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There are many ways to resolve patriot act issues. In your case sending in a copy of a govt issues id that matched your address on your account, sending in a current utility bill in your name with a matching address and there are more. I'd guess the requirement went unaddressed by you
Well yes, I specifically did not want any CRA to have my current address. I have an outstanding judgment I'd like to eventually resolve with a lump sum settlement, but I already have a student loan garnishment which leaves me at poverty level and I don't need another garnishment on top of it, as long as I'm paying half my income to rent a room. (A second garnishment would obviously impair my ability to pay rent on time.)
Well yes, I specifically did not want any CRA to have my current address. I have an outstanding judgment I'd like to eventually resolve with a lump sum settlement, but I already have a student loan garnishment which leaves me at poverty level and I don't need another garnishment on top of it, as long as I'm paying half my income to rent a room. (A second garnishment would obviously impair my ability to pay rent on time.)
I've said as much previously. If I had filed BK 15 years ago, this wouldn't even be relevant today. What I've learned is that renouncing your debts is apparently better than trying to resolve them.
I've said as much previously. If I had filed BK 15 years ago, this wouldn't even be relevant today. What I've learned is that renouncing your debts is apparently better than trying to resolve them.
I've said as much previously. If I had filed BK 15 years ago, this wouldn't even be relevant today. What I've learned is that renouncing your debts is apparently better than trying to resolve them.
Or, if you'd used that $4k to pay the loan, you'd be ahead.
Another thing to consider is that many buyers today aren't willing to buy the homes that actually match their budget. A 1200 square foot starter home with one bathroom and linoleum floors and FORMICA countertops? HELL NO.
Interest rates are at record lows. There are tons of houses out there, and yet people keep buying and building brand new ones.
My wife and I bought what we could afford as our first home - 5 acres with an uninhabitable house, on a 10% owner contract. For the first 3 months we lived in a travel trailer, until we could set up a used single wide on the property. I then proceeded to gut, re-plumb and re-wire the house, install central heat, insulation, windows, doors, sheetrock and carpet. Then we installed a new driveway, rototilled the yard, planted grass and shrubs, and sold out. It took us 9 years. We walked away with everything we had put into the place, including insurance, property taxes and interest, plus 60% for our trouble. That was a down payment for the home we have now, 90 acres with a 1700 sf 1972 ranch style showing a lot of deferred maintenance. We also bought it on an owner contract at 8.5%, because, among other things, the roof was leaking. When we herded it to acceptable condition we refi'ed to a 6% 15 year, then refi'ed again to a 5% 15 year. It's been paid off since 2008, 3 years early on the last loan. In the meantime we have been doing many upgrades, including gutting the kitchen, living room, dining room and family room, changing the floor plan and installing hardwood floors in the living room and tile floors in the kitchen, dining room and family room. We also did a complete energy upgrade, including walls, attic, HVAC system, subfloor, plumbing insulation, doors and windows. Electricity is our only utility bill, which runs about $125/month.
Not bad for 29 years of marriage, starting with $8000 in savings. We were very conservative about going into debt, which came in handy 3 years after the purchase when we were both unemployed for several months. We didn't borrow to do upgrades, we just saved our shekels until we could afford it. We drove (and still drive) cars that we paid cash for. We paid cash for the tractor too.
There's nothing to keep young people from doing the same thing today. All they have to do is shop for distressed property where no one wants to live. Look for a trashed rental, or property owned by the elderly that have let maintenance get away from them (my experience). Pay substantially below the market rate because nobody else wants to live there, then fix it up and sell for a profit. People have always done this, and it's always a winner for someone in good health with initiative, preferably not over 35 years old. If they wait until they are 50, they won't have the time or energy to get it fixed up and paid for by the time they retire. Sweat equity is a young person's game.
Larry... I did similar except in an Urban core... best financial decision I ever made was to jump in at age 22.
After reading thread after thread about affordability... my conclusion is most of those complaining are simply unhappy with what they can afford... which I guess if human nature?
There's a 900 Sq foot home on a 1/2 acre right down the road from me I WANT. Asking price is 44,900. Place is outdated by at least 20 years with an tax assessment from 2014 for 30,589.....
Sigh, I can't even GET a bank to make a preapproval for it as I wanted to offer 31,000. Ugh. Credit isn't god enough for a personal line of credit for that much nor is income high enough since that would have to be paid off in 7 years....... if I could get a home loan the total including taxes and insurance would be LESS THAN MY PRESENT RENT.
I have no problem fixing it all up and just living wit it until it's updated as I have the cash....
Banks aren't the only source for mortgages. Try a mortgage broker.
The whole concept of home ownership is delusional. As long as you have a mortgage, you do NOT own your home.
Belong to an HOA?-they have a stake in your house, too. Try missing an assessment and see how fast they take your house. Don't like HOAs? Try finding a house that's not part of one.
Even if you own your home outright, fail to pay taxes and see how fast your home is sold out from under you.
Home equity is illusive. You can believe that you have $100,000 equity all you want. Until you sell, you can't use it and it doesn't exist.
I've run the numbers on various "ownership" scenarios and it just doesn't make financial sense to own a house. I have owned for 20 years and it has been the biggest financial mistake of my life. I have the spreadsheets to prove it. No, I did not buy above my means, I do most, if not all, of my own maintenance, I had 20% down, had savings, etc.
Also, home maintenance is a never-ending. You can't defer it. Either you pay someone to do it, you do it (huge cost of your time), or you take the hit when you sell.
You just can't underestimate lost opportunity costs of owning. You also can't underestimate the flexibility renting provides.
A final thought: I do not know a single person who has actually paid off their home in 30 years. I know people who have paid cash for their house (so they have hundreds of thousands locked up in a house, go figure); but I do not know anyone who actually took out a mortgage and paid it off.
Taxes vary by locale. They range from very affordable (I pay $1500/year) to horrible ($35,000/year). That's part of your buying decision.
You are correct, equity is nonsense. A home is a place to live and keep your stuff. That's what it is always worth, and the value does not vary.
Home maintenance is cheap if you figure it in months of rent. Upgrades are more expensive, but then you get things you like better.
Certainly the break-even point for home ownership is about 5 years. Up until then, owning a home is a loser. After that you start to get ahead, but it's a very long term investment. If you have to sell within 10 years, it's probably not worth the hassle.
I don't know anyone with a 30 year mortgage. That's a really stupid contract. You can get a 15 year for a lower interest rate and only slightly higher payments. I paid my mortgage off 8 years ago. My parents lived over 30 years with no mortgage payments. OTOH, my older brother retired with an excellent pension (32 years as a Boeing field engineer) and lived in near poverty until he finally paid off his mortgage last fall. A 30 year mortgage is stupid, stupid, stupid. If you have to go to a 30 year to get into a house, you can't afford it.
FYI, about 30% of home owners in the USA are mortgage-free. When we reach assisted living age we may offer owner financing and rake in both our equity and interest on the equity.
I happen to be a big fan of distressed property with short or long term owner financing.
Get in and spruce the place up and secure long term low interest financing.
Some of my sellers were so use to me paying the 5 or 6% that they dropped the rate when I went to refinance.
The worst case is they get the improved property back if I default.
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