Bushie: The Final Frontier - Update Season V

[Queen Mum Inks.LWC]

Jeff, you can't hold a job for 6 months... attempting to commit bank fraud probably isn't something you should be trying to do here.  If a Michigan Supreme Court Justice can't pull it off, neither can you.

[Queen Mum Inks.LWC]

Jeff, you can't hold a job for 6 months... attempting to commit bank fraud probably isn't something you should be trying to do here.  If a Michigan Supreme Court Justice can't pull it off, neither can you.

Bank fraud?  Since when did I mention anything about bank fraud??

What do you think concealing employment from your realtor and banker is?

[Queen Mum Inks.LWC]

Alright, alright.

Part of the plan, about 25%, is to get a job as soon as possible, but to make it as low key as possible. I  don't want my realtor and bank to get word and cancel the short sale of the house because there is no longer a perceived hardship.

Ladies and gents, here is the reason he really quit his job and came back to Oklahoma. You can't have a short sale if you have gainful employment while living in another state.

That makes sense. I didn't know what you had to prove to do a short sale. I thought it was just that you couldn't make the payments, which he cannot do. But I know nothing of his finances.

But yeah, I could see his parents telling him he had to do that so they could sell his house.

For short sale, you really gotta be in the area of foreclosure, and for the hardship you have to show loss of job, heath conditions (like if too sick to work) or loss of income to pay for it. So it make sense as to why he is back, to prove that he doesn't have an income.

But he quit his job - I'm not sure with his circumstances he'll qualify for a short sale (and from the sound of it, he doesn't, if he's weighing the option of short sale vs. regular sale).  I mean... Jeff, why do you need to get out from this house?  If it's that bad, and you're not eligible for a short sale, don't commit fraud - just have the bank foreclose.

[Queen Mum Inks.LWC]

Didn't Torie say that the short sale was unnecessary or something?  I don't remember the particulars of that argument, but it sounded like he knew what he was talking about.  Perhaps he can refresh my memory?

I think he said he should just let it go into foreclosure.  The problem with that is that it can have a harsher impact than a short sale does on your credit and ability to buy a home later.  I don't know Jeff's credit information, but if it's already terrible, it probably doesn't make much of a difference.

The smart thing would be to talk to a financial planner or someone he knows at church who can sit down with him and look at everything and give him some advice better than people on the Internet trying to fly blind (or practically blind, since who knows what he's not telling us).

[Queen Mum Inks.LWC]

Jeff, you can't hold a job for 6 months... attempting to commit bank fraud probably isn't something you should be trying to do here.  If a Michigan Supreme Court Justice can't pull it off, neither can you.

Bank fraud?  Since when did I mention anything about bank fraud??

What do you think concealing employment from your realtor and banker is?

Oh ok, I see that now.  That's part of my dilemma.  We've got to get out from under that house ASAP and going on with a normal sale could take forever in this economy.  Even the short sale could still take 2-3 months, but at least it would have an almost-defined end.

Is there no other way out of that property besides mooching off your parents until it sells, which could take a while given it's in the middle of nowhere Oklahoma?

Maybe your best bet is to find stable employment and live in it until you can sell it? Or just foreclose on it and ruin your credit. Either way, it's not fair to live at home, take naps all day and dance around trying to find a job merely to allow a short sale to go through.

I refuse to let it foreclose.  I would like to be able to rent an apartment later on, and my car is not getting any younger and will have to be replaced one of these days.  All the short sale will do is temporarily ding my credit for a year or two and prevent me from purchasing another home, which I don't intend to do anyway.  My realtor is a specialist in short sales, and she says my situation qualifies for a short sale because my hardship is that I was shipped out to Utah for work and lost my job in Utah (via a rejected two-weeks notice) and am back in Oklahoma.  Its almost like a double-hardship.  I just don't want employment to ruin all that, but I guess having a job would make it easier to deal with whatever situation comes about.  Another reason I am looking for employment right now, albeit slowly, is its easier to hire someone who has recently had a job, even if for only 4 months, than it is to hire someone who has been out of work for 3 months, 6 months, etc.

Who the heck told you a short sale is just a "ding" on your credit?  That's not true.

[Queen Mum Inks.LWC]

Of course your realtor told you that... she's making money off the transaction.  A short sale can cause a drop in your FICO score as significant as 100-200 points.  That's not a little ding.  I think you need to get some solid advice on the issue from someone uninvolved with the transactions.

[Queen Mum Inks.LWC]

Just let the damn house house go. It may hurt your pride, but it's far and away your best option. My dad walked away from his house in 2007, and it hasn't made that much difference to him. Who needs the hassle of maintenance? You can get a secured credit card pretty easily and start to rebuild your life. You don't need to be buying another house for the foreseeable future anyway. Home ownership demands far more responsibility than you've shown. You've been unable to hold a minimum wage job for mre than a few months. Why on earth would you think that you can be a home owner? That's life signing up for differential equations when you can't pass Algebra I. And why would you want to. Stay at home. Get a job. Save some cash for the future.  And pay your parents back as much as you can.

