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 abica
Warlocks'Apprentice
 
Registered: 04/01/08
Posts: 378
Loc: The River City
Last seen: 1 month, 24 days
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 Lost job, mortgage payments??!??!?
#8376863 - 05/08/08 09:38 AM (5 months, 22 hours ago) |
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Hey shroomerites- we've got a bit of a problem, and maybe you guys have some insight.
My roommate, the guy who owns the house I live in, had a good engineering job until yesterday.
There's 3 of us- but myself, a student with a low-paying office job, and the bum, a guy who just had surgery on his ankle, don't have much earning potential.
I figure the least I can do at this moment in time is try to collect some ideas on how to handle the situation- if I throw every penny I have besides living expenses into the community pot, that comes to about...$450, leaving me with $350/mo to live on. I could probably pare that down some...but it's kinda small beans. The injured guy is pretty much a useless bastard...before injury. 
Obviously, with a ~ $1200/mo house payment plus utilities, etc, there's a bit of a shortfall.
The roommate's been looking for another engineering job for a while, casually, and the market isn't so hot right now. But his job's giving him a week with a counseling place, resume brush-up, etc., and he should get regular pay for the next month. Right now he's got a job lined up cooking steaks in a restaurant...that's not going to suffice either.
We could take on another roommate and lose the bum, but he just sleeps on a couch in the basement with the drums, guitars, amps, etc., and that isn't a high-rent district...can't generate much rent from the space.
So, any advice would be appreciated. One note is that his home loan was a "good" fixed-rate one, not one of these sub-primes. I am assuming the loan company might work with him a little before foreclosing? Maybe we have a couple months before we've gotta put out the lifeboats?
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Uncle_Rico said: "There is so much information on 'The Shroomery' it is easy to get overwhelmed ... my advice: choose something and do it ... you will learn ... you can adjust .. you will figure out what works best for you and your situation."
No truer words have been spoken IMO.
Here's the story of the poo tub
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 Veritas
Registered: 04/15/05
Posts: 9,772
Loc: PNW
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 Re: Lost job, mortgage payments??!??!? [Re: abica]
#8377895 - 05/08/08 02:36 PM (5 months, 17 hours ago) |
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There is a great deal of variation in state laws on foreclosure procedures, so I would recommend doing an internet search for your state's laws. Your friend could also contact his bank to inquire as to their policies regarding foreclosures, and to ask for leniency during his period of unemployment.
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If people stopped looking on their emotions as ethereal, almost inhuman processes, and realistically viewed them as being largely composed of perceptions, thoughts, evaluations, and internalized sentences, they would find it quite possible to work calmly and concertedly at changing them.
~Albert Ellis
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Luddite
establishmentshill
Registered: 03/23/06
Posts: 1,636
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Re: Lost job, mortgage payments??!??!? [Re: abica]
#8378488 - 05/08/08 05:20 PM (5 months, 15 hours ago) |
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Join the marines and go to Iraq.
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http://www.protestwarrior.com/
http://www.thepeoplescube.com
http://michellemalkin.com/2005/11/01/unhinged-the-mugshot-collection/
  
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Redstorm
Prince of Bugs
Registered: 10/08/02
Posts: 40,121
Loc: [life]now[/life]
Last seen: 23 hours, 13 minutes
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Re: Lost job, mortgage payments??!??!? [Re: abica]
#8378752 - 05/08/08 06:22 PM (5 months, 14 hours ago) |
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I'd boot the worthless guy and try to find someone who can pay rent.
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Irradiated_Feces
doomedgeneration
Registered: 07/11/03
Posts: 4,009
Loc: Great White North
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Re: Lost job, mortgage payments??!??!? [Re: abica]
#8378925 - 05/08/08 07:09 PM (5 months, 13 hours ago) |
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get a line of credit and take on some debt until the shit storm passes.
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Some people are like Slinkies - not really good for anything, but you still can't help but smile when you push them down a flight of stairs.
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abica
Warlocks'Apprentice
Registered: 04/01/08
Posts: 378
Loc: The River City
Last seen: 1 month, 24 days
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I've been collecting all sorts of advice, and also we've had a conference and did a bit of brainstorming.
@ Veritas: I forwarded that information to the guy who's in the hot seat, and I shouldn't have a problem finding the law, since I work in a law office. Also, I found out about an interesting strategy- if they initiate foreclosure proceedings, try to strike a deal with the loan company/bank: "Deed in lieu of foreclosure and as...argh I forget the language...settlement in full for money still owed."
That's supposed to save you something like 5k if the shit hits the fan.
Looks like even in worst-case land, we'll be in the house until Oct. at the earliest.
