You're right. There may be no good answer for an underwater mortgage. (I've been shaking my head in disbelief for years at the people who were saying, "Oh, no--you want the biggest mortgage you can get. That way, if you run into problems, it's a problem for the bank as well as for you." I think most of those people now understand that making problems for the bank does little to help the homeowner.)
Possibilities:
A short sale. This is where you get the bank's permission to sell the house for less than the balance due on the mortgage. Sometimes the bank will settle for the sale price and wipe out the debt. Other times they still expect you to pay the difference--the balance due is just converted into an unsecured loan. Even in the latter case, you at least owe a lot less money. (Of course, you also have no place to live.)
Negotiating a lower balance. The federal government is pushing various plans to write down the balance due on mortgages to a reasonable fraction of the value of the house. That might make the house affordable to keep. It might just make it affordable to sell.
Walking away. In some places, mortgages are often made on a non-recourse basis--that is, the bank can take your house, but can't come after you for any balance due on your mortgage. This is not universal! Don't just assume that you can give your house back to the bank.
Bankruptcy. Especially if a lot of your assets are in retirement plans (which you generally get to keep in a bankruptcy), bankruptcy is one option for households with an untenable cost structure.
I'll grant you that none of those are particularly appealing.
In any case, be sure to get good legal advice early in the planning stages if you're considering any of these options. There are all kinds of gotchas in the details of tax treatment, bankruptcy rules, etc.
This is just a follow up question concerning this credit card company and the blog from above. Was there any follow up on your part, and have you had any more complaints about this card, I too got a letter, but now; am very afraid to pursue the issue on obtaining a new card, any suggestions on someone with less than perfect credit. Thanks, and I love the info.
I second (or third?) the leftover casserole. Here's my twist:
Cover bottom of casserole dish with stuffing. Top with turkey and leftover veggies. Pour gravy over everything, then add mashed potatoes on top. Butter the potatoes, then bake.
Or, just take a handfull of whatever leftovers you have, add some shredded cheese, onions, and peppers, and roll up into a flour totrilla. Great for lunch!
I avoid Black Friday like the plague. I won't participate or support this behavior, and I'm very disappointed with people and stores that encourage it.
Flipping heck whatever next! I wouldn't ever plan to sleep in an airport. I'd sooner forgo a night's sleep. Any healthy adult can manage one night without shut eyes.
Some people can sleep on a clothes line but I need my Kings size
Doing some voluntary work would be a good idea in-between jobs.
It immediately opens up your range of contacts and increases your chances of hearing about job.
Plus you can learn new skills and benefit an organisation that can't afford paid employees.
It's better to say when you go for an interview that you've been volunteering rather than doing nothing since your last job
If you sit down and work out a barebones budget ahead of time, when it's theoretical, then you aren't making financial decisions when you're upset.
It's also a good idea to look at what you would need to cut if you lost your job, and set it up so you *can* cut it - see where you can go month-to-month instead of having a long term service contract, learn skills you currently pay for, make contacts you'll need later.
As the lower-earning partner in a two-income household, it was important for me to work out the numbers and see if we could survive on just my income (the answer is, we could, but it would be hard). It was a big relief for me to have a plan in place, and I think it takes a burden off my partner too, because now he knows we won't be homeless or hungry if something happens to his job.
Billionaires are billionaires because people listen to them. When they advise you to buy stocks or shares, they increase in value.
Then the billionaire sells his.
Why on Earth believe that a billionaire has your interest at heart?
Just take a long hard look at the situation these friendly billionaires have left the US and its ordinary people in.
Then come back and tell me how great it is to listen to these fraudsters.
