Getbig.com: American Bodybuilding, Fitness and Figure
Getbig Main Boards => Gossip & Opinions => Topic started by: OneMoreRep on March 19, 2023, 10:00:38 AM
-
This topic is being brought up for discussion/debate, but by no means is this a call to action or anything like that. I am curious to see what thoughts Getbiggers have on the current state of economic/financial affairs here in the USA.
As of the last few days, we have started to hear about a possible defaulting of over 200 regional banks throughout the USA. There are new reports showing that the FDIC has even started to seize banks in many major cities as of this past week.
Mortgages that most people get from bigger banks are typically sold off over time to smaller banks that assume the risks and benefits of buying off these debts. If you own a home that is serviced by a smaller bank and the FDIC soon takes over your regional bank, will your home soon be owned by the FDIC (i.e. the government)? If so, this nationalization of US banks is setting the stage for socialism. Part of the American dream is "owning a home", but how much of a home do you own if you're simply renting it from the government and proving them monthly payments towards your principal, interests and property taxes?
If something like this is at play, are we becoming a more socially liberal form of China? I am curious as to what your thoughts are, as I am also trying to wrap my head around what all of this could mean in the coming days to weeks.
"1"
-
No mortgage or debt, no worries. 8)
Sure, eventually they will tax people out of their property but betting I'll be dead and gone by then. Plenty of wealth in this country for several cycles of lowered living standards as the population ages. This country is a salvage operation to the people in power. They don't worry about precedence or law because they know we are being transformed into a piece of the globalist puzzle. It's not like those under say 35 are ever going to take over the reins, most don't want to own a place and maintain it and most don't have earning power to afford it anyway. Call them the subscription class....they are neo-peasants who are willing to work little in return for little. Most of them see virtue in being that way because they've been told over and over the country is racist, colonialist, etc. and needs knocked down a notch.
-
This topic is being brought up for discussion/debate, but by no means is this a call to action or anything like that. I am curious to see what thoughts Getbiggers have on the current state of economic/financial affairs here in the USA.
As of the last few days, we have started to hear about a possible defaulting of over 200 regional banks throughout the USA. There are new reports showing that the FDIC has even started to seize banks in many major cities as of this past week.
Mortgages that most people get from bigger banks are typically sold off over time to smaller banks that assume the risks and benefits of buying off these debts. If you own a home that is serviced by a smaller bank and the FDIC soon takes over your regional bank, will your home soon be owned by the FDIC (i.e. the government)? If so, this nationalization of US banks is setting the stage for socialism. Part of the American dream is "owning a home", but how much of a home do you own if you're simply renting it from the government and proving them monthly payments towards your principal, interests and property taxes?
If something like this is at play, are we becoming a more socially liberal form of China? I am curious as to what your thoughts are, as I am also trying to wrap my head around what all of this could mean in the coming days to weeks.
"1"
No.
-
I think more bank failures are coming and there will be a bad recession, but I don't think the government will take over mortgages. I think they'll have some other mechanism in place for that.
-
No.
-
I think more bank failures are coming and there will be a bad recession, but I don't think the government will take over mortgages. I think they'll have some other mechanism in place for that.
Don't worry. The economic circular flow model just requires another war from the military machine. Ukraine vs Russia isn't scaled enough. North Korea had over 200k volunteers. US has epidemic levels of degeneracy and fatherless males ranging from 18-25. This is a fantastic time to reset a lost generation. You just have to be willing to co-sign the meat grinder.
-
Rep, as I'm sure you probably know by now, the goal of the World Economic Forum is for people to own nothing and be happy. They want this by 2030. This includes homes. They want a nation of renters. This is why we see the rise of corporate landlords for houses. So no, you will not own your home.
-
There are too many banks.
Banks are like gas stations used to be...one on every corner.
-
There are too many banks.
Banks are like gas stations used to be...one on every corner.
Branch locations and companies are different things. There are too FEW banks. Small banks are being crushed by the top ten banks and their preferential treatment, which is bad for the consumer...which is all of us.
-
This topic is being brought up for discussion/debate, but by no means is this a call to action or anything like that. I am curious to see what thoughts Getbiggers have on the current state of economic/financial affairs here in the USA.
As of the last few days, we have started to hear about a possible defaulting of over 200 regional banks throughout the USA. There are new reports showing that the FDIC has even started to seize banks in many major cities as of this past week.
Mortgages that most people get from bigger banks are typically sold off over time to smaller banks that assume the risks and benefits of buying off these debts. If you own a home that is serviced by a smaller bank and the FDIC soon takes over your regional bank, will your home soon be owned by the FDIC (i.e. the government)? If so, this nationalization of US banks is setting the stage for socialism. Part of the American dream is "owning a home", but how much of a home do you own if you're simply renting it from the government and proving them monthly payments towards your principal, interests and property taxes?
If something like this is at play, are we becoming a more socially liberal form of China? I am curious as to what your thoughts are, as I am also trying to wrap my head around what all of this could mean in the coming days to weeks.
"1"
The bank doesn’t own your home if it holds a mortgage on it why would the government own your home if it holds the bank?
-
The bank doesn’t own your home if it holds a mortgage on it why would the government own your home if it holds the bank?
Interesting. So if the banks collapse you own your house with no further payments?
-
Bhank’s collapsing?
And what are regional bhanks?
MSM is silent on this topic
-
Interesting. So if the banks collapse you own your house with no further payments?
