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View Poll Results: What Amount Would It Take To Get You Out Of Debt?
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$0-$20,000
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13 |
43.33% |
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$21,000-$50,000
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4 |
13.33% |
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$51,000-$100,000
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3 |
10.00% |
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$100,000+
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10 |
33.33% |
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12-30-2010, 02:16 PM
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Still Figuring It Out.
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Join Date: Feb 2007
Posts: 10,858
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Re: What Amount Would It Take To Get You Out Of De
Hearing about all of these student loans makes me appreciate my daughters situation. I told her that if she was going to college then she would have to find scholarships. We got the bill in for her first year a few weeks ago.
After scholarships... We owe $866 for the year. Okay. I can handle that.
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12-30-2010, 02:46 PM
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Registered Member
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Join Date: Mar 2008
Location: In His Hands
Posts: 13,914
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Digging4Truth
LOL... Arkansas.
We decided we wanted to find a place with a few acres and without a big price. We searched and prayed for years. We actually almost bought another place and prayed one more time... God... you know if this is the deal for us... if it is then let it go through and if it's not then put a stop to it. It was an owner finance deal and the guy started putting all kinds of unreasonable demands on us at the last minute.
We came to look at a place about 20 miles up the road and decided we might as well go look here too. It is a nice little 3 bedroom 1 bath stick built home. (it is a 4 bedroom 2 bath now) on 3 acres. Fireplace with insert... great little place.
They wanted $28k when I first saw it. By the time I looked at it they wanted $24k. I decided to offer them $21k. I called my realtor and told her I wanted to see it one more time before putting in an offer.
She said... listen... this is a bank repo and it's been on the market for over a year. I wouldn't offer them over $10,000 but I'd be sure and put a nice earnest money check down so they'll have a hard time sending that back to you.
We offered $10k... they never batted an eye.
I was blown away. I could probably get $60k for this place now.
The problem was that you can't get financing for a $10k mortgage. So we got a call from Wells Fargo and they said they had been looking at our accounts and they felt they could loan us some money. They wanted to know if they could come by the house and talk to us (I've never heard of such a thing).
They decided that they could refinance my van with $9.8k cash out. I said... let's do it.
When God does it... it's miraculous.  |
What an awesome testimony to the favor of God made manifest in someone's life!
__________________
"The choices we make reveal the true nature of our character."
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12-30-2010, 03:26 PM
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Still Figuring It Out.
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Join Date: Feb 2007
Posts: 10,858
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Jermyn Davidson
What an awesome testimony to the favor of God made manifest in someone's life!
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Yes sir. It's been almost 3 years now and I still am amazed at what God was able to put together.
The scripture says that they that wait upon the Lord will renew their strength. I know that I am speaking somewhat out of the true context of the scripture... but after waiting and praying for years... when a deal like this comes through... that puts the wind back in your sails.
God can truly do anything if we have the patience to let Him do it.
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12-31-2010, 09:45 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Hoovie
I voted the first option. However, my company has some business debt. It is a separate identity, though.
Any debt questions really need to be viewed in terms equity remaining after the debt is satisfied. If there is 20,000 Lien against a million dollar property it's no big deal at all.
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Exactly.
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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12-31-2010, 09:50 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Digging4Truth
LOL... Arkansas.
We decided we wanted to find a place with a few acres and without a big price. We searched and prayed for years. We actually almost bought another place and prayed one more time... God... you know if this is the deal for us... if it is then let it go through and if it's not then put a stop to it. It was an owner finance deal and the guy started putting all kinds of unreasonable demands on us at the last minute.
We came to look at a place about 20 miles up the road and decided we might as well go look here too. It is a nice little 3 bedroom 1 bath stick built home. (it is a 4 bedroom 2 bath now) on 3 acres. Fireplace with insert... great little place.
They wanted $28k when I first saw it. By the time I looked at it they wanted $24k. I decided to offer them $21k. I called my realtor and told her I wanted to see it one more time before putting in an offer.
She said... listen... this is a bank repo and it's been on the market for over a year. I wouldn't offer them over $10,000 but I'd be sure and put a nice earnest money check down so they'll have a hard time sending that back to you.
We offered $10k... they never batted an eye.
