Nicholas Robert Rekieta / Rekieta "Law" / Actually Criminal / @NickRekieta - Polysubstance enthusiast, "Lawtuber" turned Dabbleverse streamer, swinger, "whitebread ass nigga", snuffs animals for fun, visits 🇯🇲 BBC resorts. Legally a cuckold who lost his license to practice law. Wife's bod worth $50. The normies even know.

[Prj4MW8iPT3vmFM2rzDc]

I wish Ana Kasparian commented on nicky 2 rails rackets more because I'd love to know if she's still reading this thread and would love to see her reaction to him losing his house.
How the fuck is this fool so retarded to have not used all the money he racked in during the Rittenhouse and Johnny Depp trials to pay off all possible debts so that he would outright own everything he has.
The dumbest people I've ever seen are always like the 105-110 iq midwits that think their intelligent because they're just barely smarter than most people they know so they think their smart and think they're having brilliant ideas but in actually, they've tricked themselves into doing some of the dumbest shit then convince themselves of why what they did was actually smarter some how.

 

[and six goriilion others]

If I'm getting this straight, he could theoretically still easily fix this by selling the lesser balldobunker and/or balldowagons and just paying the bank all the money back right? Because then this doesn't seem that dire, just looks bad. And in comparison to having a child test positive for cocaine most things don't look that bad.

 

[Friend of Dorothy Parker]

Interesting, I attempted to initiate getting my PMI removed when I was at 78% LTV (assuming my appraisal came equal to the Zillow estimation at that time), but they told me I had to wait until 75%. Thank you for this information. Part of the process of getting PMI removed is getting a new appraisal at homeowner's expense IF the case is contingent upon an increase in property value. In the event that enough months pass to hit 80% by standard amortization schedules, I have no idea if such an appraisal is needed to ensure that the house was not devalued by some means by the current homeowner (holes in drywall, drug damage, that sort of thing). I held off on the appraisal just to be sure, only for market values to drop after that. I still pay PMI. It might just be a condition of my lender or the way my particular loan is classified, or the company representative intentionally misinformed me. Is it legal policy that a lender must drop PMI at 80%?

May depend on the lender. Is your lender a Federally-chartered bank? If so,

Under federal law, lenders are not required to take market appreciation into account when determining the value of your home. Federal law requires lenders to cancel PMI, upon request, when the homeowner has made payments that reduce the principal amount owed under the mortgage to 80 percent of the home’s value at the time it was purchased.

If you are in MN and your lender is a MN organization (not Federally chartered), then they take appreciation into account:

Minnesota law, unlike federal law, allows homeowners to benefit from market appreciation. Under Minnesota law, the value of your home is based on what it would be worth if you sold it today.

If you have a FHA or VA loan, terms are different.

And again they are required under both Fed and MN law to send you an annual notice when you are eligible to have PMI removed.

Definitely contact your lender if you think you should be eligible to have PMI removed.

(Quotes above are from the link I provide earlier, which is from the MN AG's Office, so reliable.)

 

[FamicomGorby]

If I'm getting this straight, he could theoretically still easily fix this by selling the lesser balldobunker and/or balldowagons and just paying the bank all the money back right? Because then this doesn't seem that dire, just looks bad. And in comparison to having a child test positive for cocaine most things don't look that bad.

I think so, but being in foreclosure proceedings is pretty bad anyway you slice it. That would mean he hasn't been paying it for months and I'd guess his credit has tanked.

He could just be planning to declare bankruptcy too, though typically for that if you want to keep your primary residence you need to keep paying the mortgage. The only reason I think he wouldn't declare bankruptcy is that he'd have to publicly list out all of his debts and monthly expenses.

 

[Friend of Dorothy Parker]

I thought he fixed that CLE thing? I swear we had a NOT AUTHORIZED arc and then he bragged about fixing it on twitter a few days later.

That was for his annual lawyer registration fees. He (briefly) cured that lapse.

 

[Anasûrimbor Kellhus]

For fucks sake, why is this idiots only response to “money/bills/traffic ticket/ect” is to literally ignore it and do nothing until he’s en even more shit than before?!

He just can’t let the government have a perceived W over him

 

[MadStan]

It looks like he bought several shitty paintings and also spent like 15k on a guitar signed by Kevin Costner? https://kiwifarms.st/threads/nicholas-robert-rekieta-rekieta-law-nickrekieta.53871/post-16521954

View attachment 6805101
(This image was from one of the results in this thread for "joker painting")

Yes this “work of art” was worth 60k but the untrained eye wouldn’t know that. And by untrained I mean not coked up and being a sucker possible on hallucinogens. Joker Folie a Deux was such a worldwide success why it tripled the value of this masterpiece.

 

[Desktop User2]

Because then this doesn't seem that dire

I believe buying your house twice just because you want to do drugs with your concubine is pretty bad, specially when you have absolutely no income and a family of seven to provide.

 

[Burt Macklin]

STMS TALKING ABOUT THE FORECLOSURE NOW:

 

[Convallaria majalis]

Dammit Nick we lost the house again

 

[bookers]

STMS TALKING ABOUT THE FORECLOSURE NOW:

looking like the cat that ate the canary.
this guy got of scott fucking free.

cheating wife?
gone.
guy she cheated with?
financially ruined.

total steel toe victory.

