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[#] Thu Jun 17 2010 16:08:15 EDT from IGnatius T Foobar @ Uncensored

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Weren't financial institutions given the right to rape customers during the last couple of bailouts?

[#] Thu Jun 17 2010 16:42:58 EDT from fleeb @ Uncensored

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No, they were given the right to rape the American public, some of whom may not actually be a customer.

[#] Sun Jun 20 2010 17:23:10 EDT from shazam @ Uncensored

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It said in large font bold letters that we are not authorized to make changes to the contract. I took a business law class once, I know that's now how it works. The bank is in fact not trying to be fair. However, they did finally come to realize what we're talking about and said that they have to have an unchanged copy of their contract signed BUT they will add an addendum that overrides the contract and will concede the point to us. Their addendum did not actually say that it superscedes the original contract, did say we don't have to provide the C or O until a "reasonable time after closing", but failed to say that in doing so we would not be in material breach of contract. So our lawyer rewrote the addendum, which does not say that we have to provide the C of O at all, and I signed that and we'll know tomorrow if they take it.

Our laywer says the bank, as the soon-to-be former owners of the property, have to right to demand a C of O at all, because why should they care at all if property that we own is in livable condition or not? Maybe we want to buy it and never live there? Of course, when we apply for a mortgage, the bank we borrow from will need that certificate, but we're not doing that until after closing. I'll find out tomorrow.



[#] Sun Jun 20 2010 23:07:12 EDT from IGnatius T Foobar @ Uncensored

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Still sounds a bit fishy. Unless you're getting a fabulous deal on this house it may be worthwhile to move on.

[#] Mon Jun 21 2010 15:00:32 EDT from fleeb @ Uncensored

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It does seem suspect.

[#] Tue Jun 22 2010 15:40:32 EDT from shazam @ Uncensored

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The bank agreed, BUT crossed out the line that says that in case of conflict the rider will be the final word on it, as opposed to the original contract. That, of course, defeats the whole purpose of the rider and my lawyer concluded that the bank is just stupid. Their lawyer did verbally agree that it makes no sense to take out that line. We wrote back that they crossed it out in error and are proceeding based on the assumption that the rider is controlling. They they not deny or confirm that.

We ARE getting a very good deal on the house because it was foreclosed. The prior owner had a variable rate mortgage and when his monthly payments went suddenly from something like $4,000/month to $7,000/month he just stopped paying the mortgage. It took 2 years to foreclose. We sort of know the guy, he has a business in Monsey we go to occasionally and his daughter was in Adina's school (not the same grade).



[#] Fri Jul 02 2010 09:13:51 EDT from dothebart @ Uncensored

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Now thats a cool way to get rid of those:

http://hackaday.com/2010/07/01/wasp-sucker-clears-the-air/

(the nest in the garage roof of my parents wasn't that much smaller...)



[#] Fri Jul 02 2010 09:49:50 EDT from IGnatius T Foobar @ Uncensored

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Yikes and double yikes. That's a scary looking box of yellow jackets. I'd be afraid to handle the box afterwards without spraying a lot of wasp killer spray into the intake.

Hopefully the nest is empty now, but there could still be a live queen in there...

[#] Mon Jul 05 2010 21:38:28 EDT from Ford II @ Uncensored

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So today I finally got around to playing with the amortization spreadsheet I've been meaning to for a while.
Here's waht I did.
I have a schedule of a 30 year fixed, for $200K at the current 5.125%
I have a schedule of a 15 year fixed for $200K at the current 4.625%
and finally a schedule of a 30 year fixed for $200K at the current 5.125% where I added in principal every month for the amount difference between 15 and 30 year loans.
What Imean is this. the payment for option 1 is $1088. The payment for option 2 is $1542. The payment for option 3 is 1088 just like option 1, but I'm also paying an additional $454 a month so that I end up paying $1542, just as much as the 15 year loan.
and the amazing thing is tht the 30 year loan turns into a 16 year loan.
So... why would you ever take a 15 year loan when you could take a 30, pay it off at the same rate as a 15 and still have the ability to cut your monthly payments if you run into hard times?
The total interest difference is about $12K, which considering you're saving $115K isn't such a bad deal.

[#] Thu Jul 08 2010 23:21:19 EDT from IGnatius T Foobar @ Uncensored

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Depends largely upon when you want to have more of your money available to you.  All those years you could be having a few hundred extra in your pocket every month.  And by paying it off quickly, you're paying in uninflated dollars.  If you take out a 30-year fixed now, the final $1000 (or whatever) in 2040 is going to be a lot less money than the first $1000 this year.

And of course, mortgage interest is tax deductible.

I've often wondered, if I ever suddenly found myself in possession of enough money to pay off my mortgage, if it would be a good idea to do so.



[#] Fri Jul 09 2010 10:58:03 EDT from Ford II @ Uncensored

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fixed now, the final $1000 (or whatever) in 2040 is going to be a lot
less money than the first $1000 this year.

yeah, but that's nothing compared to the $100,000 in interest you save overall. Inflated or not.
According to the spreadsheets the total interest paid on the 30 year loan is $192,032
the total interest paid on the 15 year loan is $77,703
the toal interest paid on the 30->15 year loan is $91,772
So even with the deduction, which you get back maybe 30-40% of the interest you're paying, I can't see (though I haven't actually plugged it into the spreadsheet yet) it adding up to $100,000 even in 2024 money.

[#] Fri Jul 09 2010 12:34:56 EDT from IGnatius T Foobar @ Uncensored

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Just wait until hyperinflation begins next year.

[#] Sat Jul 10 2010 21:30:45 EDT from IGnatius T Foobar @ Uncensored

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Driveway crack filler: made from latex and asphalt.

Roof patching compound: made from latex and asphalt.

Interchangeable?

[#] Sat Jul 10 2010 22:05:38 EDT from Harbard @ Uncensored

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That presumes you still have a job that pays enough so you can keep making house payments with inflated money.



[#] Sun Jul 11 2010 00:35:02 EDT from IGnatius T Foobar @ Uncensored

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If you're unemployed you're not going to be able to afford the hyperinflated property taxes anyway.

[#] Mon Jul 12 2010 20:28:56 EDT from Ford II @ Uncensored

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Interchangeable?

probably to some degree, the roof stuff probably has to tolerate higher temperatures.

[#] Tue Jul 13 2010 08:35:02 EDT from IGnatius T Foobar @ Uncensored

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I used it and it worked out quite nicely. My driveway didn't have any huge cracks, just a couple of tiny ones that turned up when I power-washed near the edges. All it's really got to do is keep water from seeping into the cracks, which is exactly what it is doing, and after sealing it looks fine.

My bigger problem is that I ran out of driveway sealer with about 3 sqft to go. I literally need about another pint of the stuff, and I'm not going to go out and buy 5 gallons for that purpose. Anyone living in or near Uncensoredland happen to have a remnant lying around?

[#] Tue Jul 13 2010 16:10:53 EDT from Ford II @ Uncensored

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I have some but it was an opened container and it's 3-4 years old by now. ut but you're welcome to it, it's sitting out behind my house I think. I hope we didn't get rid of it.

[#] Tue Jul 13 2010 16:35:40 EDT from IGnatius T Foobar @ Uncensored

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I'll thin it out if I have to. Lemme know if it's still there and I'll come pick it up ?

[#] Thu Jul 15 2010 10:06:52 EDT from Ford II @ Uncensored

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I'll go look when I get home tonight.

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