Contacting the company is definitely something he will do- maybe they'll be reasonable since the market is so screwed up, to give a guy a break who has a "good" loan might be in their interest instead of sitting on yet another empty house.
@ Luddite: I tried several times to join the Army in 2001-02, that didn't pan out though, but I do really like things that go boom, and also living outside. I heard Iraq has a lot of interesting sights to see and people to meet, and is a wonderful place to go, full of history.
@ Redstorm: Well, if we boot the worthless guy and then his settlement goes through from his apparently really bad injury, we'd feel a bit like dopes compared to pulling in $200 from the basement couch. Although he knows he's on notice for that shit  so he better not be stupid over the next couple months. It's kinda like the 'cost' of keeping him is outweighed by the gamble of his getting some loot to hook up the people that hooked him up. And if he wouldn't, he would be a pariah amongst the small group of people in his hometown that have helped him out over the years, something he knows he can't do, and if he did, man, the tough time he'd have even with some settlement checks would allow me to sleep good at night.
@ Feces: I worked with a guy who did that a few years ago, not a terrible idea. I already did that in late 2002, so that's why I work under the table and exist on the fringe for now. I might give good financial advice from time to time, but make shitty decisions myself.
However, the choice between credit and losing the house, the ship's captain might need to think about this. It's gonna be tough to land a good engineering job in like 3 weeks, and I don't think he's been running much of a balance.
I wish my little experiment would hurry the fuck up- some extra-sensory input would surely reveal the ultimate answer. I need to get this guy friggin goofed up on shrooms 
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Uncle_Rico said: "There is so much information on 'The Shroomery' it is easy to get overwhelmed ... my advice: choose something and do it ... you will learn ... you can adjust .. you will figure out what works best for you and your situation."
No truer words have been spoken IMO.
Here's the story of the poo tub
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Brain Fart
Philosopher
Registered: 12/19/07
Posts: 738
Loc: Miltown, Cheeseville
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Re: Lost job, mortgage payments??!??!? [Re: abica]
#8396593 - 05/13/08 12:46 PM (4 months, 26 days ago) |
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I am a Loan Officer at a brokerage in Milwaukee.
Now with the fed's cutting rates by more then 2 points in the past months, and 2 3/4 points on the home equity lines, what i would be trying to do is refinance the home for a 30 or 15 year fixed rate, and get locked in at around 4.9 - 5.5 good credit assumed.
that would put about an extra 400 dollars in your pocket each month, depending upon what the balance is left on the home.
now without the numbers in front of me, as well as your credit history, Loan to Value, Debt to Income ratio ect ect, I can only make generalizations.
And you probably don't live in Wisconsin so I personally can't write you a Loan.
WHAT I WOULD DO.
Goto your lender where you have the mortgage.
Pull out equity on the home, enough to pay the first mortgage with, and help you live on, until thigns get back on the right track.
Pull out enough equity so that you will be able to live on that as well as pay your mortgage monthly.
then after a few months when things pick up, and you have extra capitol set aside from your job, that ou didnt have to use, because you had your hoem equity line, you can reinvest that on the balance of the second mortgage (the equity) once things become more financially stable.
This will work, and it is a good short term solution.
I know a friend of mine who did this for 18 months while she went to school full time.
BE DILIGENT about your finances and how you spend them.
If you fuck up making payments, or don't ration your money properly, you will not be happy with yourself.
This is a solution, but only for someone who can handle it responsibly. If you need anything else, feel free to PM me for my phone # and I'll walk you through it.
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abica
Warlocks'Apprentice
Registered: 04/01/08
Posts: 378
Loc: The River City
Last seen: 1 month, 24 days
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Re: Lost job, mortgage payments??!??!? [Re: Brain Fart]
#8397010 - 05/13/08 02:29 PM (4 months, 26 days ago) |
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Thanks for the reply.
The roommate, owner, that is...
He has good credit, low debt, and is more responsible with his money than most people.
This would be a good solution for him.
Currently, he has enough income from his old job to carry him through two payments until things get sticky. Plus he's filing for unemployment this week, so if managed properly, that $$ will help...a bit at least.
I've informed him to get on the phone with his loan company ASAP and have a talk with them.
Having owned the house for only 1 1/2 years, he doesn't have a hell of a lot of equity yet.
Good info, and I'll pass it along.
Thanks for the offer to discuss further if we need to!
(We're down in IL, not so far away...used to know a crazy deadhead called 3 dog mark from WI...ahh good times!)
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Uncle_Rico said: "There is so much information on 'The Shroomery' it is easy to get overwhelmed ... my advice: choose something and do it ... you will learn ... you can adjust .. you will figure out what works best for you and your situation."
No truer words have been spoken IMO.
