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Getbig Main Boards => General Topics => Topic started by: Tre on December 06, 2011, 07:58:07 AM
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Actually, he did finally tell me that he'd defaulted on the mortgage, but he withheld that information for almost 2 years until the foreclosure sale was 60 days away. No, he wasn't legally obligated to inform me that he'd stopped paying on my studio/office, but I am ticked off.
I went to the public auction last week, but no bid was entered, so it went back to the bank at $345K. A couple of people had stopped by the property and one seemed like a serious buyer who hoped it could be leased out right away, but his group decided against it.
At this time, I'm squatting on the property. The bank says they'll pay me to vacate, but haven't given me an amount yet.
But even though it would mean taking on another 30-year mortgage, there's a part of me that wants to buy the property for less than one-half of what the original asshole owner paid, just to piss him off...especially since the monthly nut would be about the same.
From a business perspective, it is a reasonable, long-term investment.
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I see
so, tell me Tre, how long have you confused this forum for your diary?
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Actually, he did finally tell me that he'd defaulted on the mortgage, but he withheld that information for almost 2 years until the foreclosure sale was 60 days away. No, he wasn't legally obligated to inform me that he'd stopped paying on my studio/office, but I am ticked off.
I went to the public auction last week, but no bid was entered, so it went back to the bank at $345K. A couple of people had stopped by the property and one seemed like a serious buyer who hoped it could be leased out right away, but his group decided against it.
At this time, I'm squatting on the property. The bank says they'll pay me to vacate, but haven't given me an amount yet.
But even though it would mean taking on another 30-year mortgage, there's a part of me that wants to buy the property for less than one-half of what the original asshole owner paid, just to piss him off...especially since the monthly nut would be about the same.
From a business perspective, it is a reasonable, long-term investment.
Don's be to harsh man, the guy is probably going through hell to save his investment and living on no sleep etc...
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Can't give you advice.
Hope it somehow turns out good for you.
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Actually, he did finally tell me that he'd defaulted on the mortgage, but he withheld that information for almost 2 years until the foreclosure sale was 60 days away. No, he wasn't legally obligated to inform me that he'd stopped paying on my studio/office, but I am ticked off.
I went to the public auction last week, but no bid was entered, so it went back to the bank at $345K. A couple of people had stopped by the property and one seemed like a serious buyer who hoped it could be leased out right away, but his group decided against it.
At this time, I'm squatting on the property. The bank says they'll pay me to vacate, but haven't given me an amount yet.
But even though it would mean taking on another 30-year mortgage, there's a part of me that wants to buy the property for less than one-half of what the original asshole owner paid, just to piss him off...especially since the monthly nut would be about the same.
From a business perspective, it is a reasonable, long-term investment.
Damn, that's fucked up. A lot of people are doing that kind of shit nowadays in collecting rent on defaulted property
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send muscle builder chicks to beat him senseless. than charge him $145 per hour for it.
repeat until you feel you've been vindicated.
you can also sell the stream online, we'd like to see it and it's only fair we throw a few dollars at the cause. can't let the muscle mansion go back to the bank.
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They can't kick you out...check your local laws. Same thing happened to me and by law the new landlord/owner had to abide by my lease agreement with the previous owner.
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What's your monthly rent, and can you get your payments that low? It's pretty simple. Talk to the bank and tell them you're interested. Prove to them that you've been a good paying lessee, and see if they can work with you to get the mortgage payment you need. You'd have to figure in mortgage, taxes, pmi, etc. If you can't afford it, then let them buy you out of the lease, and use that money towards something else.
It's a buyers market right now, and banks don't like to sit on forclosed properties. They might cut you a sweet deal just to wash their hands of it. When you go to negotiate, tell them the place needs a lot of repairs that you're willing to take care of. Make them think it's a shithole.
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I see
so, tell me Tre, how long have you confused this forum for your diary?
For years.
But almost all of those diary entries are requests for advice, even when written as declarative statements.
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Don's be to harsh man, the guy is probably going through hell to save his investment and living on no sleep etc...
Ordinarily, I'd agree, but he's late 50s, retired from a state job, and living in Hawaii.
I really hate the government worker racket here in CA.
