal 50%, the complete house tab equal 50% of your take home, determined after health insurance, dental insurance and 401k deducted. Clothes, food, cars, alcohol, porn and just having fun is the other half, income tax refund can be used for furniture, vacations, braces or other big ticket one time expenses. That’s the perfect budget, unfortunately 100k isn’t going to make it in S.D., 150k for a family of three is the launching point.

That way you don’t have to forgo the Nails. BTW, I am all dude, hopelessly heterosexual and I get my nails done, buffed not polished. Sex with men makes a man gay, not having a mani/pedi to match the suit and tie, c’mon guys, a little grooming goes a long way.

[temeculaguy]

Back to the original post, 40% after tax income on mortgage expense is still on the high side but roughly 2k. The perfect budget is that all of the expenses of the house, PITI,hoa, utilities, gardner and maid equal 50%, the complete house tab equal 50% of your take home, determined after health insurance, dental insurance and 401k deducted. Clothes, food, cars, alcohol, porn and just having fun is the other half, income tax refund can be used for furniture, vacations, braces or other big ticket one time expenses. That’s the perfect budget, unfortunately 100k isn’t going to make it in S.D., 150k for a family of three is the launching point.

That way you don’t have to forgo the Nails. BTW, I am all dude, hopelessly heterosexual and I get my nails done, buffed not polished. Sex with men makes a man gay, not having a mani/pedi to match the suit and tie, c’mon guys, a little grooming goes a long way.

[temeculaguy]

Back to the original post, 40% after tax income on mortgage expense is still on the high side but roughly 2k. The perfect budget is that all of the expenses of the house, PITI,hoa, utilities, gardner and maid equal 50%, the complete house tab equal 50% of your take home, determined after health insurance, dental insurance and 401k deducted. Clothes, food, cars, alcohol, porn and just having fun is the other half, income tax refund can be used for furniture, vacations, braces or other big ticket one time expenses. That’s the perfect budget, unfortunately 100k isn’t going to make it in S.D., 150k for a family of three is the launching point.

That way you don’t have to forgo the Nails. BTW, I am all dude, hopelessly heterosexual and I get my nails done, buffed not polished. Sex with men makes a man gay, not having a mani/pedi to match the suit and tie, c’mon guys, a little grooming goes a long way.

[temeculaguy]

No, the situation is the same, hence so will the advice. Figure out what the daily rent is, then figure out how much you have at risk (deposit and prepaid rent). Calculate the amount of days your deposit is worth, then let the landlord know that you will be moving on the day that you will be even, tell them in writing and include that the only reason is that the house is in foreclosure. You will only be out your hassle and moving expenses but at least you can plan it. I wouldn’t give them another dime at this point, you don’t have a ton of time left, in about three weeks the bank will set up the sale for at least thirty days out, so you can escape without losing money. Don’t try to profit from it or live rent free unless the L/L agrees to a reduced rent in writing and only after your sec deposit credit has been exhausted. That way you are being prudent and fair for a lease the L/L has already violated, if you ever ended up in front of a judge you will look like a reasonable person and not an opportunist. Save everything, including the proof that it is foreclousre so that you can show it to future landlords. Next time, check any potential rental for not only being in the foreclosure process but the liklihood of going into it. Check the price they bought it for, any refi’s or seconds and the market value, if they have less than 25% equity, keep looking. The few hours of research at the recorders office will be rewarded by not having to do this again.

[temeculaguy]

No, the situation is the same, hence so will the advice. Figure out what the daily rent is, then figure out how much you have at risk (deposit and prepaid rent). Calculate the amount of days your deposit is worth, then let the landlord know that you will be moving on the day that you will be even, tell them in writing and include that the only reason is that the house is in foreclosure. You will only be out your hassle and moving expenses but at least you can plan it. I wouldn’t give them another dime at this point, you don’t have a ton of time left, in about three weeks the bank will set up the sale for at least thirty days out, so you can escape without losing money. Don’t try to profit from it or live rent free unless the L/L agrees to a reduced rent in writing and only after your sec deposit credit has been exhausted. That way you are being prudent and fair for a lease the L/L has already violated, if you ever ended up in front of a judge you will look like a reasonable person and not an opportunist. Save everything, including the proof that it is foreclousre so that you can show it to future landlords. Next time, check any potential rental for not only being in the foreclosure process but the liklihood of going into it. Check the price they bought it for, any refi’s or seconds and the market value, if they have less than 25% equity, keep looking. The few hours of research at the recorders office will be rewarded by not having to do this again.

