nnuut's Account Talk

[luv2read]

Someone in my extended family is inching closer to foreclosure every day. He was downsized out of a job because of the economy and found another job in another area. Now he owes more on his house than it's worth (3 years ago he had 25% equity) and he can't sell his house because credit has tightened enough that ordinary folks aren't qualifying for loans anymore. So he's paying for his house payment and a rent payment every month and doing it on less than he used to make.

How many months do you think my family "creep" can keep doing that before he defaults? :blink:

Lady

Lady, a neighbor was in a similar situation and out of desperation they owner-financed the sale of their home. The buyer has a good job and good credit but still couldn't get a loan because they didn't have 25% down. They owner-financed at 7% with 10% down. This gives them some immediate income to help with the house payment until things change and the buyers can refi, hopefully at a better rate for them and the house will be worth more as well. Maybe this would work for your relative.

 

[Birchtree]

He should consider renting the house as a rent to buy. That way he helps out a new homebuyer and eventually sells the house.

 

[luv2read]

He should consider renting the house as a rent to buy. That way he helps out a new homebuyer and eventually sells the house.

Good idea Birch, and one that also works. My parents did that during the last slump when their house didn't sell. A percentage of each month's rent went to an "escrow" fund towards purchase, at the end of five years the occupants could exercise the option to buy using that money as a down payment. If they walked away, my parents kept the money as rent. The renters decided to buy it at 3 years, they had built up enough of a downpayment in the account to qualify for financing. The drawback is that it's rental property, as such, you have the typical landlord headaches. The advantage is that it's rental property - a tax writeoff.

 

[XL-entLady]

Lady, a neighbor was in a similar situation and out of desperation they owner-financed the sale of their home. The buyer has a good job and good credit but still couldn't get a loan because they didn't have 25% down. They owner-financed at 7% with 10% down. ...Maybe this would work for your relative.

L2R, thanks for your thoughtful post! I always appreciate your thoughtful and reasoned information! They are looking for just that option but have not yet found the right people. So they keep making double payments and crossing their fingers that they can find buyers they would be comfortable with to make the owner-finance thing work.

Birch, thanks for your suggestion as well. They considered the rent-to-own thing and decided that it was risky enough they didn't want to try it yet. Their parents have several rental properties and lots of scary renter stories to tell, and because they don't live close enough to be able to keep an eye on the property they are saving that as an option of last resort.

And NNUUT, thanks for letting us use your MB home for this discussion!

Lady

 

[Birchtree]

I think I'd move back home and find another job until their private situation improves - the job doesn't have to be permanent. It's a sacrefice no matter how you look at things - if they got kids have them find parttime jobs to help out. Their parents can make them a loan to help out - don't give up and take foreclosure - they'll never regain a stable credit score.

 

[nnuut]

Alphatrends analysis
http://uk.youtube.com/watch?v=BqxcxNCiLMA&feature=user

 

[nnuut]

This is appropriate!!!
10cc

 

[nnuut]

The Shadow Trader weekly
http://www.redoption.com/shadow_video.php

 

[Show-me]

Thanks for the update!

 

[nnuut]

So now they are complaining about members exiting to the "G" when the market is tanking? Isn't that what we have the "G" Fund for? They impressed me when they limited our IFTs but allowed unlimited moves to the "G" Fund if the Market crashes. What is the problem, someone isn't making enough money?
I'm stuck in the "G" Fund until the first of the Month. I really wanted to get into the Funds Monday but was unable. ALLOW MORE IFTs I'll be happy to spend less time in CP if the market conditions are right!!
Still 100% "G" FUNDView attachment 4550

 

[luv2read]

The TSP is losing money because:

• Market and economic conditions cause losses to funds
• Members' analysis paralysis due to IFT limits
• Members reducing contributions to 5% matching due to IFT limits
• Members moving funds to G for CP due to IFT limits
• Member withdrawals to fund private accounts due to IFT limits

In the long run I think reduction in contributions as more TSP members become educated in alternatives to TP is going to have the most detrimental effect on TSP. Less money in = less money earned. The magic of compound interest still works on the existing fund, but the more that goes in....more gets earned.

 

[FogSailing]

Serves em right Nnut...because of the IFT limitation, less cash flows in the stock these days to bail out Barclays...guess they can't have it both ways...sounds a bit sadistical on my part...but it sort of makes me feel good all over...PS: thanks for your recipes...yummmmmm good...and Labor day approaches for another BBQ...

FS

 

[nnuut]

Serves em right Nnut...because of the IFT limitation, less cash flows in the stock these days to bail out Barclays...guess they can't have it both ways...sounds a bit sadistical on my part...but it sort of makes me feel good all over...PS: thanks for your recipes...yummmmmm good...and Labor day approaches for another BBQ...

FS

Thanks,
There are more where those came from, just been busy/Busy!!! Were having a FISH FRY!!

 

[nnuut]

Now that's what I call a nice VP!
View attachment 4555
Darnit! is everyone here a liberal but me?:nuts:

 

[luv2read]

Yeah those "qualifications" really impress me...I'm going to vote for her because she made the cover of Vogue. You guys...get your testosterone in check.:toung:

Do you think this kind of stuff helps or hurts the campaign? I would think they want to let this drop out of sight and highlight her political accomplishments..

 

[Steadygain]

Yeah those "qualifications" really impress me...I'm going to vote for her because she made the cover of Vogue. You guys...get your testosterone in check.:toung:

Do you think this kind of stuff helps or hurts the campaign? I would think they want to let this drop out of sight and highlight her political accomplishments..

Luv2read - that's quite an impressive picture - and in all sincereity you'd be amazed how highly our minds are influenced by these hormonal charges - dopemine floods - and adrenaline rushes.

Political accomplishments should be the focus - and thanks for reeling us back in - but sometimes it's fun to just float away.

Have a good weekend ladies - and thanks Nnuut - I have no idea how you came up with his (I assume you put it together) but it's nice!!

 

[JTH]

I'm not 100% sure that Vogue picture is legitimate. :suspicious:

For one thing that mag cover has not been released.

It also looks like a photshop job. the lighting and position of the face does not match the body. If the picture is real it's extreamely touched up and smoothed out.

I call BS untill proven otherwise...

Besides, I like this picture better...

 

[Callme_CO]

If that's a real picture of her then they cut off her head from another picture and pasted it on this picture.

I second this as BS

 

[luv2read]

get real guys its a photoshop job...I was just trying to make a point that being a "beauty queen" is not the best reason to vote for her. Get those hormones in check.

 

[nnuut]

get real guys its a photoshop job...I was just trying to make a point that being a "beauty queen" is not the best reason to vote for her. Get those hormones in check.

HA!! It's working, it's working!!! Listen to them complain, sounds like feminist attitude to me? Thanks for falling for the bait. I really think she is a good one for the job and I like the way she fought a war against the Good Old Boys and corruption in Alaska. Smart no nonsense Woman, I like her and her style. She IS for DRILL, DRILL, DRILL, to hell with the Polar Bears, they are having a population boom. Would you really like a couple of those big white cuddles to live in your backyard? By the way, there is no law against looking good!!