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Forget your anger, sit down, use your business sense, and figure out if this house and owning it, along with the taxes, insurance, upkeep is worth it for you. There are advantages of owning a house over renting, but only to some. Can you afford it? Will it be around the same as your rent (with all the other costs). How much can you deduct at the end of the year from your tax returns.
Can you use a portion of the home for your home business of photography, place of office, etc (only 15% max of expenses)? Most people buying a house don't figure out if it is really worth it, and they want to stay in one place for a long time.
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send muscle builder chicks to beat him senseless. than charge him $145 per hour for it.
repeat until you feel you've been vindicated.
you can also sell the stream online, we'd like to see it and it's only fair we throw a few dollars at the cause. can't let the muscle mansion go back to the bank.
LOL!!!
They can't kick you out...check your local laws. Same thing happened to me and by law the new landlord/owner had to abide by my lease agreement with the previous owner.
Because it's bank repo, I get 90 days, but the county office told me that if a private party had bought it at auction, if they were moving in, a differently law would have applied.
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Can you use a portion of the home for your home business of photography, place of office, etc (only 15% max of expenses)? Most people buying a house don't figure out if it is really worth it, and they want to stay in one place for a long time.
isn't it based on square footage? i'm trying to use a room for an office and the entire garage for storage. you're saying i can only use 15% of the total sq ft?
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Is this a house or office?
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What's your monthly rent, and can you get your payments that low? It's pretty simple. Talk to the bank and tell them you're interested. Prove to them that you've been a good paying lessee, and see if they can work with you to get the mortgage payment you need. You'd have to figure in mortgage, taxes, pmi, etc. If you can't afford it, then let them buy you out of the lease, and use that money towards something else.
It's a buyers market right now, and banks don't like to sit on forclosed properties. They might cut you a sweet deal just to wash their hands of it. When you go to negotiate, tell them the place needs a lot of repairs that you're willing to take care of. Make them think it's a shithole.
Thanks, and this makes sense.
Monthly rent is $2250.
Mortgage would be $1600, plus about $400 property tax, $100 insurance, and $200 HOA (grrr).
It's a safe purchase, because rents on similar properties are $2500-2700. Even with the housing crash, there's never been any depression in rental costs here in NorCal. So, even if something happened to me and I couldn't make the payments anymore, it would be pretty easy to rent it out.
Forget your anger, sit down, use your business sense, and figure out if this house and owning it, along with the taxes, insurance, upkeep is worth it for you. There are advantages of owning a house over renting, but only to some. Can you afford it? Will it be around the same as your rent (with all the other costs). How much can you deduct at the end of the year from your tax returns.
Can you use a portion of the home for your home business of photography, place of office, etc (only 15% max of expenses)? Most people buying a house don't figure out if it is really worth it, and they want to stay in one place for a long time.
You're right. Anger is a really bad reason to make major decisions like this. Ideally, an investment group would buy it, keep my rent the same, and lease it back to me for as long as I want to stay. It's a well-built property and I've taken good care of it.
I need to figure out all the tax implications. It's where I work (where I live is down the hill), so while the interest would be deductible, that amount would decrease over time. Ugh, just one more reason why the personal income tax is bullshit!
Is this a house or office?
It's a single family home, but I've got it set up as my office and studio. Even though it's not zoned for commercial use, because there's no significant vendor/customer traffic, I don't have any issues with the HOA and the city doesn't care as long as I pay for my biz license annually.
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home values are only going up
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It's a buyers market right now,
define "buyers market"
everything on the market is getting dozens of buyers and selling at or above asking price
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I see
so, tell me Tre, how long have you confused this forum for your diary?
I laughed hard!
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Q: I am a renter in a house that is being foreclosed on. Does our lease still hold true even though the bank might take over at any moment? Should we still be paying our landlord although he doesn't make payments on the house anymore?
A: Yes and yes. This is a very common question and we have dealt with it here before. But because I am asked it so much, it bears repeating. Through the end of 2012, the federal Protecting Tenants in Foreclosure law provides that tenants with a valid lease can complete the terms of their leases with the foreclosing lenders. You still have to pay the rent to your current landlord as long as he or she owns the property. Otherwise, you can be evicted. The fact that your landlord is not paying on the mortgage does not matter. Once the bank forecloses, do not pay the landlord because the bank now owns the property. You will have to pay the rent to the foreclosing lender.
