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Superman Saves The Day...


Nguyen_Dragon
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I found this story pretty amazing. I wish we had something that valuable! :)

 

I'm happy for them though!

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honestly I think these guys are idiots for not knowing what they had in there own house @loll@ They are just lucky a flood or fire or who the heck knows what did not happen before LOL rats or bugs or heck knows what could have gotten at that book!

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honestly I think these guys are idiots for not knowing what they had in there own house @loll@ They are just lucky a flood or fire or who the heck knows what did not happen before LOL rats or bugs or heck knows what could have gotten at that book!

 

People just forget man... I sometimes get surprised when looking through my stuff... Figures I forgot I bought...

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awesome story.

 

but I would have let the bank have the house. Go bankrupt... Then they have a clean slate and go buy a new house, mortgage-free, after they sell the book!

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I would have kept the book and found another way to save my home...

 

they were literally leaving the home.

 

i would let the house go into foreclosure and then sell the book and buy a new house at current market value.

 

i mean, what good is having the comic book if you are homeless?

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You would have a REALLY hard time getting another house if your other is in foreclosure. It kind of screws you over. SO it's better to pay it off. ANd to try to get a loan for it... not gonna happen either. This was the only way, truthfully, unless someone they know could help them make payments or pay off the house.

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You would have a REALLY hard time getting another house if your other is in foreclosure. It kind of screws you over. SO it's better to pay it off. ANd to try to get a loan for it... not gonna happen either. This was the only way, truthfully, unless someone they know could help them make payments or pay off the house.

 

Not entirley true, I'm sure there was other stuff of value in the box they mentioned. Depending where they are located if they were only to get $250,000.00 for the comic (they'll get more) it could easily be enough to buy a house free and clear no mortgage.

 

Personally, If I were in the same situation I would have used it to save my house, not because of what it's worth but because it's mine.

 

I'm glad that the family managed to find a way to get out of trouble but I find myself wondering a couple of things though:

 

1) It's been down in the basement for about sixty years. Why the hell wasn't the basement cleaned out sometime in that span? From that alone I can infer that the people living there were slobs (I could be wrong) and in my experince most people who are slobs are also bad with money which leads me to:

 

2) How deep of a hole were/are they in? I think it was really bad. For example a bank won't foreclose on you if you miss one payment (around here anyway) you have to miss a whole mess of payments for that to happen. Foreclosure is a last resort for the bank. I know a lot of people have lost their jobs in the last while, but I also know that if I were to lose my job the bank would give me around six months of not making any mortgage payments at all so I could get back on my feet (again around here). Because the bank does not want my house, they want my money, and more often than not on foreclosures the bank loses money in the long run. Take a look at houses in your are that area on the market under 'power of sale' meaning that they've been forclosed on. Me and the wife looked at quite a few when we were house shopping a few years ago and none of them even ones that were five years old or less were in very good shape. Most people who have lost their house of late didn't lose their house simply becasue of losing their job, they lost their house because they lost their income and they were up to their eyeballs in debt, and thus the house of cards that is their finances folds in.

 

I am concerned because I've known people who aren't good with their finances or living within their means that have come into some money and burned through it incredibly fast only to wind up worse off than when they started.

 

I hope this won't be one of those cases.

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You would have a REALLY hard time getting another house if your other is in foreclosure. It kind of screws you over. SO it's better to pay it off. ANd to try to get a loan for it... not gonna happen either. This was the only way, truthfully, unless someone they know could help them make payments or pay off the house.

 

 

dude.. if they sold the comic for a million bucks or more.. they wouldn't even need a loan for a new house.

 

let the house go into foreclosure.. let it go... go bankrupt if you have to... and then buy a new (even better) house, for cheaper, with cash!

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awesome story.

 

but I would have let the bank have the house. Go bankrupt... Then they have a clean slate and go buy a new house, mortgage-free, after they sell the book!

 

 

Exactly. Bankruptcy won't affect them if they can pay cash for a new house, it would only affect them if they sought loans.

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awesome story.

 

but I would have let the bank have the house. Go bankrupt... Then they have a clean slate and go buy a new house, mortgage-free, after they sell the book!

