Credit Cards and Consumer Debt | Forum profile

I think it will be reversed as well. They don't tell you any of the actual details of the case; but even if the bank's loan terms were unreasonable, it sounds like the Horoskis are simply no longer in a position to afford a mortgage on their house. And the bank has a right to at be made whole and recover the original principal and a reasonable amount of interest - or at least as much of that as the house is worth. From what little...

<<Disclosure: My employer and I paid for all of my college tuition and books (I had a mostly paid scholarship; they paid for books and lab fees, etc. that weren't paid by the scholarship) and I then paid for a good deal of my ex-wife's out of current income, so I don't understand when people go deeply into debt to finance a child's education. I mean, come on! We're talking $127,000 here. Even now, that...

"Try" is the operative word. They can try to build a spaceship from cheese too. The banks may not go for it, especially if they have both resources and a second mortgage. $650K for two moderate income people - mehhhh, not so bad. Not great. Not hugely wise, but not by any means impossible, and also fairly typical out here in CA. Yeah, many of us are house poor. I bought a $550K house on one income. If it went below what I...

Let's be clear. What do you mean, exactly, when you say "that money." Because it surely isn't the whole $30,000 that Joel claims is spent the moment you sign the contract for the car. Actually, yes it is. I would say that in this set of transactions, you actually spent $60k - from a cash flow perspective. First, either the lender deposited $30k into your account, and you gave a check to the dealer, or the lender...

Fuskie, You wrote, A couple on Long Island is giving thanks Wednesday for owing no debt on their home. A judge erased their mortgage battle, worth more than half a million dollars, all to send a message to a bank trying to foreclose on them. http://abclocal.go.com/wabc/story?section=news/local&id=... ... Fuskie Who does not know the details of the case and expects this will get reversed on appeal... I think it will be reversed as...

That may be, but Diana is right. The $30K is spent whether one has the bank float the cost or not. It's spent, and spent on a depreciating asset. *sigh* I do not disagree with this or misunderstand this in any way, and it's a testament to my inability to put thought to word that everyone in this thread thinks that I do. Again, I'm sorry for not being more clear. My only point was this: In a situation where a loan is at 0% and...

That's all. I hope I've been more clear this time. Honestly, that's all I was trying to say and I recognize I did a terrible job at it. Mac, this is great and I understand you much more clearly. Please forgive my snarky last post. You get it better than I realized. Apologies, d

Well, it is hard to know whether they could afford the house since you don't know how much the wife makes. Police officers usually make a decent living but not high enough to afford that kind of house. Real estate agents can be very highly compensated to it being non-viable. Hard to say. For all we made a lot of bad financial decisions I've never felt comfortable in buying a house that cost more than about 2 times our gross income....

They were probably trying to get him to opt-in to overlimit programs.

Except during travel, I use the machines at my own bank, too. It happens to be the bank with the largest number of local branches, so this is not difficult. I also have a checking account with Bank of America, and when I'm away from home, I use their ATMs if there are any. B of A also has fee-free exchange with Barclays in the UK, Deutsche Bank in Germany, and others. But if there is no fee-free choice, a person might be inclined to use...