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define "buyers market"
everything on the market is getting dozens of buyers and selling at or above asking price
He isn't talking about Canada.
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He isn't talking about Canada.
central valley california bro, houses are dirt cheap, prices bottomed out about mid last year.. been rising slowly for a while now, markets flooded with buyers looking to invest
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central valley california bro, houses are dirt cheap, prices bottomed out about mid last year.. been rising slowly for a while now, markets flooded with buyers looking to invest
$345k is still a lot for a wooden box.
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central valley california bro, houses are dirt cheap, prices bottomed out about mid last year.. been rising slowly for a while now, markets flooded with buyers looking to invest
That's great in your eden. Try the other 99.5% of the country.
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Thanks, and this makes sense.
Monthly rent is $2250.
Mortgage would be $1600, plus about $400 property tax, $100 insurance, and $200 HOA (grrr).
It's a safe purchase, because rents on similar properties are $2500-2700. Even with the housing crash, there's never been any depression in rental costs here in NorCal. So, even if something happened to me and I couldn't make the payments anymore, it would be pretty easy to rent it out.
1600+400+100+200 = 2300. You also need to figure for pmi and monthly upkeep of the place. Anything that breaks would now be your responsibility. How is the HVAC, electricity, plumbing, etc. Also, figure the ampount of interest you'll be paying to the bank, and you can right that off on your taxes. If you like the place, and you see yourself living there for a while, then go after it aggresively. If you don't think you'll be there for long, then cut your losses and get out.
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1600+400+100+200 = 2300. You also need to figure for pmi and monthly upkeep of the place. Anything that breaks would now be your responsibility. How is the HVAC, electricity, plumbing, etc. Also, figure the ampount of interest you'll be paying to the bank, and you can right that off on your taxes. If you like the place, and you see yourself living there for a while, then go after it aggresively. If you don't think you'll be there for long, then cut your losses and get out.
Agree.
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If the rent is $2250 then the house is worth no more than $300,000.
Price to rent ratio is a great indicator of true value.
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home values are only going up
hahahahahhahahahahahah!!!
HAHAHAHAHAHAHAHHAHAHAHAH AHAHA!!!
;D
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define "buyers market"
everything on the market is getting dozens of buyers and selling at or above asking price
ahahaahhahahahahahahahaa hahhahahahah!!!
;D ;D ;D
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If the rent is $2250 then the house is worth no more than $300,000.
Price to rent ratio is a great indicator of true value.
Agreed. It can rent for at least $2500. Great neighborhood, but there are a few other purchase options up here that would have better resale value, IMO. The one I had my eye on for a long time just closed at $375K. They snuck in and got that one, as I never even saw anyone looking at it.
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:(
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Tre just occupy it, you could even get the occupy movement to setup camp in front of it to protect you. They are doing this now, they are american heros, contact them.
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That's great in your eden. Try the other 99.5% of the country.
me and tre live close by
ahahaahhahahahahahahahaa hahhahahahah!!!
;D ;D ;D
you must live somewhere shitty
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home values are only going up
You must be a realtor because that is a delusional/moronic statement.
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Actually, he did finally tell me that he'd defaulted on the mortgage, but he withheld that information for almost 2 years until the foreclosure sale was 60 days away. No, he wasn't legally obligated to inform me that he'd stopped paying on my studio/office, but I am ticked off.
I went to the public auction last week, but no bid was entered, so it went back to the bank at $345K. A couple of people had stopped by the property and one seemed like a serious buyer who hoped it could be leased out right away, but his group decided against it.
At this time, I'm squatting on the property. The bank says they'll pay me to vacate, but haven't given me an amount yet.
But even though it would mean taking on another 30-year mortgage, there's a part of me that wants to buy the property for less than one-half of what the original asshole owner paid, just to piss him off...especially since the monthly nut would be about the same.
From a business perspective, it is a reasonable, long-term investment.
Soon it's going to be a giant free for all.
Well, life is always a free for all, but let's say it will be a tougher than usual free for all , especially for those who dont have much money.
