tag:blogger.com,1999:blog-9823540.post5953737930184681222..comments2023-11-02T08:48:02.271-07:00Comments on fucked in california: scratch thatjOoLzhttp://www.blogger.com/profile/02608527500388715596noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-9823540.post-400440743455629662009-09-12T13:15:12.694-07:002009-09-12T13:15:12.694-07:00OK, this is definitely a potential jewel in the ro...OK, this is definitely a potential jewel in the rough.... the part about not paying on the mortgage and just letting it pile up. I have no idea myself how long a foreclosure takes.<br /><br />I am in a similar situation due to some credit card cash advances I did about 3 years ago to keep my business floating. It didn't work. I got screwed by a couple of clients and was left holding the bag on about $150k in credit card debt. And of course, that also meant I was jobless since the biz was screwed.<br /><br />Then in Jan/07 I got a great job at an agency where I made overtime, and there was LOTS of that. The OT was paying my mortgage! I was trying to pay a little here and there on the cards until I got the early warning mid-year that we might lose the client by year-end. I started stockpiling every dime I could, quit paying anything on the business-related credit cards and was ready to weather the storm.<br /><br />Turns out we did indeed lose the account and I was unemployed from late December into early May, so was txrad since he was working at the same place when we both got laid off. (He's still unemployed.)<br /><br />The two of us drawing unemployment was enough to get by on, so I never needed to touch the bank wad. But because I thought we might have to sell the house I started using that stash to renovate: new roof, new windows, new carpet & paint (in & out) and tile floors in the kitchen & den.<br /><br />Then as luck would have it, I got a job working from home just as I'd spent nearly every dime getting the house ready to sell.<br /><br />During this time, the creditors have never stopped calling or sending letters. The banks have long ago sold off the debt to collectors who in turn have sold it off again and again. I have quit answering the phone when I see an 800/888 caller ID.<br /><br />Supposedly, in Texas I think they can't legally come after you after 4 years so I'm biding my time. This is not my preferred way out but I'm kind of anxious about talking to a bankruptcy lawyer and would rather do that as a last resort... if I get sued. But I'm not sure that's going to happen because it's probably not worth the expenses that the collectors would have to incur.<br /><br />The other bummer is that supposedly, if I walk away without ever paying, the IRS treats that as a gift or something and I would owe taxes on that amount which would SUCK. It would probably be cheaper to go to a lawyer and see if I could settle with all of them for 20-cents on the dollar or whatever. But then I'd probably still owe taxes on what was written off.<br /><br />What scares me is that I don't know that I'd qualify for bankruptcy since I have a job and could afford to pay SOMETHING each month, but I'd ben paying well into retirement which isn't going to cut it.<br /><br />Hope your Australian thing works out after you sit on a few months of mortgage money. That would be very cool indeed.Friðvinhttps://www.blogger.com/profile/08508816404445742901noreply@blogger.comtag:blogger.com,1999:blog-9823540.post-91430811590975328232009-09-11T17:47:56.586-07:002009-09-11T17:47:56.586-07:00shit, I need to come back to this tomorrow. drama...shit, I need to come back to this tomorrow. drama and tequila don't mix.<br /><br />know this: i love you and hope things work out for the best.<br /><br />(and I will come back tomorrow and read this.)Friðvinhttps://www.blogger.com/profile/08508816404445742901noreply@blogger.com