Like I said, I don't want to buy a house for several years.  But, I would like to rent an apartment, buy a car when I need to, etc.  Having the bank foreclose on me would ruin all that.

Do you know what your credit score is?

[Queen Mum Inks.LWC]

No - I don't want you to share it.  I want to know if you know what it is.  And what does "general range" mean?  What's your margin of error here?  And are we talking FICO score, I'm assuming?

[Queen Mum Inks.LWC]

No - I don't want you to share it.  I want to know if you know what it is.  And what does "general range" mean?  What's your margin of error here?  And are we talking FICO score, I'm assuming?

10 points.  Yes, FICO.

Which credit bureau is the number that you know from?

[Queen Mum Inks.LWC]

No - I don't want you to share it.  I want to know if you know what it is.  And what does "general range" mean?  What's your margin of error here?  And are we talking FICO score, I'm assuming?

10 points.  Yes, FICO.

Which credit bureau is the number that you know from?

All three.

And all three were the same number?  When did you see your credit score from all three bureaus?

[Queen Mum Inks.LWC]

No - I don't want you to share it.  I want to know if you know what it is.  And what does "general range" mean?  What's your margin of error here?  And are we talking FICO score, I'm assuming?

10 points.  Yes, FICO.

Which credit bureau is the number that you know from?

All three.

And all three were the same number?  When did you see your credit score from all three bureaus?

Within about 20 points of each other as of a couple months ago.

And where did you get the numbers from?

[Queen Mum Inks.LWC]

Wait a minute.... Bushie... I still want to know where you got all 3 credit scores from.  Did you buy them from all 3 agencies?

[Queen Mum Inks.LWC]

Wait a minute.... Bushie... I still want to know where you got all 3 credit scores from.  Did you buy them from all 3 agencies?

I look at them once a year usually at the beginning of each year.  I don't look any other time of the year, unless I am making a major purchase.  Yes, I bought the credit score without signing up for the freecreditreport.com or whatever it is.

You're honestly telling me that you bought the score from each bureau?  I've never known anybody who's done that.

[Queen Mum Inks.LWC]

Why would you buy all 3 if you know you have good credit?  Why not just buy one (if even any at all)?

[Queen Mum Inks.LWC]

LOL Bushie actually paid for a credit score.

www.annualcreditreport.com

That doesn't give you your credit score.  Only the credit report.  All 3 bureaus charge for the actual score.

[Queen Mum Inks.LWC]

This is proof that it needs to be a lot harder to get a home buying loan. A LOT harder. It appears the Obama admin is heading in the right direction by basically agreeing to eventually let Fannie Mae and Freddie Mac go under if needed.

That's not fair.  As I've said before, Jeff is the reason economic models do not work--he is in irrational actor.  You cannot base your policies on irrational actors, because true irrational actors are rare.  But they can really frak up the market and models.

[Queen Mum Inks.LWC]

Right. And I would think he would want to stay that way.

There's next to no chance that a poor like him can have a secure life, memphis. Or you either.  And anyway once he takes a job he'll be miserable, by definition everyone who toils is miserable.

That's not true - I love my job and enjoy working.

[Queen Mum Inks.LWC]

true irrational actors are rare. 

This is patently false. People make crazy decisions all the timme. You should get out more.

What may seem crazy to some can be rational to the actor.  If irrational actors actually made up a significant part of society, there'd be no point in pursuing education in economics or advertising.

[Queen Mum Inks.LWC]

Some advertising may receive benefits from irrational actors, but you cannot predict the results of advertising if you have a majority of your population as irrational actors.  Emotions can factor into a rational decision.  A truly irrational actor could see an ad one day and have one reaction while having a completely different reaction when seeing it another time.

[Queen Mum Inks.LWC]

My point to BushOK is, it doesn't matter if he short sells his house or forecloses. It will have the same effect on his credit score. There is no "little ding" because he made all past payments. They don't care. The only difference in the two is, he will be spending his parents money to finance the short sale while spending much less for the foreclosure.

The real estate agent is just wanting to make a quick commission off him. Her statement that it will be minor compared to a foreclosure is false. I trust a high end agent over any agent who sells low income homes in Oklahoma.

The first part is not true.  If he truly has good credit as he says (although I'm not sure what he defines as "good credit"), a foreclosure will have a worse impact on his credit score.

But you're right about the agent... I think she's misleading him in order to make a commission here.  Either that or he's misinterpreting what she's saying and putting in what he wants to believe.  Considering how he's twisted things in the past, I won't completely bash the agent here - she could be an upstanding person trying to do the right thing, and she just ended up with a client who's oblivious to everything.

[Queen Mum Inks.LWC]

My point to BushOK is, it doesn't matter if he short sells his house or forecloses. It will have the same effect on his credit score. There is no "little ding" because he made all past payments. They don't care. The only difference in the two is, he will be spending his parents money to finance the short sale while spending much less for the foreclosure.

The real estate agent is just wanting to make a quick commission off him. Her statement that it will be minor compared to a foreclosure is false. I trust a high end agent over any agent who sells low income homes in Oklahoma.

