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#11
11-07-2007, 07:05 PM
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Re: beats/brags
[ QUOTE ]
Bankruptcy: the American dream [/ QUOTE ] Obv in this scenario its a godsent. Not something you dream of as a child but then again, neither is saving all that money and losing it. I'm not glorifying it, it's a beat to file but its a brag to be let off the hook a little because of my huge loss. 
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#13
11-07-2007, 08:22 PM
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Re: beats/brags
[ QUOTE ]
I'm glad retards like u make interest rates so high for people that actually pay back debts. [/ QUOTE ] Riiight. I pay taxes and follow the rules just like the rest of us. I didn't believe in BK several years ago I thought it was a easy way out for people who were irresponsible. But I spend $250k on down payments, have $50k in reserve, market takes a dump, I get stuck with $9k in mortgage payments, I have no choice but to use my cash for mortgage payments and credit cards to keep up on gas, food, and other basic expenses. Just down on luck to have that happen. You think I ran up my credit cards with high end electronics or poker deposits youre wrong, gas, food, normal expenses. I dont take advantage of stuff like this, I'm not working for my uncle, collecting unemployment and evading taxes so get real. I suppose its hard to understand unless you're in this position but hopefully you never will have to understand. I wouldnt have 2 years ago.
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#14
11-07-2007, 08:36 PM
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Re: beats/brags
"I thought it was a easy way out for people who were irresponsible."
having 5 houses and buying a 6th while not being able to rent out any of the first 5 does seem a little irresponsible though.
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#15
11-07-2007, 08:37 PM
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Re: beats/brags
[ QUOTE ]
"I thought it was a easy way out for people who were irresponsible." having 5 houses and buying a 6th while not being able to rent out any of the first 5 does seem a little irresponsible though. [/ QUOTE ] I don't have 5 houses NOW, I did. This new fixer upper is the only property I own.
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#16
11-07-2007, 08:38 PM
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Re: beats/brags
[ QUOTE ]
I suppose its hard to understand unless you're in this position [/ QUOTE ] Not really, seems pretty straightforward to me: [ QUOTE ] beat: clearly over extended yourself by purchasing more then you can afford. This, ironically, is the reason for the mortgage troubles & subsequent downturn in real estate prices in America. [/ QUOTE ] Sounds like you had fun, though. And bankruptcy rolls off the credit report after 10 years, so whatever.
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#18
11-09-2007, 11:10 AM
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Re: beats/brags
[ QUOTE ]
so how did u get 95k for the new house then when the other 5 got repo'd? I'm confused. [/ QUOTE ] I bought the house through a private investor that deals with equity based purchases, not using traditional credit to qualify. The home is worth ~$230,000 and it was a low risk to put up $70k for it. When I finish the remodel and sell the home, I make my money, he gets his money back plus fees, if for some reason the deal goes under, he keeps a $230k house for $70k investment.
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