[temeculaguy]

No, the situation is the same, hence so will the advice. Figure out what the daily rent is, then figure out how much you have at risk (deposit and prepaid rent). Calculate the amount of days your deposit is worth, then let the landlord know that you will be moving on the day that you will be even, tell them in writing and include that the only reason is that the house is in foreclosure. You will only be out your hassle and moving expenses but at least you can plan it. I wouldn’t give them another dime at this point, you don’t have a ton of time left, in about three weeks the bank will set up the sale for at least thirty days out, so you can escape without losing money. Don’t try to profit from it or live rent free unless the L/L agrees to a reduced rent in writing and only after your sec deposit credit has been exhausted. That way you are being prudent and fair for a lease the L/L has already violated, if you ever ended up in front of a judge you will look like a reasonable person and not an opportunist. Save everything, including the proof that it is foreclousre so that you can show it to future landlords. Next time, check any potential rental for not only being in the foreclosure process but the liklihood of going into it. Check the price they bought it for, any refi’s or seconds and the market value, if they have less than 25% equity, keep looking. The few hours of research at the recorders office will be rewarded by not having to do this again.

[temeculaguy]

No, the situation is the same, hence so will the advice. Figure out what the daily rent is, then figure out how much you have at risk (deposit and prepaid rent). Calculate the amount of days your deposit is worth, then let the landlord know that you will be moving on the day that you will be even, tell them in writing and include that the only reason is that the house is in foreclosure. You will only be out your hassle and moving expenses but at least you can plan it. I wouldn’t give them another dime at this point, you don’t have a ton of time left, in about three weeks the bank will set up the sale for at least thirty days out, so you can escape without losing money. Don’t try to profit from it or live rent free unless the L/L agrees to a reduced rent in writing and only after your sec deposit credit has been exhausted. That way you are being prudent and fair for a lease the L/L has already violated, if you ever ended up in front of a judge you will look like a reasonable person and not an opportunist. Save everything, including the proof that it is foreclousre so that you can show it to future landlords. Next time, check any potential rental for not only being in the foreclosure process but the liklihood of going into it. Check the price they bought it for, any refi’s or seconds and the market value, if they have less than 25% equity, keep looking. The few hours of research at the recorders office will be rewarded by not having to do this again.

[temeculaguy]

No, the situation is the same, hence so will the advice. Figure out what the daily rent is, then figure out how much you have at risk (deposit and prepaid rent). Calculate the amount of days your deposit is worth, then let the landlord know that you will be moving on the day that you will be even, tell them in writing and include that the only reason is that the house is in foreclosure. You will only be out your hassle and moving expenses but at least you can plan it. I wouldn’t give them another dime at this point, you don’t have a ton of time left, in about three weeks the bank will set up the sale for at least thirty days out, so you can escape without losing money. Don’t try to profit from it or live rent free unless the L/L agrees to a reduced rent in writing and only after your sec deposit credit has been exhausted. That way you are being prudent and fair for a lease the L/L has already violated, if you ever ended up in front of a judge you will look like a reasonable person and not an opportunist. Save everything, including the proof that it is foreclousre so that you can show it to future landlords. Next time, check any potential rental for not only being in the foreclosure process but the liklihood of going into it. Check the price they bought it for, any refi’s or seconds and the market value, if they have less than 25% equity, keep looking. The few hours of research at the recorders office will be rewarded by not having to do this again.

[temeculaguy]

Go maltese, keep them with a puppy haircut, they wont shed one single hair yet they will require monthly gooming.

[Author]

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