The mortgage is still a valid debt and you still owe the mortgage but holding a mortgage is not the same as owning someone’s home. You can not just sell the home or change the contractual payment due you don’t have any rights to the home you have rights to a mortgage payment only. The house is collateral but putting something up for collateral on a loan does not give the lender ownership of the asset. If I have a million dollar home and owe the bank 20k on a mortgage they don’t own my home bell if I owed 1.2m on the mortgage they still wouldn’t own the home. That is not how mortgages work.
-
Why doesn't Getbig start up a bank?
-
The mortgage is still a valid debt and you still owe the mortgage but holding a mortgage is not the same as owning someone’s home. You can not just sell the home or change the contractual payment due you don’t have any rights to the home you have rights to a mortgage payment only. The house is collateral but putting something up for collateral on a loan does not give the lender ownership of the asset. If I have a million dollar home and owe the bank 20k on a mortgage they don’t own my home bell if I owed 1.2m on the mortgage they still wouldn’t own the home. That is not how mortgages work.
If you owe 20k on a mortgage could they repossess your racecars?
Asking for getbig...
-
Interesting. So if the banks collapse you own your house with no further payments?
I do.
It's a big part of why I don't have big expenses.
But what happens if the government raises property taxes to extortionate levels?
-
Will you have the $30,000-$100,000 every 10 years to retrofit your house in compliance with Climate Change Allegiance?
-
The mortgage is still a valid debt and you still owe the mortgage but holding a mortgage is not the same as owning someone’s home. You can not just sell the home or change the contractual payment due you don’t have any rights to the home you have rights to a mortgage payment only. The house is collateral but putting something up for collateral on a loan does not give the lender ownership of the asset. If I have a million dollar home and owe the bank 20k on a mortgage they don’t own my home bell if I owed 1.2m on the mortgage they still wouldn’t own the home. That is not how mortgages work.
Bhanks is correct.
That said, one’s ownership of property is always tenuous and far from guaranteed.. just try skipping your property tax payments for a few years and see what happens. Or if there is infrastructure that the government wants to build and your house is in the way, etc etc
I’m just grateful I don’t have a landlord and that I’m not in an HOA. The rest is out of my control so why stress about it
-
The bank doesn’t own your home if it holds a mortgage on it why would the government own your home if it holds the bank?
You are the owner of that home......"as long as you meet the terms of that mortgage". When anyone purchases a home with a mortgage that the bank holds, even if you hold the deed to the property, the bank has every right to that home if you fail to make mortgage payments. The person that borrows the mortgage loan (i.e. the mortgagor) makes regular payments on the loan to the mortgagee (the lender) and agrees to a lien on the mortgaged property as collateral for the mortgagee. So sure, if that deed helps you sleep at night, then rest easy. But pray to the gods that you don't hit hard times or that a financial collapse (as what we're likely staring into right now) doesn't happen, because if it does, things will get dicey.
So, yes, if your name is on the deed, you technically own the home but with contingencies. Whereas, I like to think that when you own something it's fully yours, no contingencies. You own your underwear, no one can strip you of them if you stop paying off their cost over time. Those shit stains aren't anyone else's problem but yours. The moment you truly "own" a home is when you've either purchased it in full with no contingencies or have paid off the mortgage you hold on the home. Until your house is paid off completely, what you "own" is debt to a bank, debt that keeps you enslaved to their payments. Sure you rest easy at night because there's a piece of paper (deed) that suggests that you own the home, but that paper is only as valuable as your ability to pay back your lender. Reality is, in many ways you own equity in that home and as soon as you stop paying your lender, the home goes into the possession of the bank. House (homes) are the products (medium) banks use to have you buy into their products (loans). And even then in a broader sense you merely are renting the land from Uncle Sam and the moment you stop paying property taxes they can place a lien on the home and auction it off to recoup their money. Not to mention that by way of eminent domain, the government can seize your home at will if it finds it convenient to do so.
So, if all of these regional banks are taken over by the FDIC (i.e. the government) and inflation continues to worsen, unemployment rises and a recession hits, most of the mortgage borrowers will run into hard times and go bad on their mortgage payments which will result in the government owning the collateral (the homes).
"1"
-
Rep, as I'm sure you probably know by now, the goal of the World Economic Forum is for people to own nothing and be happy. They want this by 2030. This includes homes. They want a nation of renters. This is why we see the rise of corporate landlords for houses. So no, you will not own your home.
Amen brother Wiggs. Crazy to see how well their agenda is playing out.
"1"
-
You are the owner of that home......"as long as you meet the terms of that mortgage". When anyone purchases a home with a mortgage that the bank holds, even if you hold the deed to the property, the bank has every right to that home if you fail to make mortgage payments. The person that borrows the mortgage loan (i.e. the mortgagor) makes regular payments on the loan to the mortgagee (the lender) and agrees to a lien on the mortgaged property as collateral for the mortgagee. So sure, if that deed helps you sleep at night, then rest easy. But pray to the gods that you don't hit hard times or that a financial collapse (as what we're likely staring into right now) doesn't happen, because if it does, things will get dicey.