 

 

No!!!! You don't want a bankruptcy or a foreclosure on your credit history...EVER! The only exception is if you're fabulously, beyond-imagination rich where you've got so much money you'll never need a loan for anything ever again or a job! Even if this book brings in a million bucks, after the auction house's cut and taxes, they'll probably bring home somewhere around five hundred K, a nice chunk of found money but nothing that makes you untouchable. If they dig into that to buy a house, they could blow that whole roll or leave themselves with one or two hundred K depending on the house, location, etc. You'll still have to work a job and it remains foreseeable that you'll need a loan for something at some point.

 

Don't be too quick to pull the trigger on that credit history.

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No!!!! You don't want a bankruptcy or a foreclosure on your credit history...EVER!

 

Oh please.

It depends on the regulations in your area.

I went bankrupt 7 years ago, and had a voluntary foreclosure on a home I had bought just before. It was the best thing I ever did financially, as it not only wiped out all my debts, the dreaded 7-years persona-non-grata status that banks claim turned out to be a myth. Within a year of my discharge from bankruptcy, I had lenders extending me credit, and two years ago got a mortgage for my present home--and that with freelance self-employed status. I was able to get a car loan, and have lines of credit.

I was told the bankruptcy will be off my credit history in 2011, but most lenders have told me they can see nothing on my history right now.

A bank that said for several years they could not give me a credit card at all because of "federal regulations" (that they never spelled out) gave me a credit card just a few months back anyway.

Go figure.

 

 

If these folks keep their windfall, and hold on to it for a few years, they can come out of bankruptcy in a position where they'll have no debts.

Most lenders will care only if they can meet the down payment on a new home, and if they rent for a while they can gain interest on the liquid they have to cover the DP when they are ready to buy.

Banks and lenders need to keep lending money to make their money, and they WILL lend people money even if they have been bankrupt. If someone has the assets or liquidity to reduce the lender's perceived risk, then the money will flow that much sooner.

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Clearly this isn't going to matter to some, but there is a moral issue here if nothing else.

 

When you enter into a loan agreement, you're making a promise to pay back that loan back. I know a lot of people have the attitude of "Okay. The bank has loaned me this money now how can I get out of ever paying it back," but that is just wrong. The people in the linked story now have the means to pay their mortgage. If they just walked away from their house, the bank would be taking a loss here. Believe it or not banks never, ever WANT to foreclose. They don't want to own houses. They want their money. In this case, the bank would be stuck with a house they probably in this market would have to give away in order to make any money at all. Meanwhile, these people would be walking away laughing with their arms full of found money.

 

If ethics don't hold you back, you might want to consider that some locales have certain laws against making large purchases with cash. These laws are intended to prevent the Mafia from buying walking in and buying houses and cars cash with little if any paper trail. Before these people decide they're abandoning their house because they can just plunk down a few K and walk into a new house, they may want to look into these laws.

 

Another concern is that some prospective employers won't hire people with a bankruptcy smearing their credit history. THis is why you should only deliberately torch your credit history if you can retire forever.

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I would have kept the book and found another way to save my home...

 

 

That'd be nice. I certainly share your sentiment...

 

...But a million bucks is a million bucks!

 

I love my Amazing Fantasy #15 and my Batman #10. I'd like to think I wouldn't part with them for anything, but if the right offer came along...???

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When you enter into a loan agreement, you're making a promise to pay back that loan back. I know a lot of people have the attitude of "Okay. The bank has loaned me this money now how can I get out of ever paying it back," but that is just wrong. The people in the linked story now have the means to pay their mortgage. If they just walked away from their house, the bank would be taking a loss here.

 

Oh yea....a loss that the bank can write-off on the corporate taxes they pay, when they file. Its a loss, but its a short-term loss.

 

 

As for ethics, that's entirely subjective.

Is the bank sitting there weeping because it doesn't have the money paid back? No, its certainly not.

Banks and creditors treat it as a business matter, so in my case that is how I treated it.

I was in a position where I was insolvent, and was faced with just two options: I went with the option that the law entitled me to. Nothing unethical about that--it was a savvy decision on my part.

Since the bank is already proceeding with foreclosure, the family in the story should just let it happen. They could very well, be better off for doing so.

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When you enter into a loan agreement, you're making a promise to pay back that loan back. I know a lot of people have the attitude of "Okay. The bank has loaned me this money now how can I get out of ever paying it back," but that is just wrong. The people in the linked story now have the means to pay their mortgage. If they just walked away from their house, the bank would be taking a loss here.

 

Oh yea....a loss that the bank can write-off on the corporate taxes they pay, when they file. Its a loss, but its a short-term loss.

