Dec 252012
 

Some cool blog for money images:

Projection in San Francisco for What is 230? GM Volt ad campaign promoting a August 11 press conference
blog for money

Image by Steve Rhodes
A press conference?

The Detroit News will webcast the press conference at 8 am Central Time

www.detroitnews.com/article/20090811/AUTO01/908110369/114…

www.whatis230.com

(the site features flickr photos, has a link to post #whatis230 to twitter and a facebook group which currently has only 370 members and 50 wall posts – if they knew what they were doing it would have been a fan page)

Ad Age article on the GM Volt site

gm-volt.com/2009/08/08/what-is-230/

A blog

whatis230.blogspot.com
It says info will be available Tuesday morning at

gm-volt.com

There was a similar projection on Market St

And the message wasn’t even clear. It was supposed to be what is 230?

But I didn’t read it that way. I found the site by typing 23 Plug 8-11 into google.

The smiley faced plug doesn’t read as a zero to me.

At least google made some (taxpayer) money on it since I clicked on GM’s sponsored link.

This screenshot was on the main What is 230? site most of Saturday (and is still up on Sunday)

www.flickr.com/photos/ari/3801426205/

American Mailbox (Wakulla County, Florida) .. Walk Away From Debt For a Better Future …
blog for money

Image by marsmet461
One time, my wife said to me, [imitating his wife] "Honey, the dryer is broken." [as himself] Did you check the lint trap? [imitating his wife with a clueless face] Sit down, honey, I’ll check it. [as his wife]
"Was there anything in there?" [as himself] Just a quilt. … Ron White … a/k/a Tater Salad.
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…….*****All images are copyrighted by their respective authors ……..
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…..item 1a)…. The Huffingtonpost … HUFFPOST BUSINESS … Shifting the Focus From "Strategic Default" to "Prudent Walkaway"

Nicholas CarrollAuthor, "Walk Away From Debt for a Better Future"
Posted: March 24, 2011 07:38 PM

www.huffingtonpost.com/nicholas-carroll/shifting-the-focu…

A "strategic default" currently means walking away from an underwater home even though the owner could afford to pay the mortgage. However, this represents far less than half of walkaways. The vast majority of foreclosures happen to people who cannot afford to pay the mortgage.

Portrayals of strategic default in 2009 were typically of homeowners who "used their home as an ATM," or "deadbeats." Even news stories describing the positive side of default didn’t entirely shake those images. One of the earliest semi-positive stories was in the Wall St. Journal, titled "American Dream 2: Default, Then Rent." This article described a couple who had defaulted, cut their housing costs from nearly ,000/month to just over ,000/month, and were living in a bigger house with "a swimming pool with three waterfalls." Another strategic defaulter in the same article found the benefits of default-and-rent included the discretionary income to go out to dinner more often, and hang on to his series-6 BMW.

These are not the people I meet in the course of interviewing and writing about surviving tough times. The people I meet are laid off, or from two incomes down to one, or on their way to medical bankruptcy. They cannot imagine a swimming pool, much less a waterfall — they just have bills they can’t pay, one of which is the mortgage. Some are slow in adjusting to the "new normal," and still eat out regularly, but others have already cut back to eating out four times a year.

Their home may be underwater — or they may have equity. Often it doesn’t matter, when the bottom line is that they have to choose between the mortgage and medical insurance — because losing medical insurance in America is potentially lethal.

For this group, it is not a matter of cunningly defaulting to maintain a latte-sipping lifestyle. It is a matter of prudently walking away from the mortgage that is dragging their family and future under the waves.

The benefit for people who act both prudently and decisively can be startling. Taking a fairly typical example from people I’ve interviewed, this is the family’s financial situation:
Primary income of ,000 net per month is gone, with one laid off.

Secondary income of ,000 net is still coming in.

,000 in cash and savings, including the 401K.

,000 in credit card debt.

One car fully paid for.

Second car — ,000 owed.
They have done a careful financial projection. The total monthly expenses are ,000, right down to the last dime — which includes ,500/month on mortgage and credit card bills. That says that if the main breadwinner is not fully employed in 14 months, they will lose the home — and of course take a dip in their credit rating. And if the job doesn’t come until the 13th month, it had better be at the same salary as the previous job, or they’ll lose the home anyway.