The Baldchemist
My name is Alicia G. I also have applied at tutor.com and tried passing their on line exams and have not passed one of them. I do not think of myself as stpid by any means. I graduated from college with a Teaching Degree and went six years to get this degree.I am glad to see that somebody else has a complaint with tutor .com as well. I have 14 years of teaching experience.It seems that People do not want to pay much for any kind of professional help these says but they do want all your personal information.I have learned not to give out certain information until they say I am actually hired.My e mail is rexflow@juno.com If snybody would like to hire me as an on line ESL tutor.
but what do you do with a house? selling takes many months nowadays, and if you're "upsidedown" on your house and owe more than it would sell for in the current market, that means even if it did sell, you'd have to show up at closing with possibly thousands of dollars. and rents are depressed, so it's possible you couldn't even rent your house for as much as the mortgage.
it's the one part i puzzle about if i were to get laid off ... i can cut down everything else, i don't have car payments, etc., but if i were to get laid off, the house is a total albatross.
I am a routine Black Friday shopper. And I have always gone to Walmart first- as their loss leaders beat the competition far and away.
This year's Black Friday was very different from years past. People who had never considered joining the ranks of us diehards were out there- hoping to snag the big deals. They had no clue that the big deals- the $200 laptop and the big screen tv on sale- are always very limited-- usually only a few per store. Our Walmart has a family that routinely gets in line on WEDNESDAY nite-- camping out for two nights and missing Thanksgiving at home. It's their tradition- its their choice. I usually end up somewhere in the middle of the line- since I leave my house only about a half hour before the store opens (as in 4:30 am). This year, there were so many newbies I was about 50 or 60 people further back than usual.
However, when the store opened at 5, people got mad because only 10 were let in at a time. The local police and store security work together- as always- and let 10 people into the area between the two front doors, like a holding area. Once the first 10 were in, the next 10 were let into the holding area. After the first 250 people were let in like this, the line was let to go at its own pace. Everyone knew the big ticket items would be gone already- so no need to push. When security was letting only 10 in at a time, newbies got frustrated and left. We were pretty much at our usual pecking order when all was said and done. The Long Island Store didn't seem to have any order as to how they were going to let people in- or security to make it stay that way.
What did I go for this year? Toys for my kidlets. The deals really were "can't miss it" for the early bird shoppers. I am basically done Christmas shopping now and can just finish up my sewing project gifts and baking.
How about freshly ground pepper? If you don't want to or can't spend a lot of money on spices, you can splurge on whole peppercorns and grind them yourself...the difference is really remarkable. Same for whole nutmeg, which you can grate as needed. It's easy to buy too large of an amount of spices- as most good quality ground spices are good about two years...but whole ones last for four!
The holidays is the period of time from about Halloween until January where a good portion of the population loses their minds. It they are not turning into Martha Stewart trying to create the perfect holiday they are turning into anti-social lunatics at the stores.
Most of our malls and big box stores are concentrated on one are of town. Just trying to drive through there this time of year is like taking your life in your hands. People drive totally aggressive and others panic because they are not used to driving in crowded traffic. It is a nightmare. That same bad aggressive behavior happens in the stores, not just on black Friday. So the incidents on Friday came as no surprise though they still are disturbing and extremely sad.
The deals these people stood in line for really were not that great. The TV Walmart ran was only about $100-$200 off of the lower end of the price range for that kind of TV. The vacuum was only a savings of $20-$40. There are many people who just don't understand marketing or how to analyze a sale. So they fall for the black Friday hype and behave this was something major. It is the same group of people that thought the Linens & Things liquidation was the bargain of the century and stood in lines that snaked across the store to buy something for more than it would have cost before the liquidation.
When the bulk box (10 pounds) of odds and ends bacon goes on sale at my store - $5.00 for the box -- I snag a few. These sit in my freezer until meat is difficult to buy at a good price. I add it to pastas (carbonara - yum!), salads, and breads. Of course, that also means my kids get their favorite meal ever: BRINNER (Breakfast 4 Dinner.) I mix them into hashbrowns or serve it as the main course to our waffle feast. It's a super, super cheap meal that everyone loves!
...that my family has participated in Black Friday for several years now. Maybe it's different for each community, but I've never seen more than a few instances of rudeness in all that time. I've shopped at Walmart, Target, Best Buy, KMart, you name it. The people standing in line have always been friendly, chatting with one another and being very sincere.
When the doors have opened, there is a bit of a "dash" for the store, but most people are well-aware of pregnant people, older patrons, and kids that may be having a hard time getting through the doors. (I have even seen others offer to hold doors, and a few times where a disabled individual was allowed to go through the doors first.)