 

 

 

That makes it okay??

 

 

 

As for ethics, that's entirely subjective.

 

"I'm writing my own bible... First commandment: Thou Shall Welch On A Loan! It's Okay..."

 

 

 

Is the bank sitting there weeping because it doesn't have the money paid back? No, its certainly not.

Banks and creditors treat it as a business matter, so in my case that is how I treated it.

 

"Hey! It's okay that I ripped off that bank. No one got hurt. Huh?... What financial crisis?"

 

 

I was in a position where I was insolvent, and was faced with just two options: I went with the option that the law entitled me to. Nothing unethical about that--it was a savvy decision on my part.

 

Just about the only people EVER to recommend bankruptcy are bankruptcy lawyers... Well, and thieves I guess... Just about every legitimate financial advisor in the world will beg you to turn to a bankruptcy only as a desperate last resort... the sort of thing you do after you've hocked your gold fillings! Most people are under the impression that you file for bankruptcy and Bingo! The slate is wiped clean. Your debts have been erased.

 

Once you file for bankruptcy, you go into bankruptcy court which means you go before a judge and that judge takes over all of your finances. Your debts don't just vanish. The judge takes all of your income and puts you on a very strict budget where a big chunk of your pay goes to make regular payments to pay off your debts. Basically, your creditors are forced to leave you alone because the court has gotten them to back off. In return, the court assures them that they will get their money. You'll pay according to the schedule the court has placed you on. The court will also put you on an allowance. Periodically, you'll have to go before the judge and the judge will go over how you're doing. At this time he might increased or decrease your allowance depending on how you're doing with your court-imposed budget. It can take forever to get through bankruptcy. It's no fun and it can haunt you for years.

 

Since the bank is already proceeding with foreclosure, the family in the story should just let it happen. They could very well, be better off for doing so.

 

Oof! If they do that, I hope Dad never needs to apply for a job, a security check, need a loan for a car, another home, a vacation home, a business loan, a home repair loan, etc. etc.... Some answers seem easy and then you live life a little and you come across a situation that makes you go, "Oh oh! I never thought of THAT!"

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That makes it okay??

Once the debt is written off, its considered gone--so yea, its okay.

 

 

"I'm writing my own bible... First commandment: Thou Shall Welch On A Loan! It's Okay..."

 

Ah yes, let's insinuate that someone is crooked here.

 

Here's some backstory for you to swallow: In 2002, I took a new job teaching at a school in another city. I moved lock, stock and barrel across 3 provinces on my own dime. 2 months into the school year, the paycheques started bouncing, and there I sat in a new city, with a new mortgage, and a failing employer. My income was supposed to be $50K for 9 months teaching, which would have easily handled the debts I had. Without $$, things didn't get paid--after all, how could they? My mistake was listening and believing my employers could turn around the situation. By the time it became apparent they could not, it was too late for my creditors liking.

 

 

Just about the only people EVER to recommend bankruptcy are bankruptcy lawyers... Well, and thieves I guess... Just about every legitimate financial advisor in the world will beg you to turn to a bankruptcy only as a desperate last resort... the sort of thing you do after you've hocked your gold fillings! Most people are under the impression that you file for bankruptcy and Bingo! The slate is wiped clean. Your debts have been erased.

 

 

Again, a cheap insinuation about criminal intent.

My bank recommended the option ( and I owed money to them!), my employer's accountant and the trustee for the backruptcy as well. It was the simplest and most expeditious option.

And in Canada, once you file for bankruptcy, a clean slate is EXACTLY what happens. You have a 9 month period of scrutiny for the first bankruptcy, and after insolvency has been established, you are discharged. Your slate is, indeed, wiped clean.

The LAW provides that option for individuals, so how can thievery even be considered?

 

 

Once you file for bankruptcy, you go into bankruptcy court which means you go before a judge and that judge takes over all of your finances. Your debts don't just vanish. The judge takes all of your income and puts you on a very strict budget where a big chunk of your pay goes to make regular payments to pay off your debts. Basically, your creditors are forced to leave you alone because the court has gotten them to back off. In return, the court assures them that they will get their money. You'll pay according to the schedule the court has placed you on. The court will also put you on an allowance. Periodically, you'll have to go before the judge and the judge will go over how you're doing. At this time he might increased or decrease your allowance depending on how you're doing with your court-imposed budget. It can take forever to get through bankruptcy. It's no fun and it can haunt you for years.