So, yes, if your name is on the deed, you technically own the home but with contingencies. Whereas, I like to think that when you own something it's fully yours, no contingencies. You own your underwear, e the no one can strip you of them if you stop paying off their cost over time. Those shit stains aren't anyone else's problem but yours. The moment you truly "own" a home is when you've either purchased it in full with no contingencies or have paid off the mortgage you hold on the home. Until your house is paid off completely, what you "own" is debt to a bank, debt that keeps you enslaved to their payments. Sure you rest easy at night because there's a piece of paper (deed) that suggests that you own the home, but that paper is only as valuable as your ability to pay back your lender. Reality is, in many ways you own equity in that home and as soon as you stop paying your lender, the home goes into the possession of the bank. House (homes) are the products (medium) banks use to have you buy into their products (loans). And even then in a broader sense you merely are renting the land from Uncle Sam and the moment you stop paying property taxes they can place a lien on the home and auction it off to recoup their money. Not to mention that by way of eminent domain, the government can seize your home at will if it finds it convenient to do so.
So, if all of these regional banks are taken over by the FDIC (i.e. the government) and inflation continues to worsen, unemployment rises and a recession hits, most of the mortgage borrowers will run into hard times and go bad on their mortgage payments which will result in the government owning the collateral (the homes).
"1"
There are never no contingencies on anything you have to pay property taxes every year long after you pay off your mortgage. The bank going broke doesn’t change your ability to pay the mortgage you going broke does whether the mortgage is held by a bank or the government but mortgage rates have been lower than investment rates for years. Taking a mortgage and putting your money elsewhere has been a smart play leverage and borrowing is not always a bad thing why do you think the government borrows because rates are 0 and China just funds our growth.
-
Banks don't have to 'own' your mortgage - there are many other places that can own your mortgage. We have had one mortgage moved around 3 times in 4 years in the past.
-
Rep, as I'm sure you probably know by now, the goal of the World Economic Forum is for people to own nothing and be happy. They want this by 2030. This includes homes. They want a nation of renters. This is why we see the rise of corporate landlords for houses. So no, you will not own your home.
Unless you already own it free and clear.
-
Unless you already own it free and clear.
No. 1. They can manipulate property taxes. 2. They can enact climate change laws that would make it very expensive to own and many would be priced out and or smart meter your home into compliance.
-
I'm gonna get heat for this but
I feel like having a mortgage has been a good thing for me as currency devalues. If I'd known inflation and a labor crisis were on the way I probably would have borrowed more since the debt has shrunk relative to earnings.
I recognize that inflation is hurting a lot of people but it's working for me since I can bump my rates and I live spartan so I don't really feel the cost of living increase as much as civilized people do.
I don't want to pay my loan off 100% since it'll close out my redraw. I'd rather use it and savings to get something else, ideally when there's blood in the streets.
Imo the government isn't going to steal your house. They're just going to rape you softly with more inflation from their brrrrrr money machine since people would actually react to being more heavily taxed in the customary fashion.
The banking system is socialized, but it already was in 08. They're just avoiding the term bailout this time. Mostly I'm worried about foreign held US debt, Saudi dropping the petro dollar, and the world basically moving on. In what sense is the US an economic powerhouse anymore? It's weapons companies, financial services, and shopping malls. It's been gutted of everything that made it the envy of the world.
-
I'm gonna get heat for this but
I feel like having a mortgage has been a good thing for me as currency devalues. If I'd known inflation and a labor crisis were on the way I probably would have borrowed more since the debt has shrunk relative to earnings.
I recognize that inflation is hurting a lot of people but it's working for me since I can bump my rates and I live spartan so I don't really feel the cost of living increase as much as civilized people do.
I don't want to pay my loan off 100% since it'll close out my redraw. I'd rather use it and savings to get something else, ideally when there's blood in the streets.
Imo the government isn't going to steal your house. They're just going to rape you softly with more inflation from their brrrrrr money machine since people would actually react to being more heavily taxed in the customary fashion.
The banking system is socialized, but it already was in 08. They're just avoiding the term bailout this time. Mostly I'm worried about foreign held US debt, Saudi dropping the petro dollar, and the world basically moving on. In what sense is the US an economic powerhouse anymore? It's weapons companies, financial services, and shopping malls. It's been gutted of everything that made it the envy of the world.
You're probably already across this but an Offset might be worth looking into vs Redraw given the latter is technically the lenders money and so if shit really does hit the fan they may put a block on or limit your access
Unlikely but a technical possibility
-
You're probably already across this but an Offset might be worth looking into vs Redraw given the latter is technically the lenders money and so if shit really does hit the fan they may put a block on or limit your access
Unlikely but a technical possibility
I'm a financial ignoramus. My bank never mentioned such a thing and I had no idea it existed. Thanks.
My mission is to just be a cash buyer (cheaper rural land). I hated the mortgage process so much I never want to go through it again.
Because I'm so embarrassingly ill informed with investment, and I can bang nails purdy good, I think I'm going to gravitate toward physical assets.
-
You are the owner of that home......"as long as you meet the terms of that mortgage". When anyone purchases a home with a mortgage that the bank holds, even if you hold the deed to the property, the bank has every right to that home if you fail to make mortgage payments. The person that borrows the mortgage loan (i.e. the mortgagor) makes regular payments on the loan to the mortgagee (the lender) and agrees to a lien on the mortgaged property as collateral for the mortgagee. So sure, if that deed helps you sleep at night, then rest easy. But pray to the gods that you don't hit hard times or that a financial collapse (as what we're likely staring into right now) doesn't happen, because if it does, things will get dicey.
