The Home Ownership Thread

[RedLantern]

Yeah, you're still liable for a million dollars of unsecured debt. Could they collect that from you?

You’re moving the goalposts, it’s not really necessary, you can just be quiet.

 

[Ataturk]

You’re moving the goalposts, it’s not really necessary, you can just be quiet.

I'm moving the goalposts? You said this:

I don’t understand how that changes the assertion that it’s not your money that burns up if the property isn’t insured?

Again, if you borrow a bunch of money to buy a house, it's the bank's money, not yours. They expect you to pay it over 30 years. If the property burns, you're still personally liable, sure. But if you're 99.9% of people, you don't have assets enough for the bank to take if they call in the laon. If they try to come after you, you declare bankruptcy and the bank eats dirt. That's just how it works.

 

[RedLantern]

You’re not making any sense.

 

[RedLantern]

You on that Trump university accounting, breh.

 

[UnFacconable]

Purchase money mortgages in California aren’t recourse so your equity is at risk but you don’t have to declare bankruptcy if you can’t make your payments and the bank forecloses.

Ultimately what matters to the bank is LTV or, I suppose, if we want to be more accurate the residual value of the property relative to the loan amount. 80% LTV on a McMansion with low land value is different from 50% LTV in Omega’s neighborhood.

 

[RedLantern]

Purchase money mortgages in California aren’t recourse

**** me. I’m gonna go lay down now.

 

[Ataturk]

Add California mortgages to the list of things unfuccable knows more about than I do. So that's...

1. Truckstop etiquette.
2. California mortgages
3. TBD

 

[RedLantern]

I would like the record to reflect that Turk was only accidentally right. I’ll take my L without any asterisk, however.

 

[Ataturk]

I'm not accidentally right, damn it. A judgment against someone for the balance on their house, without recourse to the house, is usually worth about as much as the clerk charges you to print it.

 

[UnFacconable]

Add California mortgages to the list of things unfuccable knows more about than I do. So that's...

1. Truckstop etiquette.
2. California mortgages
3. TBD

Credit where credit is due, I will concede that today you confirmed (to no one’s surprise) that you are experienced in turning bedsheets into garments.

I’m not sure if anything you could do is more on brand than that but you can add it to the list of trades only one of us would pursue. I’m sure it serves you well in the social groups where people like you fit in a little better.

 

[Ataturk]

Credit where credit is due, I will concede that today you confirmed (to no one’s surprise) that you are experienced in turning bedsheets into garments.

I’m not sure if anything you could do is more on brand than that but you can add it to the list of trades only one of us would pursue. I’m sure it serves you well in the social groups where people like you fit in a little better.

Today? That was like ten years ago. At least I made something. What've you done that's actually on topic for the site?

 

[UnFacconable]

Today? That was like ten years ago. At least I made something. What've you done that's actually on topic for the site?

You’re proud to be taking away jobs from the artisans who have been crafting garments from sheets in the south for generations? To be fair, I never thought about it before but it probably has always been one of those DIY situations.

 

[Ataturk]

I'll take that as a confession. Don't sweat it, though. If you're aiming to beat me at anything I care about, you're flying a bit too close to the sun. But jerking guys off in bathrooms? You'll always have that. Quit pretending to be something you're not and roll with it.

 

[RedLantern]

If you're aiming to beat me at anything I care about, you're flying a bit too close to the sun.

Badass. Alert.

 

[Ataturk]

Badass. Alert.

We are talking about @UnFacconable here. Let's go with "minimally competent alert."