 

No, that is NOT what happens in Canada. No judge, no strict budget.

You chart your income and expenses and report that to the trustee. The courts are not involved in a personal bankruptcy unless there is a lawsuit underway. The period of scrutiny for insolvency is 9 months for the first bankruptcy, 14 for the second. During that period, the individual is under the protection of the trustee from creditors, who cannot launch any additional claims against the insolvent.

The house was in my wife's name, and our vehicle was in mine(and we were not required to give either up--but chose to voluntarily foreclose on the house) , I did not have to sell any belongings, nor did I have to close my sole-proprietorship. The trustee determined I was truly insolvent by circumstance so I owed nothing, not even taxes.

In the USA the exemptions for property are not consistent from state to state, and there's differences in state and federal codes, so someone stateside could come away much the same as I did.

 

 

 

Oof! If they do that, I hope Dad never needs to apply for a job, a security check, need a loan for a car, another home, a vacation home, a business loan, a home repair loan, etc. etc.... Some answers seem easy and then you live life a little and you come across a situation that makes you go, "Oh oh! I never thought of THAT!"

 

And having been bankrupt I've gained credit in short order in spite of the supposed climate of restriction to someone with such a "stain" on their record. My lenders all get my social insurance ID, they all get my prima face ID and employment records--and yet some still chose to ignore these supposed "federal regulations", and extend me loans for credit, a car, a house--and ALL well, within the 7 year moratorium they claim.

 

You know what the banker told me? All of those things are just formalities they are required to do. The real deciding factor is income. As long as you make/have money, you can be loaned money.

I know those standards are not the norm everywhere, but I'm sure someone with a couple hundred thousand bucks in their pocket is not going to be treated as a financial pariah if they have a foreclosure or a bankruptcy on their record.

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Clearly this isn't going to matter to some, but there is a moral issue here if nothing else.

 

When you enter into a loan agreement, you're making a promise to pay back that loan back. I know a lot of people have the attitude of "Okay. The bank has loaned me this money now how can I get out of ever paying it back," but that is just wrong. The people in the linked story now have the means to pay their mortgage. If they just walked away from their house, the bank would be taking a loss here. Believe it or not banks never, ever WANT to foreclose. They don't want to own houses. They want their money. In this case, the bank would be stuck with a house they probably in this market would have to give away in order to make any money at all. Meanwhile, these people would be walking away laughing with their arms full of found money.

 

If ethics don't hold you back, you might want to consider that some locales have certain laws against making large purchases with cash. These laws are intended to prevent the Mafia from buying walking in and buying houses and cars cash with little if any paper trail. Before these people decide they're abandoning their house because they can just plunk down a few K and walk into a new house, they may want to look into these laws.

 

Another concern is that some prospective employers won't hire people with a bankruptcy smearing their credit history. THis is why you should only deliberately torch your credit history if you can retire forever.

 

 

I hear you on the moral issue.. and I USED to feel the same way... However, that all changed when the banking industry sunk our economy and we had to fork out a trillion bucks to bail them out.

 

I don't give a crap about banks anymore. They ROBBED the tax payers.

 

I would screw them over and not feel bad about it at all. They would do the same to me any chance they got.

 

Also, like Arrow said, it's a business contract. The bank isn't just loaning you money because they are nice people. They are making an INVESTMENT. You have to pay them back with loads of interest. If you can't pay them back, then they made a bad investment. That's why they don't just give anybody a loan, they do their diligence to make sure they think you are a good investment. They won't just give me a loan because I promise I will pay it back...

 

Hell, my bank has screwed me over for no reason several times. I have been with the same bank for 12 years. I have savings, checking, and credit accounts with them. I have never been late on a credit card payment, never been over my limit, nothing.. yet, they raised my interest rate by 3% this year. They have also recently added "service charges" to both my savings and checking accounts recently, after 12 years of me being a loyal customer.

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You would have a REALLY hard time getting another house if your other is in foreclosure. It kind of screws you over. SO it's better to pay it off. ANd to try to get a loan for it... not gonna happen either. This was the only way, truthfully, unless someone they know could help them make payments or pay off the house.

 

only if they need a loan. and even then, you can build your credit up again after a foreclosure. also, if you are putting down over 80%, then you can certainly get a loan for the rest.

 

if they were underwater (meaning they owed more than the house was worth), then they should have let the house go and then sold the book and bought a new one outright at the current market value.

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