So, yes, if your name is on the deed, you technically own the home but with contingencies. Whereas, I like to think that when you own something it's fully yours, no contingencies. You own your underwear, no one can strip you of them if you stop paying off their cost over time. Those shit stains aren't anyone else's problem but yours. The moment you truly "own" a home is when you've either purchased it in full with no contingencies or have paid off the mortgage you hold on the home. Until your house is paid off completely, what you "own" is debt to a bank, debt that keeps you enslaved to their payments. Sure you rest easy at night because there's a piece of paper (deed) that suggests that you own the home, but that paper is only as valuable as your ability to pay back your lender. Reality is, in many ways you own equity in that home and as soon as you stop paying your lender, the home goes into the possession of the bank. House (homes) are the products (medium) banks use to have you buy into their products (loans). And even then in a broader sense you merely are renting the land from Uncle Sam and the moment you stop paying property taxes they can place a lien on the home and auction it off to recoup their money. Not to mention that by way of eminent domain, the government can seize your home at will if it finds it convenient to do so.
So, if all of these regional banks are taken over by the FDIC (i.e. the government) and inflation continues to worsen, unemployment rises and a recession hits, most of the mortgage borrowers will run into hard times and go bad on their mortgage payments which will result in the government owning the collateral (the homes).
"1"
You have a valid point. Bhank is correct that the mortgage is simply a lien. The reality is that the vast majority of mortgages are government backed from the start. FHA / VA / USDA / Fannie / Freddie - not to mention all of the bond programs for down payment assistance etc. BUT - OMR you stated that “IF YOU MEET THE TERMS OR THE MTG” . How many have ever REALLY read the entire mortgage agreement? I have closed 1,000 + mtgs (just about every type) and I admit that it’s been a few years since I took the time to read all sections. There is one section in 100% of mortgages that state the owner must “maintain the property to standards….” Those “standards” are never anything specific. The government (who becomes the lien holder when the mortgage company or bank fail) COULD have “home inspections” and create any standard they wanted.
30 years ago when I started this would have sounded bat shit crazy, hell even 10 years ago. Now - it doesn’t sound crazy to me at all. Who’s to say that they couldn’t deem it a hazard to have occupants who were unvaccinated??
-
I'm a financial ignoramus. My bank never mentioned such a thing and I had no idea it existed. Thanks.
My mission is to just be a cash buyer (cheaper rural land). I hated the mortgage process so much I never want to go through it again.
Because I'm so embarrassingly ill informed with investment, and I can bang nails purdy good, I think I'm going to gravitate toward physical assets.
It's a classic small print feature, not the sort of thing they spotlight. As per above its very unlikely but still there
Offset can also offer tax advantages vs Redraw if you turn it into an investment property. Plenty of stuff on Google to get an entry point idea if ever curious. Good luck
-
You have a valid point. Bhank is correct that the mortgage is simply a lien. The reality is that the vast majority of mortgages are government backed from the start. FHA / VA / USDA / Fannie / Freddie - not to mention all of the bond programs for down payment assistance etc. BUT - OMR you stated that “IF YOU MEET THE TERMS OR THE MTG” . How many have ever REALLY read the entire mortgage agreement? I have closed 1,000 + mtgs (just about every type) and I admit that it’s been a few years since I took the time to read all sections. There is one section in 100% of mortgages that state the owner must “maintain the property to standards….” Those “standards” are never anything specific. The government (who becomes the lien holder when the mortgage company or bank fail) COULD have “home inspections” and create any standard they wanted.
30 years ago when I started this would have sounded bat shit crazy, hell even 10 years ago. Now - it doesn’t sound crazy to me at all. Who’s to say that they couldn’t deem it a hazard to have occupants who were unvaccinated??
You get it.
I had 2 clients of mine that are mortgage officers bring this exact point up to me last week and it made the hairs on the nape of my neck become erect.
"1"
-
You get it.
I had 2 clients of mine that are mortgage officers bring this exact point up to me last week and it made the hairs on the nape of my neck become erect.
"1"
I hadn't thought of that.
Government can just massively raise income tax.
I hate that because I do own my house...but I don't, because of that.
However, I feel those who own their homes will be the last everything.
-
I hadn't thought of that.
Government can just massively income tax.
I hate that because I do own my house...but I don't, because of that.
However, I feel those who own their homes will be the last everything.
They can always make a wealth tax too. Nothing can escape big government.
-
They can always make a wealth tax too. Nothing can escape big government.
That's why they hate cash and gold.
-
They can always make a wealth tax too. Nothing can escape big government.
That's true.
It's depressing for me, because admittedly, I'm not doing much h now [living off my savings - I'm comfortable, things are fine, life is cheap in NW Ontario], but knowing I can be bankrupted by big government depresses me.
My dad said - if it happens to me, it's because it happens to all of us.
He's right.
Still depressing, but...I guess we would be doing this together.
-
Planning for doomsday has never been a sound investment strategy
-
That's why they hate cash and gold.
Cash and gold are also very different the government can’t print gold they can print away the value of your cash
-
Planning for doomsday has never been a sound investment strategy
Good one, Bhanky.
-
This topic is being brought up for discussion/debate, but by no means is this a call to action or anything like that. I am curious to see what thoughts Getbiggers have on the current state of economic/financial affairs here in the USA.
As of the last few days, we have started to hear about a possible defaulting of over 200 regional banks throughout the USA. There are new reports showing that the FDIC has even started to seize banks in many major cities as of this past week.
