How Many Are Close To A Breaking Point?

I'm sorry for what is happening to you. My situation is not much better right now, I assure you. I don't know if this will help you, but I hope it does. Thanks to the above poster that mentioned a gov backed mortgage.

[link to www.rd.usda.gov (secure)]

OK, well, it sounds like you have time and/or options. Good. It's always good to know you have other options and being a country-boy is a big plus. A good woman will follow you to Hell and back. Your wife is probably more willing to escape bank-slavery than you may know. Good luck to you. Keep us update.

I didn't know I had a gov backed mortgage until the government sent me a letter (told me about the forbearance)a so I took advantage of the forbearance, with Wells Fargo they do 3 months at a time and they cannot ask any questions, doesn't matter if you are affected by covid or not. I did it because my house is for sale and if I can save that money, I'm all for it. I took mine 2 weeks ago.

For Wells Fargo, log into your account, there is a little yellow banner at the top, that asks about covid, click the banner answer a question (maybe 2) and ta da, it's done, they cannot question you, they cannot tell you no. It stops everything, if you are behind in payments or ready for foreclosure, it all stops cold, even if you are current, doesn't matter. It just freezes time, time to breathe.

Last Edited by Serepta Ann on 01/29/2021 09:34 PM

Covid restrictions aren't becoming more and more strict, they're becoming more and more lax.

I imagine the laxity is mostly due to situations like yours that the government doesn't want to have to remedy with more money. Sucks, though, because jobs are hard to come by even with the laxity. My son has been looking for two months now, and nada.

interesting point.

No, but it took some time to get here.

Financial difficulties are a fact of life. Job loss had always initiated the problems for me, as I was in a cycle of job elimination from corporations, simply due to downsizing every number of years. However, I turned this on it's head and started to learn the game to use it against them. Maybe there are some nuggets for you here.

First and foremost, your credit score is the number one tool you can use to leverage your situation. If it's good or stellar, you can do almost anything. It's not so much how much money you have, it's how good you are using your score to manipulate opportunity. Job loss, is another silver lining you can take advantage of.

For your situation, I would do everything I can to get that house refinanced. Find someone to make it happen. Ask your broker, you should be using a broker if you aren't, what do you have to do to pass underwriting? Make that happen, as it frees up monthly cash. I just refinanced prior to this election, and invited/interviewed about 50 brokers looking for what I wanted. When I found that broker, I told him we MUST close before the election, for obvious reasons we are experiencing today. I could see the disruption coming.

Appraisals: YOU help lead the appraiser to the valuation you seek. I presented no less than two dozens documents in mine, and it came back $4000 less than my recommendation. What did I do? Well, obviously talk about the improvements and my opinions. Offer online comp prices from the online appraisal sites. These sites aren't what you expect, but they are a visual piece of data for building up your case. Then offer six to twelve of your local "sold" comps, pictures and details. Present your case, and lead the appraiser into your line of thinking. I've done this successfully twice in the last five years with different appraisers, getting almost exactly what I want. They get the final say, but if you provide ZERO, they can pull any number they want. Help make their job a little easier. I use to work for an old engineer that told me IF you want something, present a detailed case. Most of the time, you may receive what you are looking for, or very close.

Next, debts...

Obviously get that home in order, but afterwards, or if you can't, then onto debt management. Know the difference between secured and unsecured debts. In the time of crisis, you can do things you normally couldn't do during the good times. Never let a good crisis go to waste. By this I mean your home and car is a secured asset. Don't pay and they take it away. Your credit card loans or other loans backed by nothing, you can default and settle for pennies on the dollar. Deficiency judgements may be issued on the debt, and your credit score WILL plummet, but in enough time, the debtors WILL settle for pennies on the dollar. The settled difference, will be added as yearly income, and you pay taxes on the amount. Now the benefit in this is that ONCE the debt is "Settled in Full", your credit score jumps back up to what it was prior, or higher, because you've offset the debt load. In seven years, these will fall off the report.

Having stellar credit and utilizing it is key. Utilizing strategic defaults when in crisis, can be a silver lining if the event calls for it. These corporations have no morality towards you, you are a dollar sign. They simply write off the debt as a bad business dealing. Sometimes, just sometimes you may have to use the LAWS that are on the book, and these pathways these corporations provide as options to you. Learn them, as they won't outright tell you about them.

So, how does one know about all this above? Well, in unfortunate times, we simply have to figure things out. I've done enough research to know that disruption was coming, and prepared to brace for this moment. From a 620 credit score, all the way to 800+ today. Refinancing and pulling cash out, while reducing monthly payments AND timeline to pay off the loan. They've essentially provided FREE money just by understanding, and playing the game legally. All while significantly living within the means.

CARES act from last year offered people the opportunity to withdraw from their 401k "additional tax" free, for those affected by Covid. Perhaps using this to offset some debt to free up cash, could have made sense for some people. While people may say NEVER dip into your 401k, I say that the greatest stock market crash is manifesting right in front of our eyes. 2001, 2008, 20XX. There are significant warnings in the stock market that it's coming. You can read it in the stock charts quite literally, if you can identify it and decipher it. It's currently a waiting game.

