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thinking about a lien against my home?
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Posted by mangotoo (My Page) on Sat, Oct 31, 09 at 10:16
| Here's the long and short of it all. Not even 50 years old yet and forced out of my job of nearly 15 years. We lived on credit and now chickens are coming home to roost. Always pay our bills on time and an excellant credit rating. Rates on outstanding balance on credit cards are out of control! Very little to no expendible cash! and not able to meet my obligations. Also, I'm a very able person with a very nice track record regarding my profession and job record. Sober and honest! No luck with finding a job that's lucrative. Going to need to withdraw from my retirement but I'll restablish my wealth eventually knowing what I know now. BUT! it seems based on what my accountant told me that the federal and state governments are partnering with me so to speak. What makes my blood boil is that this so called bleeding heart excuse for a president isn't reaching out to the middle class.Why not permit people with debt to solve their financial problems without having to owe the IRS. By the way, any settlement reached between the banks, credit agency and consumer will be reported to the IRS as income to the debtor! Such crock! Tell me this isn't a set up for the destruction of the middle class. I will pay a majority off as planned between me and my accountant but I was thinking about using a lein against my home. Does anyone have any advice about this? My reason for this is to preserve some of my capital to go into the gold and silver market. I have a real crappy attitude about this mess because it upsets me to see our officals print money and make excuses like the bull*$#! excuse they sold us regarding the " to big to fail" line. I now know that was simply code for the criminals and gangsters on wall street to mean only their institutes and not Mr. and Mrs. Main Street. From what I've estimated since I understand math so well is that the multi trillion dollar bailout would of settled all of the tax payers debt, credit and mortgage. Herein, the banks would have been bailed out, jobs would not of been lost, and given that, healthcare wouldn't even be an issue. |
Follow-Up Postings:
RE: thinking about a lien against my home?
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| "Lien"? Do you mean a mortgage? If you are unemployed, you'll find it pretty well impossible to get a loan. And if you want to express your political frustrations, may I suggest that you check out the Hot Topics Forum, where you can vent all you want. |
Here is a link that might be useful: Hot Topics
RE: thinking about a lien against my home?
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| No, not a loan. I don't want that. I was just wondering about an lien as an IOU so to speak. And if that's possible? Since I'm not into my home for more than it's worth. |
RE: thinking about a lien against my home?
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| Am I understanding you correctly, you want to avoid paying your debt so you can invest in gold and silver?? |
RE: thinking about a lien against my home?
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| So you would offer a lien against your home to whom? The credit card companies? No, I doubt they would care at all for that deal. They might offer an interest rate reduction or a payment plan, you would have to ask. But they have no interest in your home. Not sure what your accountant suggested, but it doesn't seem like a do-able plan at all. |
RE: thinking about a lien against my home?
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| To clarify more. A lien is associated with a mortgage, or debts related to the property, such as property taxes or implied HOA dues or services, or a debt related to a contractor for work on the property (mechanic's lien). Someone who gets a court judgment against you may put a lien on your property for eventual satisfaction of the judgment when the property is sold. No one will loan money to you against your home, for purchase of silver or gold or just cash, without a plan for you to pay the money back, which is what a mortgage is. So I guess I'm confused as to your use of the word "lien". |
RE: thinking about a lien against my home?
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| Lien is what happens when you don't pay a debt like you build a new deck and won't pay the lumber company. They can put a lien on your home for the amount you owe them that will be paid when you sell it. It's not something you can do. You are in a difficult spot and you acknowledge the reason for it. Don't make another mistake by investing gold and silver. Just pay your bills with your savings and get on with your life. |
RE: thinking about a lien against my home?
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| Hmm...you ran up credit card debts and now you're p****d because the government doesn't want to bail you out so you can go speculate in risky commodities? And you wanted sympathy?!? I'll offer you one good piece of advice nonetheless. Do NOT use your retirement money for paying off debt or living expenses. A 401k of any amount, or an IRA of less than $1M, is protected from any creditors during a bankruptcy. |
RE: thinking about a lien against my home?
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Sell your house instead. Start over. You said you now understand what you need to do to avoid debt. Investing in gold and silver is NOT the way to do it.
Sell the house, move to an apartment until the debts are paid and you have built up "stuff happens" savings . Get another job and pay the debt. You said you can't find something that is "lucrative." In times like these, people can't afford to be fussy. A job is a job. Consider your family.
This isn't about politics, it is about poor money management during the past ten+ years. I can understand that you are upset, but ranting isn't going to solve your problems, sorry! |
RE: thinking about a lien against my home?
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| You simply have no conception about how loans and liens work, do you? You spent yourself into major debt, buying things you couldn't afford. Now you want the government to bail you out. It wasn't all banks and brokerages that got us into this fricking mess. It was also people like you, thinking you can have everything you want as long as you have a credit card. Pay your debts, and quit buying stuff. |
RE: thinking about a lien against my home?
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| Methinks someone is getting all their info from talk radio.... You ran up credit card debt. You spent money you didn't have. You want to "settle" with your creditors but not pay the penalties. Whose fault is it? Obama!!! If you want to get yourself out of this mess, it is time to take responsibility for your own actions. You need a job - even if it isn't lucrative. Take what you can find to get some money coming in and keep looking for something better. You need to stop listening to the commercials about buying metal and getting rich quick. You are in debt over your head and your plan seems to be to borrow more money?? |
RE: thinking about a lien against my home?
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| By the way, any settlement reached between the banks, credit agency and consumer will be reported to the IRS as income to the debtor! Such crock! I would gladly pay income tax on any debt that was forgiven. You can't beat that deal, settle debt for pennies on the dollar. I'll agree with the others and say quit living beyond your means. Then you won't be at the mercy of banks and credit card companies. |
RE: thinking about a lien against my home?
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| Okay, so you owe somebody money and they forgive the loan. Of course that becomes income. It is money added to your household. If you earn it by working, you pay taxes. If you earn it by getting interest or income from an investment, you pay taxes. It only makes sense that if you "earn" money by taking it from a bank in a loan, and part of that loan is forgiven so that you do not have to pay it back, it becomes income, too. Then you pay taxes on it. I doubt you or I will ever be rich enough to make money in a way where you do not owe taxes on it. When you receive money in return for an IOU on your house, that kind of loan is called a mortgage. It is the definition of a mortgage. Dress it up in different clothes and it is still a mortgage. So you want to mortgage your house to get some money to buy some gold (at historically high prices) and silver, because you are in debt and want to get ahead. You don't want to pay off the debt, though. You want it to just go away. If you are unemployed, have you looked into whether you qualify for a program like we have in Michigan for those whose jobs went overseas? Here it is called the "no worker left behind" funding, and it will pay for your schooling so you can learn a new trade and get back into employment. (PS - programs like these are provided by your fellow taxpayers. Taxes do that, they provide programs for when things get tough.) |
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