Mortgages that most people get from bigger banks are typically sold off over time to smaller banks that assume the risks and benefits of buying off these debts. If you own a home that is serviced by a smaller bank and the FDIC soon takes over your regional bank, will your home soon be owned by the FDIC (i.e. the government)? If so, this nationalization of US banks is setting the stage for socialism. Part of the American dream is "owning a home", but how much of a home do you own if you're simply renting it from the government and proving them monthly payments towards your principal, interests and property taxes?
If something like this is at play, are we becoming a more socially liberal form of China? I am curious as to what your thoughts are, as I am also trying to wrap my head around what all of this could mean in the coming days to weeks.
"1"
The mortgage crisis of 2008 comes to mind. Many folks’ mortgages were underwater, meaning the mortgage was greater than the appraised value of the property. The housing market bubble burst when subprime mortgages, a huge consumer debt load, and crashing home values converged. Homeowners began defaulting on the home loans. This situation was created by an overwhelming load of mortgage-backed securities that bundled high-risk loans. With an unprecedented number of loans in default, many financial institutions failed requiring government bailouts.
No one I know defaulted on their mortgage and whose property was repossessed. Being financially conservative, I always maintained a small mortgage with considerable equity. At no time were we ever in danger of being foreclosed. I did jump on the opportunity to refinance the small balance of the mortgage on my current property at 2.250% APR. My excellent credit score influenced that low interest rate.
Current housing costs mean that home ownership is out of reach for many people. Unless there is some dramatic change that slows real estate demand, fewer and fewer people will enjoy homeownership in the future.
With regards to housing, do you suppose King Shizzo found somewhere to live and sleep comfortably? It is concerning that he suddenly stopped posting on Getbig on February 26th.
-
Good one, Bhanky.
Hanky is delusional about himself but he isn't always wrong when he talks about other stuff.
-
You get it.
I had 2 clients of mine that are mortgage officers bring this exact point up to me last week and it made the hairs on the nape of my neck become erect.
"1"
Go on...
-
If you are worried about a bank closing and you losing your money, then diversify and spread your amount out in other banks. Each customer of a bank is backed by FDIC up to $250K. I went and pulled money out my PNC bank today and opened a new BoA saving account and transferred it there. I will go to my Wells Fargo and do the same on Thursday. If you keep your amount in each bank under $250K you are good.
-
Cash and gold are also very different the government can’t print gold they can print away the value of your cash
stupid argument
The value of Gold is based on how much currency you can get for it
Try and tell me how much gold is worth without mentioning money...
Daft twat.,
-
this gentleman makes a case for the bankruns being a well planned psyop by the central banks to usher in the new world order
-
It's a classic small print feature, not the sort of thing they spotlight. As per above its very unlikely but still there
Offset can also offer tax advantages vs Redraw if you turn it into an investment property. Plenty of stuff on Google to get an entry point idea if ever curious. Good luck
Cheers. I've let myself off the hook for far too long when it comes to getting informed on these matters. I'll bring the autism to bear!
-
I don’t think you should link today’s events to the grand plan. Bruce turned in Caitlin quicker than we will have an entirely new way of life.
we don’t have the masses in the brink of default. We don’t have people running to the exits. We don’t have excess house supply on the market. You will own nothing because property will rip upwards and make you poor…… US median 2019 was 320k or so, by 2030 will be 880k and your hamburger will cost $30. I have had this message from the get go, you will get utterly wrecked this decade if you don’t already own a property (not outright but as I’m not in the market).
Over the next 20yrs I expect:
1) property tax changes
2) capital gains tax changes
3) negative/positive geared property changes meaning tax incentives get reduced
4) improvements for evictions to benefit the renter meaning greater exposure for landlords
5) Death tax changes
-
WEF- YOU WILL OWN NOTHING AND BE HAPPY, they are pushing their GREAT RESET, I believe it will happen this year. Agenda 2030 was sped up. We do not have 20 years. The financial collapse will happen this year again part of the great reset. Read entangled magazine, its the only truth I have seen of how things are happening.
-
I don’t think you should link today’s events to the grand plan. Bruce turned in Caitlin quicker than we will have an entirely new way of life.
we don’t have the masses in the brink of default. We don’t have people running to the exits. We don’t have excess house supply on the market. You will own nothing because property will rip upwards and make you poor…… US median 2019 was 320k or so, by 2030 will be 880k and your hamburger will cost $30. I have had this message from the get go, you will get utterly wrecked this decade if you don’t already own a property (not outright but as I’m not in the market).
Over the next 20yrs I expect:
1) property tax changes
2) capital gains tax changes
3) negative/positive geared property changes meaning tax incentives get reduced
4) improvements for evictions to benefit the renter meaning greater exposure for landlords
5) Death tax changes
Nice post.
Agree 100%.
-
stupid argument
The value of Gold is based on how much currency you can get for it
Try and tell me how much gold is worth without mentioning money...
Daft twat.,
Gold bugs never figure this shit out.
-
If you are worried about a bank closing and you losing your money, then diversify and spread your amount out in other banks. Each customer of a bank is backed by FDIC up to $250K. I went and pulled money out my PNC bank today and opened a new BoA saving account and transferred it there. I will go to my Wells Fargo and do the same on Thursday. If you keep your amount in each bank under $250K you are good.