The type of behavior that caused this tragedy is not typical to what I've experienced. I did not go this year, but my sister did. She had a great time. The closest anyone got to nasty was reaching for the same item as someone else (it was the last one.) Everyone played fair.
This may just be the community where I live, but the type of behavior that occurred in this sad instance is not typical, at all. My heart goes out to that man and the employees at Walmart. Compassionate people have been practicing reponsible shopping for years, only to have this incident cast a shadow over most people's good will and kindness.
An option if it is just you for a short term housing situation might be house sitting. I was looking at taking a job in another city, renting an apartment until we moved everyone just seemed like too much work. Someone pointed me to a local house sitting list. Free place to live and much nicer than any apartment since most of these were people who were gone out of the country for a month or more.
There is a world of information available on how to spend less. Perhaps the best one you'll find is your own grand or great-grandparents who lived through the Great Depression. You might need to listen to several weeks of stories to get to the gem that you can use, but there are real diamonds in the experiences of those who lived during that era.
We have been living on one medium five-digit income for 25 years with six children. People look at us like we're nuts, but having a stay-at-home mom was important and we were willing to sacrifice to do it. Now that hubby has been laid off and we're trying to get by on even less, seeking out the advice of The Greatest Generation has helped me stay calm in the face of what most Americans would consider poverty (and most of the rest of the world consider unimaginable wealth.)
I have been watching this "black Friday" craziness for a few years and was really surprised that nobody had died in it yet.
I almost got a heart attack when my 7 months pregnant friend told me she was going.
Since being laid off in July, my husband has been doing his job, but freelance. There are a LOT of companies out there who have let their creative staff go to reduce costs, then find they've cut too far back to actually do business. Looking at doing your old job, but on your own, is a good bridge to another career. Downside? No benefits, and self-paid insurance is a joke.
@ Dianna:
You're right. There may be no good answer for an underwater mortgage. (I've been shaking my head in disbelief for years at the people who were saying, "Oh, no--you want the biggest mortgage you can get. That way, if you run into problems, it's a problem for the bank as well as for you." I think most of those people now understand that making problems for the bank does little to help the homeowner.)
Possibilities:
I'll grant you that none of those are particularly appealing.
In any case, be sure to get good legal advice early in the planning stages if you're considering any of these options. There are all kinds of gotchas in the details of tax treatment, bankruptcy rules, etc.
Philip
Mentioned your piece on 'Serge the Concierge' as part of my Monday Work Etiquette # 66 Time to Shrink or Time to Build.
I also included Wisebread in my Around the World in 10 Blogs list on Blogs.com.
Take care
Serge
'The French Guy from New Jersey'
I just wanted to note that a photograph is not required for *every* blog post. Maybe we could have skipped it for this particular article?
This is just a follow up question concerning this credit card company and the blog from above. Was there any follow up on your part, and have you had any more complaints about this card, I too got a letter, but now; am very afraid to pursue the issue on obtaining a new card, any suggestions on someone with less than perfect credit. Thanks, and I love the info.
The poster seems to think that all of Long Island is homogeneous. Why don't they take a drive around Rosedale (next to the mall) and tell me about it.
I second (or third?) the leftover casserole. Here's my twist:
Cover bottom of casserole dish with stuffing. Top with turkey and leftover veggies. Pour gravy over everything, then add mashed potatoes on top. Butter the potatoes, then bake.
Or, just take a handfull of whatever leftovers you have, add some shredded cheese, onions, and peppers, and roll up into a flour totrilla. Great for lunch!
I avoid Black Friday like the plague. I won't participate or support this behavior, and I'm very disappointed with people and stores that encourage it.
Flipping heck whatever next! I wouldn't ever plan to sleep in an airport. I'd sooner forgo a night's sleep. Any healthy adult can manage one night without shut eyes.
Some people can sleep on a clothes line but I need my Kings size
Doing some voluntary work would be a good idea in-between jobs.
It immediately opens up your range of contacts and increases your chances of hearing about job.