Scenario A: Betting on a job, and continuing to pay the mortgage (a.k.a. "doing the right thing," according to the moralists). They guess that they will be fully employed again in time to save the home. They continue paying mortgage, car payments, and minimum monthly credit card payments. If their bet is wrong, their trajectory is shown by the red line below.

Scenario B: Prudently walking away. They decide that getting a job might require a career shift or relocation, with some time and money invested in re-education. They immediately stop paying the mortgage and credit card payments. In this scenario, they cut their expenses by ,500/month (which rises to ,500/month when they move out and start paying rent). If there is real equity in their financed car, they sell it and buy a used car to replace it.
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Betting on a Job – Prudent Walkaway….

images.huffingtonpost.com/2011-03-22-prudenthomewalkaway.jpg
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Worksheet online in MS Excel format or PDF

www.walkawayfromdebt.com/worksheets&charts.html
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The difference between A and B is incredible. If the family bets the primary bread-winner will be working within the year and is wrong, they could be leaving their home without enough money to rent a decent apartment in 14 months — exhausted, frightened, and possibly running on bald tires. (People who "do the right thing" tend to leave long before they actually get legal notice to move.)

The family that bets the primary bread-winner will not find a job in 13 months and stops paying the debts will be leaving their home with ,000 cash in hand, move to a rental (usually in the same school district, if need be), and will have three years for the primary bread-winner to find a job. And that’s their worst scenario — it’s quite likely they’ll be in the house for 18-24 months without making any mortgage payments.

Conclusion: when the writing is on the wall, the best plan is often a prudent walkaway — an escape to the future, equipped with enough cash to get there.
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…..item 1b)…. The Strategic Default Monitor …

www.strategicdefault.org/

Sunday, March 6, 2011

The 3 Must Send Debt Defense Letters

The 3 Must Send Letters

The following are the 3 "Must Send" Debt Defense letters. This means that at all times you must send any of these letters to any debt collection company or the original lender that contacts you

Read more »
Posted by Grinnin Skinny at 3:03 AM 2 comments
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Monday, January 24, 2011
Consider Using A Mortgage Calculator, Amortization Table And Property Value Data For A Strategic Default

Part of our job at strategicdefault.org is to review other viewpoints about strategic default. This current post is inspired by another post we found while researching the universe of articles on strategic defaults and foreclosures.

We found this post entitled : “Should I Do a Strategic Default on my Mortgage?” by JLP in his blog All Financial Matters posted December 2, 2010.

This question was posed by a reader of JLP’s blog. The question and answer are as follows:

"I bought my condo at precisely the wrong time. I didn’t, however, listen to everyone telling me I could afford to buy more. I did a straight 30 year fixed that I could afford in reality. Of course I am incredibly underwater on my mortgage now. It is depressing, needless to say, and even more so when I feel as if my taxes are helping people who didn’t “do things the right way” and some companies who seemed to have contributed greatly to the problem and are not being held responsible…I live in Illinois, western burbs of Chicago…I bought for 9,000, now owe 2,000 and the most recent sale was ,000…30 year, 6.75% (which was good then!) percent…When I bought I planned on staying 5 years or so and moving up (didn’t everyone?). I don’t *need* to move. I sure wish I could buy some of the houses on the market now though! For what I paid? I bring home (after taxes) about ,000 a year. My mortgage + PMI + escrow is almost ,100…I know there are people in much worse shape. If I lost my job this whine about underwater wouldn’t even exist, you know? Still – just the though of paying even MORE out when I feel like I am not getting any benefit is upsetting, depressing."

The writer, JLP answers as follows:

Read more »

Posted by Grinnin Skinny at 12:06 AM 5 comments
Labels: a diji, amortization, augustine a diji, augustine ademola diji, augustine diji, ken mcallion, ken mccallion, kenneth mccallion, mortgage calculator, property value, strategic default
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…..item 1c)…. The Strategic Default Monitor … The 3 Must Send Debt Defense Letters …

Sunday, March 6, 2011

www.strategicdefault.org/2011/03/3-must-send-debt-defense…
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No money for rent
blog for money

Image by foko_madagascar
Venders in the Mahabibo market sell in an alley-way because they can’t afford the rental fees in the new market.

GregC

 Posted by at 6:30 am