I went down the rabbit hole with this. Getting savings accounts at different banks is one way to get a total of over 250k FDIC coverage. From what I've read another way is to put the total into a brokerage and from there buy brokered CDs at different banks at 250k each (will be less liquid than savings acct but you can do short term CDs). Another option I'm reading about is something that used to be called CDARS which is now IntraFi which I think does something similar to the above automatically for you.
-
this gentleman makes a case for the bankruns being a well planned psyop by the central banks to usher in the new world order
Werner, the man you coined the phrase quantitative easing
Hes well worth a listen
-
If you own a home that is serviced by a smaller bank and the FDIC soon takes over your regional bank, will your home soon be owned by the FDIC (i.e. the government)? If so, this nationalization of US banks is setting the stage for socialism. Part of the American dream is "owning a home", but how much of a home do you own if you're simply renting it from the government and proving them monthly payments towards your principal, interests and property taxes?
"1"
I saw this post on here yesterday, and was waiting to respond until someone posted something like this:
I went down the rabbit hole with this. Getting savings accounts at different banks is one way to get a total of over 250k FDIC coverage. From what I've read another way is to put the total into a brokerage and from there buy brokered CDs at different banks at 250k each (will be less liquid than savings acct but you can do short term CDs). Another option I'm reading about is something that used to be called CDARS which is now IntraFi which I think does something similar to the above automatically for you.
Point being, this so-called potential "nationalization" is the primary reason most people have any trust in US banks whatsoever. Bhank's points are correct in that there would not be a fundamental difference in the nature of your loan. A huge portion of people already receive gov't backed loans through commercial banks already. Banks aren't benevolent in general, so I don't get the thought process that somehow a bank being in receivership equates to suddenly swimming with the sharks.
-
No mortgage or debt, no worries.
Try not paying your property tax and your house goes off to auction. Crazy that in the USA you can't really own land or house, always under the threat of it getting takes away if you miss a tax payment
-
Try not paying your property tax and your house goes off to auction. Crazy that in the USA you can't really own land or house, always under the threat of it getting takes away if you miss a tax payment
It takes two or three years to get foreclosed.
-
It takes two or three years to get foreclosed.
Even in a tax seizure situation, the process is still favorable to the owner, if you are able to come up with the money owed. But the point is that people dont really own anything if theres always a payment.
-
Even in a tax seizure situation, the process is still favorable to the owner?, if you are able to come up with the money owed. But the point is that people dont really own anything if theres always a payment.
Nonsense.
The property taxes pay for services. Schools, roads, lighting, improvements, sewer, library, government services, snow plowing, police, fire department, etc.
The common good.
You own the property by deed. If you have a mortgage it is collateralized on the property as security for the lender.
The lender technically requires you to maintain the property since it is collateral for the loan.
-
Nonsense.
The property taxes pay for services. Schools, roads, lighting, improvements, sewer, library, government services, snow plowing, police, fire department, etc.
The common good.
You own the property by deed. If you have a mortgage it is collateralized on the property as security for the lender.
The lender technically requires you to maintain the property since it is collateral for the loan.
Let me know what happens if you don’t pay those taxes then.
I have a property that is owned outright, I didn’t pay the property taxes for three years and I received a certified letter explaining the seizure process, there would be a notice placed in the local paper, blah,blah,blah….
The point is even though I literally own the parcel of land and home if I did not pay the taxes in full or at least work out a payment plan, it would have gone to auction, where the city would have kept the money from the sale, and the back taxes would still be owed.
I own the property and if it would have sold due to failure to pay taxes I would not have seen a dime from the sale.
In fact I just received a letter yesterday explaining that the assessed value of the property has gone up and as such so will my taxes.
We are getting lost in semantics, by all rights if you own something it is yours but there are rules you must follow if you want to keep ownership.
-
Why didn't you pay the taxes?
You didn't pay the taxes so they put a lien on your property.
If you had work done on your house and didn't pay the contractor he can lien your property.
If someone owes you money and they don't pay you can get a judgement and garnish their wages.
You owe and don't pay you get liened.
You want to live in the town/city/county you have to pay.
-
Why didn't you pay the taxes?
You didn't pay the taxes so they put a lien on your property.
If you had work done on your house and didn't pay the contractor he can lien your property.
If someone owes you money and they don't pay you can get a judgement and garnish their wages.
You owe and don't pay you get liened.
You want to live in the town/city/county you have to pay.
Why didn’t I pay the taxes? I moved and no longer live in the state and I’m on a 3 hour time difference, so when covid shut down the municipality office for the first year, I knew I was going to be late that year not a big deal. The second year they had limited hours and they no longer accepted credit card payments, it was a cash or check option and there was a new country treasurer that when I was able to connect with the main office they gave conflicting information who to make the check out to (or in my case a money order). That drifted into year 3.
I see your point but I’ll agree to disagree.
The property management company connected me and said the back deck needed repairs, so I let them price out a local guy who could do it. As the repairs were going on the county inspector (or whatever his title is) stopped in to make sure they had they proper permits, which according to the letter of law a repair to a deck does not require a permit, and this lead to a whole another issue ( The permit was purchased because it wasn’t worth the headache to dispute, but it also wasn’t my battle). That said my house and property still required “permission” to fix the issues. This is in a rural community btw.
Or when the county plow trucks hit and removed my mailbox the county said they weren’t liable for that type of damage. The box was to close to the road, I never had an issue when I lived there but in the 6 years I’ve been gone it’s happened twice.