 

[Rick Nekieta]

If you have a FHA or VA loan, terms are different

It is indeed an FHA. I had another paragraph typed that I erased due to the amount of dox-able info from it. My mortgage contract automatically drops PMI at 78%, which occurs on the 94th payment if I counted correctly or is made eligible when either a) I pay the principal down to 80% or b) by way of a self-funded appraisal by an appraiser chosen by the company, it is established that my LTV is at 75% (this is what they said on the phone about 6 months ago) by way of property value increase. I was just holding out for 5 more K in my Zillow estimation, when it started to go the other direction. I should have done it then anyways, if only for getting an updated property value and a definitive date when I would have naturally hit the required amortization level. I also would have gotten peak assessment at that time, it has dropped over 10K since by Zillow standards. Hmm, live and learn.

 

[Lurking9e9]

What part in American Beauty does his home go into foreclosure?

Timestamps appreciated.

Now that I think about it, was Nick really following the plot of American Beauty?
More carefree life, essentially quitting his job ( law streaming ), getting a new job that requires less work ( alcohol streams ), doing drugs, buying the dream car, falling in love with a younger woman ( April )
He even got a homosexual man lusting over him (Aaron)
I do pray that it doesn't end like the movie.

 

[Muppetstudios]

He needs to put his mortgage on Playstation credit it worked for Ethan Ralph and he's got a crack shack wonderful Mexican home

 

[2005 Honda Civic]

Nick has already been through hell, but it's only going to get worse:

1 - He's going to have to move all his shit out (or just abandon it). Moving is a pain in the ass, especially with a family of 7 in a messy house.

2 - Become a convicted felon, thus losing his gun rights, and likely having a prohibition against alcohol as a term of probation.

3 - Still have to deal with Montegraph, who will likely win some kind of judgment in the end (even there's no settlement). If Monty wins a significant amount of $$$, he can use that to prevent Rekieta from ever getting financially ahead ever again in his efforts to collect.

It's just so over. Rekieta's reputation is dead, his internet career is dead, his community hates him, the online world hates him. He probably isn't completely broke but he's never going to make the big bucks ever again. He's had such an epic fall from grace through making so many massive, life-ruining, completely optional fucks up one after the other.

 

[Lurking9e9]

Now the crowdfunding for the Montegraph lawsuit makes sense, he was fucking broke.

 

[Burt Macklin]

STMS TALKING ABOUT THE FORECLOSURE NOW:

looking like the cat that ate the canary.
this guy got of scott fucking free.

cheating wife?
gone.
guy she cheated with?
financially ruined.

total steel toe victory.

Aaron says he never asked Nick about his finances but they always appeared "shady."

GAME. OVER. GAY. BOIS.

ETA : Wheelchair Johnny is apparently in the process of buying a home and he's in awe of how Rackets could fuck this all up. "Wait, so the house was paid off?" was just the simple question from a man born on the 4th of July.

 

[DumbDude43]

how much did null raise for the kiwi legal fund? it was in the six figures, right?
he should do another fundraiser to buy the house, establish the official lolcow llc headquarters there, and do some MATI streams from the former balldo bunker

 

[Seymour Duncan]

I have a speculation. He wanted a specific model of both rustang and Lincoln. But both were available only on long lists of preorders.
He probably needed a lot of liquid cash, right now. To get the specific car he wanted at that moment.

He originally wasn't looking to buy a Rustang, he had other stuff on his shortlist like a C8 Corvette and really wanted something with AWD. The reason why he picked up the Rustang is that the local stealership managed to get a new one for immediate delivery and cut him a decent deal, which swayed him because he could get his limited edition 750 horsepower retard rocket and slide it into a ditch NOWWWW instead of having to wait several months for a manufacturing slot or reduce himself to buying used.

 

[Bookwork]

Clearly mummy can afford to bail Nick out, but I believe that straight out gifts of money are taxable in the US (they're not here, no matter how large) so it might make more sense for her (or one of her trusts) to buy the property.

Yes, you're right. The U.S. has a gift tax. There are many exclusions because rich people are cherished, but the general rule is that giving someone other than your spouse cash, real, or personal property worth more than a total of $18,000 in 2024 subjects the giver of the gift to an excise tax on whatever exceeded that dollar limit.

In 2025, the limit will be $19,000. So if Grandma Rackets gives Nick $29,000 next year, she would be taxed 18% on the $10,000 that's over the limit, owing the U.S. Treasury $1,800. The bigger the gift, the higher the tax rate:

Source: Smartasset

Grandpa Rackets could give Nick another $19,000 in 2025 without having to pay the gift tax even if he and Grandma file a joint tax return. Grandma and Grandpa could also each give $19,000 to Kayla without being taxed for a total of $76,000 to the happy couple that doesn't subject the elders to the gift tax.

Nick and Kayla would not have to pay income tax on the gifts.

There is a lifetime limit on how much one person can give another person without being taxed. That limit for 2024 was $13.61 million. Grandma would be expected to total up her gifts to Nick to see if giving him ample house redemption money now put her over the total. She might forget to do that. Or she might have figured out how to use one of the many exclusions to the gift tax law.

For deets lovers:
IRS explains what "gift" means
IRS gives some rules and starts explaining exclusions
IRS gives some more rules
IRS answers questions about gift tax

Someone might ask, what if Grandma gives $20,000 to each of Nick and Kayla's kids? Doesn't giving gifts to your grandkids make that extra $1,000 tax free, too? It did until 1976. Now there's a Generation-Skipping Transfer Tax (GSTT). Investopedia explains how it works here.

Frens, do not forget to tell your parents, grandparents, and all friends and associates wasting money on designer goods and gacha games that they can give YOU $19,000 in the new year without paying gift tax! And if they give you the $19,000 in January, you won't have to bother them about it for 12 more months. Sweet deal for everybody.