AgeOfEnlightenmentSCP
Distinguished Associate
Joined: Dec 21, 2010 11:59:07 GMT -5
Posts: 31,709 
Favorite Drink: Sweetwater 420
|
Post by AgeOfEnlightenmentSCP on Jan 28, 2011 14:41:06 GMT -5
Can't say I'm surprised, and it's gonna be all I can do to stop myslelf from saying, "Maybe you should sell the BMer and use the money to try to save your house" next time I see him...
[Background: On YM awhile back I posted that while I was out washing my glorious, completely stock, 1997 Honda Civic EX Coupe one of my snobby neighbors back in Naperville, IL asked when I was going to get a "real car"]
As many of you know, I am a distressed property investor. While I've shifted to mostly a buy-and-hold mode right now, I still look at foreclosures in DuPage County (Sheriff's list is available online) and other places. Lo and behold if his place isn't on the list to be auctioned.
Well, you know what they say-- you can sleep in your car, but you can't drive your house. Good thing.
|
|
sheilaincali
Senior Member
Joined: Dec 19, 2010 17:55:24 GMT -5
Posts: 4,131
|
Post by sheilaincali on Jan 28, 2011 15:22:54 GMT -5
Gotta love Karma  |
|
HoneyBBQ
Junior Associate
Joined: Dec 27, 2010 10:36:09 GMT -5
Posts: 5,395 
Mini-Profile Background: {"image":"","color":"3b444e"}
|
Post by HoneyBBQ on Jan 28, 2011 16:36:34 GMT -5
Ask him when he's going to get a "real house" instead of his cardboard box.
|
|
Tred
New Member
Joined: Dec 21, 2010 13:41:40 GMT -5
Posts: 47
|
Post by Tred on Jan 28, 2011 17:56:03 GMT -5
Score!
Unpredictable conditions during turbulent financial times are a fine reason to keep one's unsolicited opinions to one's self...prevents getting laughed at later. Too bad that guy didn't realize it.
Hope he enjoys sleeping under the stars.
|
|
shanendoah
Senior Associate
Joined: Dec 18, 2010 19:44:48 GMT -5
Posts: 10,096
Mini-Profile Name Color: 0c3563
|
Post by shanendoah on Jan 28, 2011 18:08:45 GMT -5
Ahh, but could it be that he is one of those people who is purposely letting his home go in to foreclosure because he is so underwater on it, and actually saving the money he would make in payments to buy another house just down the street for cash?
|
|
nalto
Familiar Member
Joined: Dec 21, 2010 15:31:54 GMT -5
Posts: 777
|
Post by nalto on Jan 28, 2011 18:15:10 GMT -5
Ahh, but could it be that he is one of those people who is purposely letting his home go in to foreclosure because he is so underwater on it, and actually saving the money he would make in payments to buy another house just down the street for cash? Brilliant! |
|
sesfw
Junior Associate
Today is the first day of the rest of my life
Joined: Dec 21, 2010 15:45:17 GMT -5
Posts: 6,268
|
Post by sesfw on Jan 28, 2011 18:22:36 GMT -5
I've heard of a lot of people doing this. My neice and her husband had a small house that got too small so they bought another home before selling the first one. The first one didn't sell so they gave it back to the bank.
Others have just stopped making payments and banked the funds. Takes about a year for the sheriff to evict them and they have all those funds to help them move and start over.
|
|
AgeOfEnlightenmentSCP
Distinguished Associate
Joined: Dec 21, 2010 11:59:07 GMT -5
Posts: 31,709
Favorite Drink: Sweetwater 420
|
Post by AgeOfEnlightenmentSCP on Jan 28, 2011 19:39:44 GMT -5
Ahh, but could it be that he is one of those people who is purposely letting his home go in to foreclosure because he is so underwater on it, and actually saving the money he would make in payments to buy another house just down the street for cash? I haven't spoken with him in some time, he's on the Sheriff's list, but it's really just the bank's wet dream auction date-- it still has to go through the process. It's just Notice of Default stages now. I had considered 'strategic default' as a possible explanation. |
|
DVM gone riding
Senior Member
Joined: Dec 20, 2010 23:04:13 GMT -5
Posts: 3,383
Favorite Drink: Coffee!!
|
Post by DVM gone riding on Jan 28, 2011 20:10:42 GMT -5
shanandoah I never looked that closely before-is that a beagle turned upside down in your pic!! I have two
|
|
Opti
Community Leader
Joined: Dec 18, 2010 10:45:38 GMT -5
Posts: 39,713
Location: New Jersey
Mini-Profile Name Color: c28523
Mini-Profile Text Color: 990033
Member is Online
|
Post by Opti on Jan 28, 2011 22:20:25 GMT -5
"Can't say I'm surprised, and it's gonna be all I can do to stop myslelf from saying, "Maybe you should sell the BMer and use the money to try to save your house" next time I see him..."
Given its Naperville, would selling the car even pay for a years worth of
mortgage payments?
|
|
shanendoah
Senior Associate
Joined: Dec 18, 2010 19:44:48 GMT -5
Posts: 10,096
Mini-Profile Name Color: 0c3563
|
Post by shanendoah on Jan 28, 2011 23:51:11 GMT -5
dvm: better pic of her up over the WIRR-West board, but yes, that's my little beagle girl rolled over against our lab/pit mix. She is rarely right side up.
|
|
Frugal Nurse
Familiar Member
Joined: Jan 3, 2011 18:19:55 GMT -5
Posts: 988
|
Post by Frugal Nurse on Jan 29, 2011 9:41:33 GMT -5
sounds like Karma to me!
|
|
Deleted
Joined: May 1, 2024 19:01:30 GMT -5
Posts: 0
|
Post by Deleted on Jan 29, 2011 13:06:02 GMT -5
You know, a lot of good, hardworking people have been hurt by this economy.