I have other trivial issues like this and I still believe it’s better to own than not but I still believe we never really own anything property wise, we are just leasing until our time here is up.
-
I have other trivial issues like this and I still believe it’s better to own than not but I still believe we never really own anything property wise, we are just leasing until our time here is up.
That's the way the universe works. You can't take the property to your grave so it becomes someone else's. Everything is temporary. The human race is temporary. In a few million years it will evolve into something else or go extinct.
-
I have other trivial issues like this and I still believe it’s better to own than not but I still believe we never really own anything property wise, we are just leasing until our time here is up.
Dave, do you believe property taxes are just a bad thing across the board? Or do you think- considering that land is a limited resource, the population is constantly increasing, land ownership is one of the most solid investments and, for most people, surrounding properties effect nearby home values- that there is a some benefit in making sure property owners have a vested interest in their property? For instance, if someone moved outside of a state and gradually lost interest in maintaining a property, wouldn't adjacent property owners appreciate a mechanism that allowed for the property to be sold to someone who would be more interested in maintaining it? If it's a crowded market, might there be some good in a limited resource being available for a family that needed a place to live? When you pay off property, you do own it free and clear from the person you bought it from. They can't demand it back when the value goes up or if they get sick of their new neighborhood. But, as land is a limited resource and a necessity, couldn't the argument be made that it's a good thing for there to be ongoing obligations?
-
Why didn’t I pay the taxes? I moved and no longer live in the state and I’m on a 3 hour time difference, so when covid shut down the municipality office for the first year, I knew I was going to be late that year not a big deal. The second year they had limited hours and they no longer accepted credit card payments, it was a cash or check option and there was a new country treasurer that when I was able to connect with the main office they gave conflicting information who to make the check out to (or in my case a money order). That drifted into year 3.
I see your point but I’ll agree to disagree.
The property management company connected me and said the back deck needed repairs, so I let them price out a local guy who could do it. As the repairs were going on the county inspector (or whatever his title is) stopped in to make sure they had they proper permits, which according to the letter of law a repair to a deck does not require a permit, and this lead to a whole another issue ( The permit was purchased because it wasn’t worth the headache to dispute, but it also wasn’t my battle). That said my house and property still required “permission” to fix the issues. This is in a rural community btw.
Or when the county plow trucks hit and removed my mailbox the county said they weren’t liable for that type of damage. The box was to close to the road, I never had an issue when I lived there but in the 6 years I’ve been gone it’s happened twice.
I have other trivial issues like this and I still believe it’s better to own than not but I still believe we never really own anything property wise, we are just leasing until our time here is up.
The continents are temporary. You've heard of Pangea, well guess what, eventually there will be another supercontinent in a few 100 million years. Miami will eventually be abandoned as the oceans reclaim it. Plate tectonics is not going to stop. New mountain ranges will form that might be taller than the Himalayas. The sun will eventually fuse most hydrogen to helium and then become a red giant and burn out in a helium flash. All stars in the universe will eventually die off and star formation in the universe will cease. Eventually, protons will decay. Then no more gold lol!
-
Dave, do you believe property taxes are just a bad thing across the board? Or do you think- considering that land is a limited resource, the population is constantly increasing, land ownership is one of the most solid investments and, for most people, surrounding properties effect nearby home values- that there is a some benefit in making sure property owners have a vested interest in their property? For instance, if someone moved outside of a state and gradually lost interest in maintaining a property, wouldn't adjacent property owners appreciate a mechanism that allowed for the property to be sold to someone who would be more interested in maintaining it? If it's a crowded market, might there be some good in a limited resource being available for a family that needed a place to live? When you pay off property, you do own it free and clear from the person you bought it from. They can't demand it back when the value goes up or if they get sick of their new neighborhood. But, as land is a limited resource and a necessity, couldn't the argument be made that it's a good thing for there to be ongoing obligations?
Some people feel assets like Bitcoin are better investments because property requires maintenance and tax payments. If the property does not increase in value more than these costs then it is not a sound investment. And all property is not equal. Some properties appreciate and others devalue.
-
The continents are temporary. You've heard of Pangea, well guess what, eventually there will be another supercontinent in a few 100 million years. Miami will eventually be abandoned as the oceans reclaim it. Plate tectonics is not going to stop. New mountain ranges will form that might be taller than the Himalayas. The sun will eventually fuse most hydrogen to helium and then become a red giant and burn out in a helium flash. All stars in the universe will eventually die off and star formation in the universe will cease. Eventually, protons will decay. Then no more gold lol!
And by that time Wes will be twice as old as he is now.
-
Dave, do you believe property taxes are just a bad thing across the board? Or do you think- considering that land is a limited resource, the population is constantly increasing, land ownership is one of the most solid investments and, for most people, surrounding properties effect nearby home values- that there is a some benefit in making sure property owners have a vested interest in their property? For instance, if someone moved outside of a state and gradually lost interest in maintaining a property, wouldn't adjacent property owners appreciate a mechanism that allowed for the property to be sold to someone who would be more interested in maintaining it? If it's a crowded market, might there be some good in a limited resource being available for a family that needed a place to live? When you pay off property, you do own it free and clear from the person you bought it from. They can't demand it back when the value goes up or if they get sick of their new neighborhood. But, as land is a limited resource and a necessity, couldn't the argument be made that it's a good thing for there to be ongoing obligations?
