as for the economy my friends dad is going through some issues, has a pool screening biz, usually takes home 50-70k a month, he grew up poor and up until 10 years ago was rebuilding electric motors, since then he's been making good money, lived in a 1900 sqf house with 3 kids and a wife. About a year ago had a new home built for about a mil, he's stuck with both houses right now cause nobody is wanting to buy the old home and he went from running 6 crews to 3 crews, hope the summer picks up for him, but the point is this recession affects everyone.

 

Ain't that the truth!! BTDT twice!!
Sorry to hear about your dad though.

 

tough to to hear man, cant imagine thats an easy thing to go through, specially if he knew where the cash was going. As a child of divorced parents I can say with certainty it sucks. Mine are STILL firghting it out. Im fricken 24 and this is getting rediculous! Honestly, I dont really care either way for whomever wins or loses. tired of all of it.

Some serious **** has to start happening in this country for things to get better. I think its time the average American make his/her voice heard. Obvious our politicians dont give a crap bout the common citizens plight right now!

 

Az, I'm REALLY sorry to hear about your Pop. That effing blows !! Like someone else mentioned, have your dad talk to the mortgage company. They'll work with him. They don't want to forclose either.

Drew, your situation is 1 in a billion. NOBODY is guaranteed an income of X with a zero chance of loosing it. Your wife is extremely lucky that she chose a profession that is and seem to always be in high demand. If I could stomach it, I'd do it.

You also mentioned excess income for real eatate. I too have been thinking along those lines, especially with the stock market sucking wind lately, however I'd be more into the landlord idea. Unfortunatey the laws are geared toward the tennants, so I already know of 2 guy's who are stuck with houses where they have deadbeat tennants.

This economy is scary for sure. My job like others can easily dissaperar if things continue to get worse.

 

what i dont have a name? lol.
but seriously tell him to call them, even if they can just give him an extension to try to sell the home. another thing is called a short sale, where you sell for a loss and the bank absorbs the loss, wont affect your credit, sometimes (generaly on a large sale) the difference from sale price and what you owed on it will be taxed as income, like owe 180k sell for 155k youll owes taxes on 25k.


mayfair tennant occ is a good thing too look at now, you can pick up some nice foreclosed homes cheap and turn a buck with a good renter, you have to think theres going to be a lot of good homeowners that got hosed on variable rates that will be looking to rent a home now.

would speak more on it from an insurance side but got some muffin pizza in the oven.

 

I've been thinking abot it that's for sure, however if I get myself into debt and this economy continues to tank, I'll be looking for a place to rent.

 

I'm kind of in the same boat as Drew. Although my job isn't GUARANTEED, it's in high demand, in great part due to the economic status of the country (work in a Detention Center[jail]) so I'm not worried about being let go anytime soon. As far as the crappy divorce goes, I feel your pain Az. I've been through 3 divorces as a kid, so I've seen the brutality that ends up on the kid's shoulders, first hand. Except in my case, it was dad that was the druggie. If there's anything we can do to help out at all, you know where to find us...

 

I agree with Drew. If **** did hit the fan the first thing I would do is sell the CTD. Protecting and providing formy family is #1. I could always get another truck later.Ill give you guys first dibs on it.

 

I honestly don't know what to think about the economy right now. I own a smaller car dealership ( about 30-40 cars/trucks) and it's amazing how many people cannot get car loans. It's one thing for some people to not be able to get a loan on a 20-25k car, but when I'm turning people down for loans on 3-4k cars it's just unreal. Everyone is upside down in everything and I honestly wonder how some of these people eat at night. Hopefully things will change soon. Sorry to hear about your old man, a lot of people are going through stuff like this and divorse seems to be a huge cause of it IMO

 

Its all stupid... My father only pays my mother $180 a month for two of us, because the courts have know way of telling how much he makes a year (he owns his own company), so they set him at minimum wage. I know first hand from working with him that he makes 100k+ per year...