It's nice to see it take down a d-bag once in a while, too.
|
|
busymom
Distinguished Associate
Why is the rum always gone? Oh...that's why.
Joined: Dec 25, 2010 21:09:36 GMT -5
Posts: 28,385
Mini-Profile Background: {"image":"https://cdn.nickpic.host/images/IPauJ5.jpg","color":""}
Mini-Profile Name Color: 0D317F
Mini-Profile Text Color: 0D317F
|
Post by busymom on Jan 29, 2011 13:12:15 GMT -5
Palmbeachpaul - 1, neighbor w/ BMW - 0  |
|
TD2K
Senior Associate
Once you kill a cow, you gotta make a burger
Joined: Dec 19, 2010 1:19:25 GMT -5
Posts: 10,931
|
Post by TD2K on Jan 30, 2011 18:47:20 GMT -5
It's like that Ameriprise commercial "Can somebody help me? I'm in debt up to my eyeballs".
|
|
swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,326
Member is Online
|
Post by swamp on Jan 30, 2011 18:50:08 GMT -5
I guess Paul is over ithe worry that he posted about a few weeks ago that he realizes that he's just a few vacancies away from financial ruin/bankruptcy..............
|
|
Lindz85
Junior Member
Joined: Jan 14, 2011 23:48:23 GMT -5
Posts: 105
|
Post by Lindz85 on Jan 30, 2011 19:09:40 GMT -5
"Can't say I'm surprised, and it's gonna be all I can do to stop myslelf from saying, "Maybe you should sell the BMer and use the money to try to save your house" next time I see him..." Given its Naperville, would selling the car even pay for a years worth of mortgage payments? I know someone who has a BMW and those things are SUPER expensive.. I would say yea it would definitely pay for a years worth of mortgage payments. Not even counting the upkeep on the car, $150 oil changes. I have a friend who has a BMW and one of the headlights went out and it's going to cost him over $500 just to replace it... |
|
Opti
Community Leader
Joined: Dec 18, 2010 10:45:38 GMT -5
Posts: 39,713
Location: New Jersey
Mini-Profile Name Color: c28523
Mini-Profile Text Color: 990033
Member is Online
|
Post by Opti on Jan 30, 2011 19:18:30 GMT -5
"Can't say I'm surprised, and it's gonna be all I can do to stop myslelf from saying, "Maybe you should sell the BMer and use the money to try to save your house" next time I see him..." Given its Naperville, would selling the car even pay for a years worth of mortgage payments? I know someone who has a BMW and those things are SUPER expensive.. I would say yea it would definitely pay for a years worth of mortgage payments. Not even counting the upkeep on the car, $150 oil changes. I have a friend who has a BMW and one of the headlights went out and it's going to cost him over $500 just to replace it... I have a 3 series and my last house at the height of the market was worth over $500K. It wasn't new when I bought the house and selling the car would have not paid for a years worth of mortgage payments for me. I have friends that are professional couple in Naperville. I haven't looked online but my guess is many homes are worth more than $600K. Unless its a fairly new higher end BMW or an M, I think selling the car wouldn't save the house. IMHO. |
|
Lindz85
Junior Member
Joined: Jan 14, 2011 23:48:23 GMT -5
Posts: 105
|
Post by Lindz85 on Jan 30, 2011 19:23:23 GMT -5
Yea I guess it does depend on how much your home is... I didn't really think about that. But, I guess it depends on each person's position. If he wasn't able to make his mortgage payments because he was buying expensive things like BMW's, boats, nice clothes or whatever... than that is his stupidity. But if he lost his job... then I guess that is a different story. I guess it depends on the situation.
|
|
Opti
Community Leader
Joined: Dec 18, 2010 10:45:38 GMT -5
Posts: 39,713
Location: New Jersey
Mini-Profile Name Color: c28523
Mini-Profile Text Color: 990033
Member is Online
|
Post by Opti on Jan 30, 2011 19:29:56 GMT -5
When I think of Naperville, I think of houses like these:  Just looked on a Weichert website and was surprised they were lower than I thought. I searched for 3 or more beds, 1.5 or more baths price range of 100K to 1Mill. Lowest prices were in the higher 300Ks. That one's at the top of the page for the cheapest results and lists at $394,900. |
|
Opti
Community Leader
Joined: Dec 18, 2010 10:45:38 GMT -5
Posts: 39,713
Location: New Jersey
Mini-Profile Name Color: c28523
Mini-Profile Text Color: 990033
Member is Online
|
Post by Opti on Jan 30, 2011 19:33:37 GMT -5
Lots of being built or newer homes on page 1 of my results.  This one is listed at $969K and is a 4bed 3.5 bath home built in 2010. |
|
mudflap81
Initiate Member
In the end, secret service Homer is still Homer.
Joined: Dec 22, 2010 18:58:30 GMT -5
Posts: 72
|
Post by mudflap81 on Jan 30, 2011 21:32:07 GMT -5
Three words Paul - BUY THAT HOUSE!!!!!!!
|
|
8 Bit WWBG
Administrator
Your Money admin
Joined: Dec 19, 2010 8:57:29 GMT -5
Posts: 9,322
Today's Mood: Mega
|
Post by 8 Bit WWBG on Jan 31, 2011 17:10:04 GMT -5
...:::"Three words Paul - BUY THAT HOUSE!!!!!!! ":::...
I remember there was more to that post. That guy (or maybe another neighbor) asked you how in the world you were going to afford to keep your IL house sitting empty -- they didn't know you'd mortgaged it to the rafters to buy properties whose cash flow more than paid for the mortgage.
So yeah, are you going to buy it out of spite? You could rent it to him on the condition that he trades cars with you.
|
|