Plus you can learn new skills and benefit an organisation that can't afford paid employees.
It's better to say when you go for an interview that you've been volunteering rather than doing nothing since your last job
If you sit down and work out a barebones budget ahead of time, when it's theoretical, then you aren't making financial decisions when you're upset.
It's also a good idea to look at what you would need to cut if you lost your job, and set it up so you *can* cut it - see where you can go month-to-month instead of having a long term service contract, learn skills you currently pay for, make contacts you'll need later.
As the lower-earning partner in a two-income household, it was important for me to work out the numbers and see if we could survive on just my income (the answer is, we could, but it would be hard). It was a big relief for me to have a plan in place, and I think it takes a burden off my partner too, because now he knows we won't be homeless or hungry if something happens to his job.
Billionaires are billionaires because people listen to them. When they advise you to buy stocks or shares, they increase in value.
Then the billionaire sells his.
Why on Earth believe that a billionaire has your interest at heart?
Just take a long hard look at the situation these friendly billionaires have left the US and its ordinary people in.
Then come back and tell me how great it is to listen to these fraudsters.
The Baldchemist
The Raymond Delauney Emails are similar but funnier.
http://entertainment.aol.co.uk/the-raymond-delauney-emails/article/20071...
My name is Alicia G. I also have applied at tutor.com and tried passing their on line exams and have not passed one of them. I do not think of myself as stpid by any means. I graduated from college with a Teaching Degree and went six years to get this degree.I am glad to see that somebody else has a complaint with tutor .com as well. I have 14 years of teaching experience.It seems that People do not want to pay much for any kind of professional help these says but they do want all your personal information.I have learned not to give out certain information until they say I am actually hired.My e mail is rexflow@juno.com If snybody would like to hire me as an on line ESL tutor.
but what do you do with a house? selling takes many months nowadays, and if you're "upsidedown" on your house and owe more than it would sell for in the current market, that means even if it did sell, you'd have to show up at closing with possibly thousands of dollars. and rents are depressed, so it's possible you couldn't even rent your house for as much as the mortgage.
it's the one part i puzzle about if i were to get laid off ... i can cut down everything else, i don't have car payments, etc., but if i were to get laid off, the house is a total albatross.
I am a routine Black Friday shopper. And I have always gone to Walmart first- as their loss leaders beat the competition far and away.
This year's Black Friday was very different from years past. People who had never considered joining the ranks of us diehards were out there- hoping to snag the big deals. They had no clue that the big deals- the $200 laptop and the big screen tv on sale- are always very limited-- usually only a few per store. Our Walmart has a family that routinely gets in line on WEDNESDAY nite-- camping out for two nights and missing Thanksgiving at home. It's their tradition- its their choice. I usually end up somewhere in the middle of the line- since I leave my house only about a half hour before the store opens (as in 4:30 am). This year, there were so many newbies I was about 50 or 60 people further back than usual.
However, when the store opened at 5, people got mad because only 10 were let in at a time. The local police and store security work together- as always- and let 10 people into the area between the two front doors, like a holding area. Once the first 10 were in, the next 10 were let into the holding area. After the first 250 people were let in like this, the line was let to go at its own pace. Everyone knew the big ticket items would be gone already- so no need to push. When security was letting only 10 in at a time, newbies got frustrated and left. We were pretty much at our usual pecking order when all was said and done. The Long Island Store didn't seem to have any order as to how they were going to let people in- or security to make it stay that way.
What did I go for this year? Toys for my kidlets. The deals really were "can't miss it" for the early bird shoppers. I am basically done Christmas shopping now and can just finish up my sewing project gifts and baking.
Is the perfect affordable addition to the list. Thanks!
Linsey Knerl
How about freshly ground pepper? If you don't want to or can't spend a lot of money on spices, you can splurge on whole peppercorns and grind them yourself...the difference is really remarkable. Same for whole nutmeg, which you can grate as needed. It's easy to buy too large of an amount of spices- as most good quality ground spices are good about two years...but whole ones last for four!
Great post!
