DSP's Loan & Savings Company

[Freshtodeath]

I think it's to late to do whole "rent out CT condo for income" thing. It sounds like he's running out of time to pay his debts. If he had set up that passive income a year ago he'd probably be fine who knows. Or maybe he'd just spend it. I wonder if he'd actually lose his house or his parents would save him. They already gave him that 4k and they live in a shitty duplex in CT so whon knows how much they actually can give him.

 

[DiabeticSP]

He'd have to have the money to cover the difference.

Do you have to pay off the difference at once? I thought he could pay off the remaining balance overtime like he would have if he had the full mortgage.

 

[Perpetual Outrage]

Do you have to pay off the difference at once? I thought he could pay off the remaining balance overtime like he would have if he had the full mortgage.

It all depends, mostly on his bank and how predatory they are. Most banks will let you pay off the difference over time if you put up something of equal or more value as collateral, but if the mortgage manager at whatever bank he uses is trying to ascend to bank superstar status and wants to act predatory then they will not let him because it raises the bank's chance of acquiring said property.

In short, banks are not your friends, regardless of how personable they act.

 

[James Smith]

Do you have to pay off the difference at once? I thought he could pay off the remaining balance overtime like he would have if he had the full mortgage.

Hell no. Bank isn't converting your mortgage into an unsecured loan.

 

[Exceptional Chimp]

Bankruptcy is the only way Phil is getting out of debt, and since he makes too much money for a liquidation and has too little discipline for restructuring?

Wait until he defaults on his taxes and let Uncle Sam provide him three hots and a cot. Pity he can't stREEEam from prison.

 

[DarkSoulsPhil]

As I stated in a post before

This lender is applying pressure and threatening to sue (Dave's own words) him. They would only sue if they are calling in their loan with him because he wont pay. He WILL need to pay it in one go because no way do you get unsecured loans from banks for numbers that big.

They would then go after the WAkhando for the balance of the loan and since he has basically no equity in either place and ANOTHER mortgage on that place, bankruptcy is his only option.

HOW he files for bankruptcy (whatever chapter is relevant, I'm not American) is what determines the outcome.

This $1800 is just delaying the inevitable

 

[Stoneheart]

He can't short sell without the banks approval.

He can still sell it off and eat the difference himself. The bank just wont forgive the mortgage.

how can this mortage be underwater? hasnt he been paying it for years+ they dont financed 100%?

 

[Raven'sChild]

He paid $130,000 for a condo worth $60,000. He bought it at the height of the housing bubble. The ConnDough went 'underwater' when the housing bubble burst (not long after he bought the glorified ground floor apartment) leaving him holding a mortgage of over twice as much as the property would sell for.

 

[Stoneheart]

He paid $130,000 for a condo worth $60,000. He bought it at the height of the housing bubble. The ConnDough went 'underwater' when the housing bubble burst (not long after he bought the glorified ground floor apartment) leaving him holding a mortgage of over twice as much as the property would sell for.

so he had 100k mortage on the condo and paid for some years. he is maybe 10k under water. sell the condo, sell one car and all is fine.

 

[James Smith]

so he had 100k mortage on the condo and paid for some years. he is maybe 10k under water. sell the condo, sell one car and all is fine.

He still owes about $90K on a condo that was last assessed at $40K. He can't just eat the loss unless he pulls the remaining $50K out of his ass to hand to the lender before closing.

 

[Stoneheart]

He still owes about $90K on a condo that was last assessed at $40K. He can't just eat the loss unless he pulls the remaining $50K out of his ass to hand to the lender before closing.

those numbers make alot more sense!
also why does he still owe 90k if he paid 130k? did that imbecile take an 0 down mortage? and he never checked if he can get a settlement from one of the dozens of massive cases against lenders?

 

[Just_living]

He still owes about $90K on a condo that was last assessed at $40K. He can't just eat the loss unless he pulls the remaining $50K out of his ass to hand to the lender before closing.

He wants to pull equity out of his Washington property to cover the difference.

those numbers make alot more sense!
also why does he still owe 90k if he paid 130k? did that imbecile take an 0 down mortage? and he never checked if he can get a settlement from one of the dozens of massive cases against lenders?

I wonder if he couldn't even cover 3% down, because the bank would have at least offer that. I was think that this whole time that he had a 15 year loan due to him beating his chest and saying that he has a ten year plan back in April. This dood is dumb and he was making good money and had a job at the time. What was he spending money on back in 2009-10?