Here's the story of the poo tub
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Brain Fart
Philosopher
Registered: 12/19/07
Posts: 738
Loc: Miltown, Cheeseville
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Re: Lost job, mortgage payments??!??!? [Re: abica]
#8399161 - 05/13/08 11:12 PM (4 months, 26 days ago) |
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No prob bro, glad to help.
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Prisoner#1
Even Dumber ThanAdvertized!
Registered: 01/22/03
Posts: 92,337
Loc: S.F.I.G.E.L.
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Re: Lost job, mortgage payments??!??!? [Re: abica]
#8404866 - 05/15/08 10:51 AM (4 months, 24 days ago) |
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Quote:
abica said:
It's kinda like the 'cost' of keeping him is outweighed by the gamble of his getting some loot to hook up the people that hooked him up.
no good deed goes unpunished
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abica
Warlocks'Apprentice
Registered: 04/01/08
Posts: 378
Loc: The River City
Last seen: 1 month, 24 days
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Re: Lost job, mortgage payments??!??!? [Re: Prisoner#1]
#8404911 - 05/15/08 11:12 AM (4 months, 24 days ago) |
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LOL no kidding...we took him in a year ago, for a while it's good company, then "get a job" then this surgery from the old injury, now a crippled bum playing video games in the morning when I go to work because he's been up all night?!??
But oh hell, he really should get a settlement out of this, he looks even more gimped because I have a sneaking suspicion he has made ZERO effort to rehabilitate that ankle even though I told him that if he doesn't give himself lots of painful horrible exercise it will be gimped permanently.
So as long as the insurance company doesn't call bullshit, there should be some PPD (Partial Perm. Disability) involved, and he can fork over some looooot.
Roommate and I had a discussion last night, once again agreeing to keep him around to pay back what he owes to said roommate/house owner.
And roomie has some good job prospects, so all might be well and I won't have to put "plan B" into operation, which, frankly, I'm not a big fan of. I like to make money legitimately these days, not a teenager anymore.
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Uncle_Rico said: "There is so much information on 'The Shroomery' it is easy to get overwhelmed ... my advice: choose something and do it ... you will learn ... you can adjust .. you will figure out what works best for you and your situation."
No truer words have been spoken IMO.
Here's the story of the poo tub
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Prisoner#1
Even Dumber ThanAdvertized!
Registered: 01/22/03
Posts: 92,337
Loc: S.F.I.G.E.L.
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Re: Lost job, mortgage payments??!??!? [Re: abica]
#8404996 - 05/15/08 11:44 AM (4 months, 24 days ago) |
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Quote:
abica said:
But oh hell, he really should get a settlement out of this,
and he can fork over some looooot.
while I dont know your friend and I cant say with 100% certainty,
I know most people would decide to move when the settlement check
arrives, his parents house really is the proper place for him,
that way he can continue to burden them instead of some folks that
are financially strapped themselves
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abica
Warlocks'Apprentice
Registered: 04/01/08
Posts: 378
Loc: The River City
Last seen: 1 month, 24 days
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Re: Lost job, mortgage payments??!??!? [Re: Prisoner#1]
#8405132 - 05/15/08 12:25 PM (4 months, 24 days ago) |
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You're totally right, but he's 29, has a bitch stepmother (the kind that threw away his tax refund check a couple years ago), etc.
He spent a year "on the road" doing medical studies with his gambling-addicted brother. He has zero motivation for leading any sort of typical western capitalist life, just wants to be a plant and do nothing.
We took him off someone else's hands, the roommate/owner is a kind hearted guy...  and like you said, no good deed goes unpunished!
Care and feeding is an issue, and his $250/mo worker's comp isn't doing much for that. Plus the guy "can't wash the dishes, how am I supposed to do that on crutches?"
I'm starting to turn into "the asshole" because this shit's getting old. Oh well, I'm just getting cagey and soon will explore peaceful realms through various fun experiments I've got going on.
I really doubt he will dip out when/if he gets a settlement...he is THAT LAZY! And not a bad dude, he knows he's taking advantage of the situation and he's out of friends to take him in.
So I should stop thinking negative thoughts and just be part of a good deed...damn...can barely call it a good deed...it's a joke at this point.
By the way, just got good news from the roommate, he's got an interview for an engineering position with a big aircraft maintenance firm that works on corporate jets!
Now I'm gonna feel like the mooch again, I get paid jack shit and the roommate's hooking me up by letting me live there for cheap. Hehe at least I have a fun closet to contribute.
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Uncle_Rico said: "There is so much information on 'The Shroomery' it is easy to get overwhelmed ... my advice: choose something and do it ... you will learn ... you can adjust .. you will figure out what works best for you and your situation."
No truer words have been spoken IMO.
Here's the story of the poo tub
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