The holidays is the period of time from about Halloween until January where a good portion of the population loses their minds. It they are not turning into Martha Stewart trying to create the perfect holiday they are turning into anti-social lunatics at the stores.
Most of our malls and big box stores are concentrated on one are of town. Just trying to drive through there this time of year is like taking your life in your hands. People drive totally aggressive and others panic because they are not used to driving in crowded traffic. It is a nightmare. That same bad aggressive behavior happens in the stores, not just on black Friday. So the incidents on Friday came as no surprise though they still are disturbing and extremely sad.
The deals these people stood in line for really were not that great. The TV Walmart ran was only about $100-$200 off of the lower end of the price range for that kind of TV. The vacuum was only a savings of $20-$40. There are many people who just don't understand marketing or how to analyze a sale. So they fall for the black Friday hype and behave this was something major. It is the same group of people that thought the Linens & Things liquidation was the bargain of the century and stood in lines that snaked across the store to buy something for more than it would have cost before the liquidation.
When the bulk box (10 pounds) of odds and ends bacon goes on sale at my store - $5.00 for the box -- I snag a few. These sit in my freezer until meat is difficult to buy at a good price. I add it to pastas (carbonara - yum!), salads, and breads. Of course, that also means my kids get their favorite meal ever: BRINNER (Breakfast 4 Dinner.) I mix them into hashbrowns or serve it as the main course to our waffle feast. It's a super, super cheap meal that everyone loves!
Linsey Knerl
...that my family has participated in Black Friday for several years now. Maybe it's different for each community, but I've never seen more than a few instances of rudeness in all that time. I've shopped at Walmart, Target, Best Buy, KMart, you name it. The people standing in line have always been friendly, chatting with one another and being very sincere.
When the doors have opened, there is a bit of a "dash" for the store, but most people are well-aware of pregnant people, older patrons, and kids that may be having a hard time getting through the doors. (I have even seen others offer to hold doors, and a few times where a disabled individual was allowed to go through the doors first.)
The type of behavior that caused this tragedy is not typical to what I've experienced. I did not go this year, but my sister did. She had a great time. The closest anyone got to nasty was reaching for the same item as someone else (it was the last one.) Everyone played fair.
This may just be the community where I live, but the type of behavior that occurred in this sad instance is not typical, at all. My heart goes out to that man and the employees at Walmart. Compassionate people have been practicing reponsible shopping for years, only to have this incident cast a shadow over most people's good will and kindness.
Linsey Knerl
An option if it is just you for a short term housing situation might be house sitting. I was looking at taking a job in another city, renting an apartment until we moved everyone just seemed like too much work. Someone pointed me to a local house sitting list. Free place to live and much nicer than any apartment since most of these were people who were gone out of the country for a month or more.
I love this article...and LOVE great extras on entrees. Thanks.
There is a world of information available on how to spend less. Perhaps the best one you'll find is your own grand or great-grandparents who lived through the Great Depression. You might need to listen to several weeks of stories to get to the gem that you can use, but there are real diamonds in the experiences of those who lived during that era.
We have been living on one medium five-digit income for 25 years with six children. People look at us like we're nuts, but having a stay-at-home mom was important and we were willing to sacrifice to do it. Now that hubby has been laid off and we're trying to get by on even less, seeking out the advice of The Greatest Generation has helped me stay calm in the face of what most Americans would consider poverty (and most of the rest of the world consider unimaginable wealth.)
I have been watching this "black Friday" craziness for a few years and was really surprised that nobody had died in it yet.
I almost got a heart attack when my 7 months pregnant friend told me she was going.
Really, didn't anyone see this one coming?
Since being laid off in July, my husband has been doing his job, but freelance. There are a LOT of companies out there who have let their creative staff go to reduce costs, then find they've cut too far back to actually do business. Looking at doing your old job, but on your own, is a good bridge to another career. Downside? No benefits, and self-paid insurance is a joke.
Think carefully before jumping into mystery shopping as a way to tide yourself over. http://mysteryshoppingdemystified.blogspot.com/2008/05/basics-of-mystery-shopping-fast-easy.html is a helpful article.