[Dec 15 2019] Foreclosure Saga - http://civilinquiry.jud.ct.gov/CaseDetail/PublicCaseDetail.aspx?DocketNo=FBTCV196091825S

[James Smith]

I’ve been doing a little light reading, and if my understanding is correct, PMI is required to be eliminated by federal law once the balance on the mortgage drops below 78%.

Not for FHA loans. FHA mortgage insurance is entirely funded by insurance premiums so the premiums exist for the lifetime of the loan. It's one of the only US federal programs not funded by tax dollars.

EDIT: You pay a bunch up front AND monthly, not one or the other. My mistake.

 

[harbinger]

Not for FHA loans. FHA mortgage insurance is entirely funded by insurance premiums so the premiums exist for the lifetime of the loan (or you just pay up front and save a bunch of money). It's one of the only US federal programs not funded by tax dollars.

Okay, I see. I just found a few pages back where you addressed this. But the insurer can still turn around and sue him for the difference?

 

[James Smith]

Okay, I see. I just found a few pages back where you addressed this. But the insurer can still turn around and sue him for the difference?

Yes. Normally insurance covers the policyholder. In the case of mortgage insurance the policyholder remains liable for the financial damage and it's only there so that even if the policyholder can't pay for the damage the damaged party gets something.

The best case scenario for mortgage insurance is that the lender will take their insurance payment and leave you alone, and the insurer leaves you alone too. That doesn't necessarily happen especially if it's obvious you could have paid your debt.

 

[Tetra]

dsp winning the lottery arc any day now!

 

[FrostyWeeb9]

If I were DSP, I would have been putting the grift money towards the mortgage a loooong time ago.

I also find it funny that out of all the times people tried to cancel him and get his accounts banned, it wasn't all the cancel attempts that brought him down, but rather failing to pay his mortgage instead of spending it on shit that didn't matter.

He'll not only have his hand in his pants, but evicted and with no job to boot.

 

[James Smith]

He'll not only have his hand in his pants

Insert GIF of DSP closeup filming himself fucking with his dick in the dark on that weird YouTube video.

 

[ZehnBoat]

dsp winning the lottery arc any day now!

that would be worse for him
i doubt he'd pay off half of his debts
and on top of that
he'd move to a THIRD house
buy yet another car
and when the money is gone, he'd go through all this shit again with the wakhando
and the new house he can't afford

 

[tomstone]

you guys are way to optimistic. i can almost guarantee he will luck out and nothing bad (good for us) will happen.

 

[AnOminous]

His refusal to participate also makes it effectively impossible for him to appeal.

The general concept of "jingle mail," i.e. just dump the property and don't contest anything, became popular back during the subprime mortgage crisis. It makes more sense when you are flat broke and had no business even being granted a mortgage in the first place than it does when you still have income and assets, though.

It would make a lot more sense to try to negotiate a settlement involving no going after him with a deficiency judgment than just sort of hoping it goes that way, but hey, what do I know? DSP is the big man here, the successful businessman, he knows all about defaulting on mortgages, dood.

 

[Blood Bath & Beyond]

Damn I've been gone a minute now, but it looks like things are starting to get interesting again with gout-slop. Will he arc into his homeless saga before even Chris manages to? Will he lose the house, the "girl", the dream of being a respected and famous internet personality? Then again, there is always the chance that he'll stumble through it without ever learning a lesson due to his legion of adoring autistics, but I can't deny the sheer euphoria I would experience finally seeing Phil get smacked in the face and pumped up the ass with the long, hard shlong of the law.

 

[DatSpicyBoi]

Anyone want to bet he'll blame it on Kojima?

 

[thebonesauce]

In case anyone has forgotten, I once contacted Redfin, a company that determines the value of a home, and asked about Phil’s unit. For some reason they still email me asking about the property monthly, and they always send a little estimate on how much the property is actually worth in their eyes. As of Nov. 2019, Phil’s WAKHANDO is worth around $450k. When I first looked into it last year it was worth somewhere along the lines of $419k. There is NO WAY he is gonna be able to brush all this shit under the rug and file bankruptcy when the courts see that he could sell the khando, pay off BOTH mortgages, and still have money left over to rent a reasonable home/apartment for a newly married couple with nothing more than a cat.

 

[SirQuicksand]

Same Ol' DSP. He's gonna find a way to get himself out of this bullshit.

 

[Forbidden Math]

So wait, thinking a FORECLOSURE is going to be a problem for someone is "optimistic" but assuming that nothing bad will happen to him isn't? Ugh, fuck this gay ass "Pigroach" meme and whoever spread it. Stop being faggots, DSP has gotten fucked up plenty of times, that's why he streams to no one and endlessly begs for money.

 

[Wing Zero]

DSP has gotten fucked up plenty of times, that's why he streams to no one and endlessly begs for money.

I think the issue is that people are getting sick of seeing Phil continue to scrape by and just want Karma to throw a nuke at him that he can't complain or e-beg his way out of.

 

[Forbidden Math]

I think the issue is that people are getting sick of seeing Phil continue to scrape by and just want Karma to throw a nuke at him that he can't complain or e-beg his way out of.

Fair enough if that's the case, it's true that he won't be totally gone until he decides to leave pretty much. I mean unless he gets banned from the internet which, surprisingly as much as it's happened to many other more innocent and less devious people, probably won't ever happen to him.

Now if that's what they mean, that he won't be gone from the net, then I 100% agree. He'll just hopefully be streaming to us from a crackden apartment because he couldn't get a nice place with a foreclosure on his record.

 

[AnOminous]

When I first looked into it last year it was worth somewhere along the lines of $419k.

That doesn't mean he has that much equity in it. Washington State apparently has reasonable (but not Florida levels of fantastic) homestead exemption, $125,000 in primary residence. He may not even have that much.

 

[actually]

I think the issue is that people are getting sick of seeing Phil continue to scrape by and just want Karma to throw a nuke at him that he can't complain or e-beg his way out of.

Fair enough if that's the case, it's true that he won't be totally gone until he decides to leave pretty much. I mean unless he gets banned from the internet which, surprisingly as much as it's happened to many other more innocent and less devious people, probably won't ever happen to him.

Now if that's what they mean, that he won't be gone from the net, then I 100% agree. He'll just hopefully be streaming to us from a crackden apartment because he couldn't get a nice place with a foreclosure on his record.

To maybe put a finer point on it, I just want Phil to have to actually face the consequences of his actions and decisions. I know of no other person who has been so incredibly fortunate and yet has such a complete and total lack of appreciation for that fortune. I don't care to see him homeless or something like that...just humbled.

 

[Mr.PiggyOinkOinkOink]

To maybe put a finer point on it, I just want Phil to have to actually face the consequences of his actions and decisions. I know of no other person who has been so incredibly fortunate and yet has such a complete and total lack of appreciation for that fortune. I don't care to see him homeless or something like that...just humbled.

Well he’s not going to be humbled by it, I think we’re past that point.

I think the best we’re going to get is him blaming everything else around him for whatever life changes this possible foreclosure drama brings.

 

[James Smith]

That doesn't mean he has that much equity in it. Washington State apparently has reasonable (but not Florida levels of fantastic) homestead exemption, $125,000 in primary residence. He may not even have that much.

I actually did the math on that a couple of posts ago. Assuming he has made his monthly payments he has between $30K and $284K of equity beyond the exemption.

The only easy way for him to have $125K or less in equity is if he made no down payment and has made no monthly payments for about six years. Then he would have $120K minus whatever huge amounts of interest that kind of decision would accumulate.