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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] What if Apr 15th rolled around and NO ONE paid income tax? (nt) Posted by Bill H on May 31, 2010 at 3:42 PM In Reply to: What if everyone stopped paying their mortgage? posted by JK (the other JK) on May 31, 2010 at 11:07 AM : Three of my recent clients:nt : #1. Recently divorced female that is living in a "foremorely valued at" $1M house. She is not paying the mortgage, is collecting $1800 a month in unemployment, $2K a month in rent for the guest house and is doing contract under the table work for the movie industry to make another $3K a month. That's almost $8K a month in disposable income. What a country. : #2. Single male purchased a "foremorely valued at" $500K home in Moreno Valley with a $450,000 mortgage. The property is now worth $150K. His mortgage including taxes, insurance and a ridiculously high interest rate of over 9% on the first and 13% on second, comes out to over $4K a month. If he chose to simply save the money he would spend on the mortgage, he'd have enough to buy the house cash within 4 years. : #3. Guy has a $3.5M mortgage on an Ocean View home is having business problems. His mortgage is $20K a month. He hasn't paid in over 2.5years (is now >$500K in the hole). : Now I'm starting to think, why the hell I'm I paying my mortgages?. What if everyone decides to take a holiday from the mortgage. We could all drive a Lambo and take trips to Fiji. : Am I getting a warped view of the world because of our business or are you starting to see more and more people say "F it, I'm not paying the mortgage anymore"? Follow Ups: Not a good analogy. Uncle Sam can through you in jail, BofA cannot. (nt) JK (the other JK) 7:42 PM, 05/31/10 (1) "throw" (typo) (nt) JK (the other JK) 7:07 AM, 06/02/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Three of my recent clients:nt : : #1. Recently divorced female that is living in a "foremorely valued at" $1M house. She is not paying the mortgage, is collecting $1800 a month in unemployment, $2K a month in rent for the guest house and is doing contract under the table work for the movie industry to make another $3K a month. That's almost $8K a month in disposable income. What a country. : : #2. Single male purchased a "foremorely valued at" $500K home in Moreno Valley with a $450,000 mortgage. The property is now worth $150K. His mortgage including taxes, insurance and a ridiculously high interest rate of over 9% on the first and 13% on second, comes out to over $4K a month. If he chose to simply save the money he would spend on the mortgage, he'd have enough to buy the house cash within 4 years. : : #3. Guy has a $3.5M mortgage on an Ocean View home is having business problems. His mortgage is $20K a month. He hasn't paid in over 2.5years (is now >$500K in the hole). : : Now I'm starting to think, why the hell I'm I paying my mortgages?. What if everyone decides to take a holiday from the mortgage. We could all drive a Lambo and take trips to Fiji. : : Am I getting a warped view of the world because of our business or are you starting to see more and more people say "F it, I'm not paying the mortgage anymore"? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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