The first part is not true.  If he truly has good credit as he says (although I'm not sure what he defines as "good credit"), a foreclosure will have a worse impact on his credit score.

But you're right about the agent... I think she's misleading him in order to make a commission here.  Either that or he's misinterpreting what she's saying and putting in what he wants to believe.  Considering how he's twisted things in the past, I won't completely bash the agent here - she could be an upstanding person trying to do the right thing, and she just ended up with a client who's oblivious to everything.

From what I understand from other's who have limited knowledge is that a short sale, while damaging is not permanent.  A foreclosure, from what I've heard, inflicts irreparable damage to your credit.

There is no such thing as "irreparable damage" to your credit. They only weight what has happened over a fixed period in the past, not from the time your were in the womb. And creditors love folks just coming out of bankruptcy, because they have no debt. You listen to ignorants, so that is what you hear. Anyway, even if what you said were true, it is costing your parents about 5K. 

Well, still, say a foreclosure is 7 years damage and a short sale is 3 years damage.  3 years is a heck of a lot better than 7 years.  Plus, most people would agree it would not be wise to sacrifice my credit for 7 years unnecessarily just so I can stop taking money from my parents.  My parents don't want to see my credit ruined for the vast majority of my 30's and we are not near that point, yet.

Credit isn't like traffic ticket points where after so much time is up, it just disappears.  The report won't list "FORECLOSURE!" for life, but it's not like your credit score will bounce back after 7 years.  Plus, committing fraud will have a whole host of other potential consequences.  If you don't legitimately qualify for a short sale, don't do it.

[Queen Mum Inks.LWC]

Bushie, I think one of the main problems people are having here is not that you're living at home while doing all this but not even really taking care of yourself and providing for yourself while you're there. If you at least had a job and were bringing in money and paying your own bills it wouldn't be bad.

You could do what I'm doing. I still live at home and I basically pay for everything. I pay my portion of the cell phone bill (still on a family plan), car insurance, health insurance, life insurance, car payment, etc.

What I'm not paying for is rent (the mortgage has been paid off for awhile now), food, or any of the utilities. Basically, they're not making me pay, can pay for everything comfortably and would be paying the same amount for everying if I was there or not and I'm covering all my expenses. Yes I've got it easy but I'm not mooching off them. It's saving me a ton of money and I'm actually planning and saving to move out and buy my own condo. I'm about a third of the way there I'd say. If you had that attitude and were actually willing to work hard I doubt you'd get slammed like you have been.

I'm in the same boat (although I don't have life insurance).  Although my car payment goes to them, since I borrowed money from them to pay for it, since the bank turned me down due to the car being too old.  But I'm still paying them interest... just like a regular loan that any other adult would take out.  (Plus, like MJ, I'm on the cell phone family plan, and now that Verizon killed unlimited data, I'll never leave, since I'm grandfathered in - but I still pay my part of it!)  And I pay for a fair amount of my own food, but not all of it.

I know college graduates whose parents still give them gas money, pay their insurance, and pay their phone bills... that's crazy.  You're in your 30s.  Grow up; pay your own expenses, minus rent and utilities (although this doesn't include cable if you're getting any fancy packages your parents didn't already have); and you should probably work on doing your own food, since that'd be a heck of a lot healthier.

How much money did your parents put into this house that you're trying to sell?

[Queen Mum Inks.LWC]

Jeff, how many job applications did you put in today?

[Queen Mum Inks.LWC]

He's blowing another thousand dollars on a new A/C unit! Do his parents have an endless supply of money?

We haven't committed to anything like that, yet.

1. Why is this a "we" decision?  Isn't this your house?  Start making your own decisions for once in your life.
2. Didn't we tell you that it would be pointless to move home to drive by the house twice a day?  The vandals probably don't even know you've returned.
3. You don't need cable and Internet to live in a house.  Especially when you're talking about short-selling a house.  Bank fraud, Jeff... Bank fraud.  The idea of you getting approved for a short sale for this house is just disgusting.  I think you know you shouldn't be eligible, and your actions here are truly despicable.
4. Get better locks.  Or are you sure you put it back on the shed?  Why would they take the lock off and then relock it and throw it into the grass?  Are you sure that you didn't just forget to put it back on the shed?  In that case, there were probably no vandals at all.
5. You list nothing that you did from 4:15-6:45, plus, you were home by 9:00.  It's now 10:30.  So you've had plenty of time to put in an application.

Your parents may approve of your mooching lifestyle, but you're essentially stealing from the bank through your actions here, and even if you think the banking industry has acted improperly through their mortgage actions (and they have), 2 wrongs don't make a right, and you should be ashamed of yourself.

[Queen Mum Inks.LWC]

Also Jeff, I can't imagine the cops are going care very much about people jacking off in your abandoned house's shed and whatnot. They do have real issues to deal with.

Yeah... at that point it's not even breaking and entering (unless Oklahoma law is weird), because it's not a dwelling place.  It'd just be trespassing and malicious destruction of property.