Oh my argument isn’t that property taxes are bad or unnecessary, I’m just of the mindset that you never really “own” anything because ownership is always based on contingencies. Or maybe it’s better to view it as ownership has more requirements/responsibilities and obligations.
I think you’re right and so is ironnat, I just don’t always agree with the rules.
Where I live today we have a HOA and I think these type of setups, in many cases, are a scam. The reality though is the HOA keeps a standard for the properties in the neighborhood. I don’t have to be concerned about a neighbor using their lawn as a parking lot or placing a tool shed in their front yard. If I don’t agree with a HOA rule and don’t pay the HOA they can put a lien on my house and obviously I’m opposed to that (but again I’m biased because I would want others to follow the rules I agree with).
All this said I think the advantages of owning are superior to renting; I’m just being a contrarian.
-
And by that time Wes will be twice as old as he is now.
Damn that's old!! We're talking trillions and trillions and trillions of years - even more than that! Googol years?!
(https://qph.cf2.quoracdn.net/main-qimg-b80c8d3b539d32e9e59dea3922b5e4f6-lq)
-
Try not paying your property tax and your house goes off to auction. Crazy that in the USA you can't really own land or house, always under the threat of it getting takes away if you miss a tax payment
If you can't afford property taxes on a paid off house you have way too much house.
-
Why didn’t I pay the taxes? I moved and no longer live in the state and I’m on a 3 hour time difference, so when covid shut down the municipality office for the first year, I knew I was going to be late that year not a big deal. The second year they had limited hours and they no longer accepted credit card payments, it was a cash or check option and there was a new country treasurer that when I was able to connect with the main office they gave conflicting information who to make the check out to (or in my case a money order). That drifted into year 3.
I see your point but I’ll agree to disagree.
The property management company connected me and said the back deck needed repairs, so I let them price out a local guy who could do it. As the repairs were going on the county inspector (or whatever his title is) stopped in to make sure they had they proper permits, which according to the letter of law a repair to a deck does not require a permit, and this lead to a whole another issue ( The permit was purchased because it wasn’t worth the headache to dispute, but it also wasn’t my battle). That said my house and property still required “permission” to fix the issues. This is in a rural community btw.
Or when the county plow trucks hit and removed my mailbox the county said they weren’t liable for that type of damage. The box was to close to the road, I never had an issue when I lived there but in the 6 years I’ve been gone it’s happened twice.
I have other trivial issues like this and I still believe it’s better to own than not but I still believe we never really own anything property wise, we are just leasing until our time here is up.
Americans are really in the Stone Age to the digital world which is really weird given Silicon Valley and all.
It is easier to have it all digital but I can understand Americans might be unhappy because they won’t be able to evade taxes. We are all doing ok so don’t worry, your life isn’t over if you need a bank account.
-
Don't worry. The economic circular flow model just requires another war from the military machine. Ukraine vs Russia isn't scaled enough. North Korea had over 200k volunteers. US has epidemic levels of degeneracy and fatherless males ranging from 18-25. This is a fantastic time to reset a lost generation. You just have to be willing to co-sign the meat grinder.
Absolutely HALAL
:D
-
Americans are really in the Stone Age to the digital world which is really weird given Silicon Valley and all.
It is easier to have it all digital but I can understand Americans might be unhappy because they won’t be able to evade taxes. We are all doing ok so don’t worry, your life isn’t over if you need a bank account.
I’m not following you.
-
I’m not following you.
Apologies i was on my phone and hit the wrong quote and my post is all messed up. Not even sure it's on the right page or topic.
As for land taxes. Down here we have stamp duty which is a one time payment for the purchase of a property. It equates to approx 3.4% and is a must pay. Median house price in Sydney is 1.5M so you start to get an idea of just how much money it takes up.
I assume at some point we will adopt land tax. It's a better system than the 99yr lease the asian countries have going on.
-
You have a valid point. Bhank is correct that the mortgage is simply a lien. The reality is that the vast majority of mortgages are government backed from the start. FHA / VA / USDA / Fannie / Freddie - not to mention all of the bond programs for down payment assistance etc. BUT - OMR you stated that “IF YOU MEET THE TERMS OR THE MTG” . How many have ever REALLY read the entire mortgage agreement? I have closed 1,000 + mtgs (just about every type) and I admit that it’s been a few years since I took the time to read all sections. There is one section in 100% of mortgages that state the owner must “maintain the property to standards….” Those “standards” are never anything specific. The government (who becomes the lien holder when the mortgage company or bank fail) COULD have “home inspections” and create any standard they wanted.
30 years ago when I started this would have sounded bat shit crazy, hell even 10 years ago. Now - it doesn’t sound crazy to me at all. Who’s to say that they couldn’t deem it a hazard to have occupants who were unvaccinated??
I for one have never read every word in any of the many mortgages I have had in my lifetime. It seems to me that when folks pay their mortgage payments in a timely manner, keep current on their taxes, and homeowner’s insurance, this satisfies the lender.
I was unaware of the clause about maintaining the property. Not this has ever been an issue for me. Maintaining and even improving one’s property is a no brainer. It pays off whenever you decide to refinance or sell.
My last closing was done at home by a notary when I refinanced to lower the interest rate to 2.25%. All other aspects of the mortgage, including the initial application process and appraisal, were handled online. A notary was here for at least two hours because there was a huge stack of paperwork to read, sign, and initial. It is just crazy! No wonder closing costs are so high.