I made a very tough decision today...

reply to post by samkent


I think from lack of response on the OP it shows that this was not a Post based in reality. I find posters who disappear or vehemently argue are not truthful about their post. Just my opinion.

What about Land? With 6.6 billion and counting this would be a precious asset. You can get water, grow food, hunt,and live on it. Isn't that what the gold would be used for? To sustain life?

reply to post by amc621


I'm starting to agree with you.

reply to post by Sly1one


Wish you the best in your recent decisions. Instead of renting why don't you go to homepath.com and pick up a house for 50,000. A 15 year mortgage will be like $300 a month.

You will feel great in time by making the decision to reduce your debt.

reply to post by Deja`Vu


Once he walks away from this house he won't be able to get a loan for the next one.
A trailer perhaps?

Originally posted by Griffo
I wouldn't really advise investing in gold as a safe guard against economic crash. You see companies all the time offering money for gold. If paper money is about to become worthless, why would those companies accept it as payment?

You should probably read this link before investing in anything like gold or silver

The Myth of Gold as Inflation Hedge

Did anyone else also make no sense of this?
If they are paying you for gold they are not doing as you say " If paper money is about to become worthless, why would those companies accept it as payment?"

reply to post by Deja`Vu


Man i wish houses were cheap in Australia like they are in the USA
Where i live the average house is $390,000 so i could get nearly 8 houses in the states for that :/

reply to post by Sly1one


I wonder, and maybe someone has the answer. I understand your predictament, I am not far from possibly doing the same. On the other hand, I am forced to also think about another possibility. Suppose it does all come crashing down around us, and you are still residing in your home. What do you think the mortgage companies recourse against you would be? Would the system crash enough that the court systems quit hearing the foreclosure cases, for whatever reason, manpower, money, etc. What I am getting at, if it all crashes and the dollar loses value, how will the mortgage companies take back the homes if by some chance the courts are not really in a position to do anything about it anymore or possibly even care to.

In simplistic terms.

1. the system crashes
2. people quit paying their mortgage
3. mortgage companies file suit (if able)
4. Courts tell mortgage companies we have more important things to deal with now.
5. Mortgage companies tell borrower to give the house up.
6 Borrower says screw you, make me leave, I am staying.

What would the mortgage companies do then.

Or would a scenario like this even be possible. Just looking at possibilities, and ways to work the system myself if push comes to shove.

Originally posted by OutKast Searcher
Who agreed to the terms of the loan???

Oh yeah...that was you.

And the bank also agreed to the terms of the loan, if he doesn't pay they get the house...

It wasn't just buyers who stupidly counted on real estate continuing to go up, the banks did the same thing... so now they're gonna get a bunch of depreciating assets (that's what they agreed to, tough luck, the government bailed them out anyway).

Actually to all you illiterate mortgage people, neither you or the bank owns the home. Your name is only on the financial documentation, or also known as the loan docs. But since any home is financed, your SIGNATURE is no where on the official mortgage, therefore, the alleged " contractual obligation" is deemed now null and void. Why do you think B of A stopped fore closers for awhile, and why have so many people been able to walk away from there home unscathed from any credit destruction? Because much like myself, there are those of us who informed ourselves and took on the corporation.....and WON!

For those of you who keep calling the OP a dead beat...( and yes you all know who you are), sounds to me more like the fact that either A) you were unable to buy a house to begin with, thus suggesting your bitter to those who can, and can walk away, or B) your unable to conjure up a true debatable thought to this discussion and simply thought you would throw your 2 cents worth in...but never fully understanding the ways of " investments", and how common sense works when your investment no longer has marketable value...or C) you like to talk a big talk, as we have seen by a particular female on this thread...and like to express your bitterness because you cannot obtain, that which some of us have~ I foresee re-runs of oprah in your near future....

reply to post by Sly1one


Don't be stupid!
The reason there is such hype about buying gold is because "they" want to SELL there gold at a great price."They" need as many dumb - arses as possible to push the price up. Be careful!

Originally posted by Whereweheaded
Actually to all you illiterate mortgage people, neither you or the bank owns the home. Your name is only on the financial documentation, or also known as the loan docs. But since any home is financed, your SIGNATURE is no where on the official mortgage, therefore, the alleged " contractual obligation" is deemed now null and void. Why do you think B of A stopped fore closers for awhile, and why have so many people been able to walk away from there home unscathed from any credit destruction? Because much like myself, there are those of us who informed ourselves and took on the corporation.....and WON!

Care to explain further? I am always up for sticking it to the man whenever I can.

reply to post by Sly1one


What you are missing is that in the case of both gold and homes, there is always going to be cycles. What is high today will be lower in the future and vis a versa. If you are basically spending the mortgage payment on rent anyways, why not just keep the house and have something that you will own at the end of the mortgage? Instead you will be paying off the rented house for it's owner. I am sure he doesn't care if it is underwater because he will own it in 30 years max. You should take the same stance. Unless of course you bought as an investment instead of a place to live. In that case you should probably pause before buying into the hot dot again.

It's not like after you sock it to the banks for 7 months that things will be much different for you except for a stack of coins. Eventually the banks will come for the difference in what you owed and what they sold it for. They will freeze your accounts and garnish your pay most likely. Running is futile at that point.

reply to post by Skewed


Yeah, I'll U2U the sources for you to reference.....may be later this evening though...k?

Wow..I certainly hope you don't need to trade with me when the SHTF, cuz I place zero value on gold and silver right now, and it would be worth even less then.

If you're nice and polite I might let you work for food, but unlikely.

What is the fascination with the stuff anyway? Both are useless in daily life, about the only thing they are good for is plating electronic connections, and I doubt I'll be doing much of that.

You'd be better off investing in things you can actually use, I think.

applause for the OP.

i would also like to point out that additional foreclosures in this market are not in the best interests of the banks.

the key to any debt based economy is to CONTROL the RATE OF FORECLOSURE. if the rate of foreclosure spirals out of control, the figures of supply and demand become meaningless. the only way to re-enforce the economic foundation, the economists must regain control of the rate of foreclosure. what this means is that it is very likely that you will live in your house for a very long time, receiving all kinds of unpleasant notices, but never actually in threat of being kicked out.


in fact, from the perspective of upkeep of the premises, you are doing the bank a favor by occupying.

best to you...

Originally posted by Whereweheaded
reply to post by Skewed

 

Yeah, I'll U2U the sources for you to reference.....may be later this evening though...k?

Can you U2U the information to me as well?

So the OP has bought gold with the past two house payments.

That means he is down about 4 percent on the gold and the late fees on the house have mounted.

Does this sound like he is getting ahead in life to you?