 

[Sphadilcastro]

I was think that this whole time that he had a 15 year loan due to him beating his chest and saying that he has a ten year plan back in April.

Part of the 10 year plan is to let the connecticut condo go into foreclosure

DarkSydePhil: 10 Year Plan

Phil gives us what his plan for the next 10 years is. Abandon the CT Condo and get a job in 10 years. Just edited out the bits where he whined about trolls, ...

youtu.be

 

[Just_living]

those numbers make alot more sense!
also why does he still owe 90k if he paid 130k? did that imbecile take an 0 down mortage? and he never checked if he can get a settlement from one of the dozens of massive cases against lenders?

Part of the 10 year plan is to let the connecticut condo go into foreclosure

DarkSydePhil: 10 Year Plan

Phil gives us what his plan for the next 10 years is. Abandon the CT Condo and get a job in 10 years. Just edited out the bits where he whined about trolls, ...

youtu.be

Right I thought that there wasn't much left to pay off when he made the announcement about the foreclosure. I assumed that with a well paying job and nearby parents he would have taken a 15 year fixed loan on the Connecticut Condo but I was wrong. He took a 30 year loan.

 

[Stoneheart]

Right I thought that there wasn't much left to pay off when he made the announcement about the foreclosure. I assumed that with a well paying job and nearby parents he would have taken a 15 year fixed loan on the Connecticut Condo but I was wrong. He took a 30 year loan.

God i always forget how stupid DSP is...

 

[harbinger]

God i always forget how stupid DSP is...

I don’t think of it as forgetting how stupid Philip is, but finding out, a bit more at a time, just how truly stupid he is.

 

[Sparkletor]

As an example of how good Phil is with money, look at his story of going to Evo. He says he spent his entire life savings and took out a credit card and maxed it out for the event.

Figure out the costs. A round trip flight to Vegas was probably a couple hundred. Evo entrance and registration less than a hundred. Hotel for let's say three nights, under three hundred. He said he didn't gamble or leave the hotel so no expense there. Food for one person, knowing Phil, three hundred. Courtesy shuttle from the airport. No rental car.

So at 23 years old, Phil went into debt after spending his life savings and maxed out a credit card for a $1000 trip.

 

[ReentryPhantom]

As an example of how good Phil is with money, look at his story of going to Evo. He says he spent his entire life savings and took out a credit card and maxed it out for the event.

Figure out the costs. A round trip flight to Vegas was probably a couple hundred. Evo entrance and registration less than a hundred. Hotel for let's say three nights, under three hundred. He said he didn't gamble or leave the hotel so no expense there. Food for one person, knowing Phil, three hundred. Courtesy shuttle from the airport. No rental car.

So at 23 years old, Phil went into debt after spending his life savings and maxed out a credit card for a $1000 trip.

Anyone know what the payout would have been if he'd have actually won the event? I'm pretty sure it wasn't lucrative enough to wipe out your life savings and then some.

 

[Adamska]

As an example of how good Phil is with money, look at his story of going to Evo. He says he spent his entire life savings and took out a credit card and maxed it out for the event.

Figure out the costs. A round trip flight to Vegas was probably a couple hundred. Evo entrance and registration less than a hundred. Hotel for let's say three nights, under three hundred. He said he didn't gamble or leave the hotel so no expense there. Food for one person, knowing Phil, three hundred. Courtesy shuttle from the airport. No rental car.

So at 23 years old, Phil went into debt after spending his life savings and maxed out a credit card for a $1000 trip.

Well in Pig's defense, it's obvious he sucks shit at managing money, so he probably had at best like 100 bucks in his "savings" when he decided to go out and try and prove he was a big boy gamer.

As for how he fucked this up, you know he shilled out for the big boy treatments both for the plane, the hotel, and the car, thus making a 1-2k trip more like... I 'unno, probably 6k or something. Also it's absolutely pathetic he didn't even bother to go see the sites.

 

[DiabeticSP]

I believe he maxed the card attending tournaments in general. I know he spent a LOT of money not just on Evo but the other tournaments as well.

Phil has a classic case of chronic spending. He's the "see food diet" of money management. If you gave him a twenty dollar bill on Monday to buy something Friday, he'd come back thursday afternoon with 12 dollars needing 6 more.