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me and tre live close by
you must live somewhere shitty
Johns Creek, GA
Google it dick weed.
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central valley california bro, houses are dirt cheap, prices bottomed out about mid last year.. been rising slowly for a while now, markets flooded with buyers looking to invest
Yeah, central valley in california is SHIT, i live there! The nations top 5 most broke, unemployed cities are in californias central valley!! Unless you are a prison worker,farm laborer, or work in the oilfields, there are NO jobs! Sure you can find "great" deals on huge houses, but there arent any jobs to be able to make the mortgage.
-C
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Can't give you advice.
Hope it somehow turns out good for you.
Damn honest advices right there
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When you rent, you're at the mercy of the owner. What the owner did by not telling you was smart on his end. Those checks he was getting from you went right in his pocket.
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When you rent, you're at the mercy of the owner. What the owner did by not telling you was smart on his end. Those checks he was getting from you went right in his pocket.
Tre didn't get ripped off the bank did.
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Yeah, my agreement with the landlord for years 4 & 5 were optional, so he essentially opted out. Was it unethical not to inform me? Perhaps, but I don't blame him for protecting himself.
The bank is offering me $5000 to move out by Jan 3rd.
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Tre, I'd try to initiate or your agent a short sale. Bank will have to maintain the property, taxes, bla bla...Try to offer 300k see if they bite. Banks need to dump these bank owned properties.
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Tre didn't get ripped off the bank did.
banks rip people off all the time, take their houses unjustly, you are defending banks HAHAHAHHAHHAHA they are the devil!
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Tre didn't get ripped off the bank did.
I've yet to see a bank get ripped off.
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banks rip people off all the time, take their houses unjustly, you are defending banks HAHAHAHHAHHAHA they are the devil!
The rich/super rich are known for ripping people off all the time. Esp. the small guy. They will let the small guy try to take them to court and get them all fucked up with paper work and even settle without going to court for a much smaller amount. I've heard Walmart is notorious for doing this. Michael Jackson was said to have at least 50 lawsuits going against him at any given time. He just didn't pay his bills.
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home values are only going up
ummm. no they're not. Home values have yet to hit bottom. it's really ugly out there in the housing market, I dont care what state it is. So many people are defaulting on their mortgage because they can't rationalize paying thousands in interest every month without building equity. Why invest thousands of dollars every month in a depreciating asset?? Foreclosures numbers will continue to climb in the years ahead and home prices will continue to plummet. There will be tremendous buying opportunites for years to come.
The next big shoe to drop? Defaults on business bank loans. It's quite depressing to drive into downtown Baltimore and see 50% of the big buildings across the skyline with 'for lease' signs hanging from the 50th floor windows.
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ummm. no they're not. Home values have yet to hit bottom. it's really ugly out there in the housing market, I dont care what state it is. So many people are defaulting on their mortgage because they can't rationalize paying thousands in interest every month without building equity. Why invest thousands of dollars every month in a depreciating asset?? Foreclosures numbers will continue to climb in the years ahead and home prices will continue to plummet. There will be tremendous buying opportunites for years to come.
The next big shoe to drop? Defaults on business bank loans. It's quite depressing to drive into downtown Baltimore and see 50% of the big buildings across the skyline with 'for lease' signs hanging from the 50th floor windows.
im very well acquainted with the real estate market in my area and prices hit bottom 1-2 years ago.
the economy did too. small signs of growth now
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im very well acquainted with the real estate market in my area and prices hit bottom 1-2 years ago.
the economy did too. small signs of growth now
It's all relative but on a national scale, home prices are still dropping. Some regions in the U.S. might have leveled off and held steady but as a whole, this housing market is not improving whatsoever. It's still completely fucked. There wiill still be great bargains 5-7 years from now even for people who foreclosed on their previous homes. The housing market makes up close to 30% of the U.S. economy.
Where do you see improvement? In the job market? LOL. Don't be misled by the private sector numbers.
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Up, I'm a real estate paralegal and you're right on the money. The amount of short sale files I have is nuts. Reverse Mtgs are well on the rise also.
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Up, I'm a real estate paralegal and you're right on the money. The amount of short sale files I have is nuts. Reverse Mtgs are well on the rise also.