I was blown away. I could probably get $60k for this place now.
The problem was that you can't get financing for a $10k mortgage. So we got a call from Wells Fargo and they said they had been looking at our accounts and they felt they could loan us some money. They wanted to know if they could come by the house and talk to us (I've never heard of such a thing).
They decided that they could refinance my van with $9.8k cash out. I said... let's do it.
When God does it... it's miraculous. |
That is great!! We bought our house a year and a half ago. Not as good a deal as you got, but we paid $93,000 for a 15 year old 3 bed 2 bath 2 living area, office, attached 2 car garage, fireplace on 11 wooded acres. So, we are very happy with that! We put 20% down so we don't owe a whole heap load.
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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12-31-2010, 09:52 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Apprehended
Everything that I'm reading is to the affect that we are still a long way from the bottom as to housing deflation. What I am reading is that there is a second wave of housing foreclosure about to hit like a gigantic tsunami further depressing housing values.
Gracious!
Already there are millions living in their cars, vans, buses, tent cities, with friends/relatives, and other places. My heart broke when I read of the Jacksonville, Fla. police coming in upon a tent city with box cutter blades and started ripping and destroying the homeless people's shelter, the last remaining thing they had in this life.
It is my opinion that people need to get prepared for the great, great, inflationary financial collapse.
Beans and guns with ammo sounds like good advice. Can you imagine paying $17.00 for a banna as some are now predicting...or even $77.00 for a pound of coffee? Each time the wife goes to the grocery store she comes home with horror stories.
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Stock up while things are on sale and whether or not things go bad you have goods for less. There is no reason to not stock up unless you simply can't afford a few extra bucks.
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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12-31-2010, 09:54 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Digging4Truth
I just thought of some "good debt".
Using my credit card to buy a bunch of silver. |
Bing-ba-Ding!! Yes sir, that is good debt! Just keep those cards at 0%. Use their money for free. As long as you get more for the silver than you paid, you can't go wrong as long as they never get any interest from you (or little).
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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12-31-2010, 09:59 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Digging4Truth
Hearing about all of these student loans makes me appreciate my daughters situation. I told her that if she was going to college then she would have to find scholarships. We got the bill in for her first year a few weeks ago.
After scholarships... We owe $866 for the year. Okay. I can handle that.
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That's great! My daughter owes a fair amount, but she lived at home (should graduate this spring) the whole time until now (she is moving out this semester). Her loan payments will be about $100.00 a month, I think.
http://www.mappingyourfuture.org/pay...calculator.htm
I can't believe that for $40,000 worth of debt that these kids will have to pay $460.32 a month for 10 years. And if these kids default, from what I understand the laws do not let them declare bankruptcy! I know a lot of college grads that are making between $10.00 and $15.00 an hour. How can anyone make it on that??
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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12-31-2010, 10:02 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Digging4Truth
Yes sir. It's been almost 3 years now and I still am amazed at what God was able to put together.
The scripture says that they that wait upon the Lord will renew their strength. I know that I am speaking somewhat out of the true context of the scripture... but after waiting and praying for years... when a deal like this comes through... that puts the wind back in your sails.
God can truly do anything if we have the patience to let Him do it. |
There is no doubt that when you are completely open to where you move you can find a great deal. If finding the best deal is your priority, it will come to you. If finding just the right house in the right place is your priority, you will pay more.
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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12-31-2010, 10:55 AM
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Still Figuring It Out.
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Join Date: Feb 2007
Posts: 10,858
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by ILG
That's great! My daughter owes a fair amount, but she lived at home (should graduate this spring) the whole time until now (she is moving out this semester). Her loan payments will be about $100.00 a month, I think.
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Wow... that will be great.
Our payments (via the van note) are higher than we would have wanted them to be but we financed the loan for 6 years and we are halfway there now. Had we been able to finance the house on an actual mortgage the payments would have been very low and the van would be paid off by now. But this way we get out under it faster and should things go south before we finish paying off the van note they can come take my van... but they can't come and take my house.
It is tempting sometimes to take a loan against the house and pay off everything. That would lower our monthly expenses tremendously. But I am very determined to keep a lien off of this house. I have a house and 3 acres free and clear and I don't want to ever ruin that.
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