That's all I got for now. Good luck with your situation. Life is full of silver linings. Go find them for your situation.

Man, what a nightmare. I'm so sorry :(

I’m ok but am taking 1/2 a dozen remedies multiple times a day and now an herbal sedative valerian. What a year so far. This week I learned about about the death of 2 friends, one older person who I was fond of and a high school friend who likely committed suicide. I haven’t seen either person in years but it’s so weird to learn these things online. The last time I saw them was the early 2000s, so now I’m focusing on that and going over everything wondering what I could have done differently. I’m haunted by my mistakes and depressed to realize that I’m to blame. It’s finally sinking in that things haven’t been right for a long time, and maybe never will be.

Pretty dam close

Not me OP, I have decided to become an "activist" and join a group to help out the community after reading all the gloomy headlines and the direction of the country.

Last Edited by SliverVX on 01/29/2021 09:40 PM

Last week I asked the advisor managing the refinance what I would need if the appraiser screws the value again. He said I would have to bring $5000 to the table.

So the conundrum being, I could cash everything in from my stocks and use up my savings to do that. But then I am left with no savings in a very uncertain time. I am certainly willing to do that if necessary, but I absolutely hate having nothing to fall back on.

Also, if the new mortgage company were to find out my wife no longer has an income, then they would not be willing to issue a new loan at the low rate. So we are hoping we can make it through without that being an issue, since they already did payment verification back in December.

They are going to legalize 11 million new people OP.

That might help you finding a job? lOL.

The Deep State is overplaying their hand and it will lead to a strongman emerging. A nobody. This scenario has played out time and again throughout history, most recently in post-WWI Germany where the actions of Internationalist elites in the Allied Starvation Blockade of Germany led to the rise of a WWI veteran, a nobody, who decided to take his country back the hard way. History always repeats.

The man might lose his house and you tell him to buy a tent?!?





Last Edited by Don Of N*******t on 01/29/2021 09:38 PM

Can't wait until the winter is over and the weather turns nice enough I can get back out and spend time in the calm, silent woods.

With this almost 12 month lockdown, the communist takeover of the country and the mask tyrants, I've got a first class full out case of cabin fever.

The economic bust is already there, it is just waiting on the opening up of the lockdowns and hold on repo's.

Those that haven't been paying rent, the owners of the rental property, the home owners who haven't been paying the mortgage, or the car payments, etc.

... are going to be destitute and find their butts in a world of hurt.

The current demons in charge of the government aren't going to do anything for any of them...

... it is class warfare at its worse and if you aren't of a certain group or class you're the enemy

ya people right now are quietly losing everything, except a metal file and a pitchfork

Wow. Ur a fucking dick.

To the OP, good thoughts and luck to you.

It's best not to reflect on past life choices unless you are seriously ready to take a look into yourself. Never focus too much on the 'what could-a-beens' because that can lead down a depressing path.

But like in all things in life, you are doing better than some of your past friends and worse than others.

That means you have things to be thankful for and goals to shoot for.

Once he was "almost homeless", no he's just plain brainless.

The tent idea may be quite worth it in the long run, Don Draper from Nantucket. The Illuminati is doing everything they can to completely destroy the Middle Class. Remember, they want a plant full of serfs for their Neo-Feudalism. Well, that will be our and our children's fate and so on for an economic model. We will still be Communist planet wide, especially here in America, sure, but the layer of economy we will be allowed to ever interact with will always be the Neo-Feudalism Layer. Hundreds of millions of Americans are due to be slaughtered by our Military and our militarized cops in the very near future as well. Being able to stay mobile as best as you can will be a major boon to your short and long term survival.

"What did you do to retain your home, sir?"

"I gave up my brains. Unfortunately Harvard told me that my brains were of no use to them nor Science in general."

Sounds about right.

I went on unemployment in March of last year, and actually made more $ with stimulus and unemployment than when I was working. I have no debt, and live frugally. I'm old and tired, so staying home with my cats and dogs has been nice. I officially retire in December of this year.

Its all good. Not being a dick in any way but things like this temper a good soul. The more shit you go through, the better off you are. A soft person will buckle quickly. Our grandparents lived through world wars, the great depression and many other events. We are good, trust me. This will work itself out for the best from the American people in due time.

This might be the perfect storm of events that lead to the rise of the Antichrist. If not yet done, get right with Jesus now!

Nobody will ever do shit. People would rather become homeless than physically fight the system.

I like this comment

I think it's sad you had to put a disclaimer about not advocating violence because a handful of people got out of hand on Jan. 6th - and others were so confused they thought they were being allowed onto Capitol grounds to peacefully protest.

You had to put a freaking disclaimer while Antifa is still destroying cities on the West Coast. The neo-Marxists who took control have really intimidated the shit out of us haven't they?