There are at least 3 homes on my block going up for short sale, including mine. I'm upside down by almost $90,000. It's sickening and to keep pumping money into the home is retarded. If I was planning on living the rest of my life in the house, it would be different but it was purchased as an investment with 15% down and I'll NEVER make that money back. As soon as the house is sold, I'm laying low for a few years until I buy again.
It's a joke.
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There are at least 3 homes on my block going up for short sale, including mine. I'm upside down by almost $90,000. It's sickening and to keep pumping money into the home is retarded. If I was planning on living the rest of my life in the house, it would be different but it was purchased as an investment with 15% down and I'll NEVER make that money back. As soon as the house is sold, I'm laying low for a few years until I buy again.
It's a joke.
sorry to hear this UP. What about a deed in lieu if the short sale isn't approved. If you have any questions feel free to PM me. Curious who holds these mortgages on your block.
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sorry to hear this UP. What about a deed in lieu if the short sale isn't approved. If you have any questions feel free to PM me. Curious who holds these mortgages on your block.
I will keep that in mind, thank you. But I have no reason to believe that the lender won't accept my buyer's offer. They would be stupid not to.
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I will keep that in mind, thank you. But I have no reason to believe that the lender won't accept my buyer's offer. They would be stupid not to.
Well, wanna hear stoopid. My client (seller) holds 2 mtgs, both with bank of america. Only the 2nd mtg would be short 7k, the 1st would be paid in full. In CT, you have to pay committee of sale to foreclose (atty is committee). Committees of sale usually get 6 to 8k for costs (about 1k) the rest they pocket. So the bank denied the short sale, so now they will pay the committee, taxes (when due), winterize property, etc..Dumb fucks. I was shocked. I've done some that are getting short 20k but approved short sale.
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The game is over in America folks. Buying a home as an investment MAY NOT the best move for 90% of the people who live in America. If your dream is a white picket fence, start listening to the band Lucid delusion and think about another dream. Or else your city could easily turn into Detroit in the next 10 years.
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It's all relative but on a national scale, home prices are still dropping. Some regions in the U.S. might have leveled off and held steady but as a whole, this housing market is not improving whatsoever. It's still completely fucked. There wiill still be great bargains 5-7 years from now even for people who foreclosed on their previous homes. The housing market makes up close to 30% of the U.S. economy.
Where do you see improvement? In the job market? LOL. Don't be misled by the private sector numbers.
Don't try and reason with him, he's ignorant beyond anyone anything on getbig...
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It's all relative but on a national scale, home prices are still dropping. Some regions in the U.S. might have leveled off and held steady but as a whole, this housing market is not improving whatsoever. It's still completely fucked. There wiill still be great bargains 5-7 years from now even for people who foreclosed on their previous homes. The housing market makes up close to 30% of the U.S. economy.
Where do you see improvement? In the job market? LOL. Don't be misled by the private sector numbers.
my comment was directed to tre and tre lives in my region.
the economy has been very slowly improving for a while now. www.economist.com <-educate yourself
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Don't try and reason with him, he's ignorant beyond anyone anything on getbig...
without googling it, whats a better investment over the long term- a government bond or an index fund? short term?
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my comment was directed to tre and tre lives in my region.
the economy has been very slowly improving for a while now. www.economist.com <-educate yourself
Keep believing that horseshit propaganda that you read. In the meantime, I'm stocking up on canned food and arming myself one gun at a time for when the shit really hits the fan.
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Keep believing that horseshit propaganda that you read. In the meantime, I'm stocking up on canned food and arming myself one gun at a time for when the shit really hits the fan.
up, don't worry, you can have a more intelligent conversation with a brick wall
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up, don't worry, you can have a more intelligent conversation with a brick wall
I don't think the kid is being ignorant. Just a little misguided. I'm proud to be an american but seriously....the USA is FUCKED right now.
By the way..Wells Fargo holds the mortgages on my block
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I don't think the kid is being ignorant. Just a little misguided. I'm proud to be an american but seriously....the USA is FUCKED right now.
By the way..Wells Fargo holds the mortgages on my block
Gee, what a shocker. Hope they approve it. Their one of the easier banks to deal with, unless it's FHA loan..those are brutal