Rich Piana house for sale - preforeclosure

[Bevo]

That's why Venice beach pan handling and G4P are good options for him... those "wages" cannot be garnished or taxed.  

Cali is one of the worst states in the US to get into financial trouble.  Once a judgment is granted, the creditors have carte blanche to do almost anything they want.  If there is a paper trail, they'll find any/all assets and take them.  Owning a home is suppose to be part of the American dream, but it's a nightmare if you get into financial trouble.  Any/all previous mortgage payments you made do not matter... you'll never get that cash back.  

This is the main reason why it's best to avoid a paper trail and keep cash at home in a fireproof safe.  Keeping large amounts of cash in a bank is the worst thing you can do.  The more you avoid the banking system, the better off you'll be.

Yep California for u. If u owe anything u are screwed, they will come after u, assets/properties/wages

[Primemuscle]

The market may have recovered but not housing prices.  Spending 900k for a 600k house doesn't make any since and its not the type of house that you can rent out for the amount.  Rich is good to dump the place

Don't you live in Las Vegas? The Vegas housing market was among the hardest hit. Perhaps there are other mitigating factors why that market remains in a slump.

The Portland market is very strong. Our home is less than $100 k down from what it was pretty crash. New houses in my area are selling for between $750 k and $2 mil.

Not living in L.A. I don't have as much info about the market there. What I do know is that it is unlikely  Rich 's place in Northridge was ever valued at just under $1 mil. Most of Northridge is very "middle class" with modest housing.

[2Thick]

Actually that's very wise finance. I know everything there is to know about every mortgage prouduct in the US and dumping a house because of being upside down won't hurt him a bit.

Everything in all 50 states, huh? 

Will the creditors just go away?

[King Shizzo]

Don't you live in Las Vegas? The Vegas housing market was among the hardest hit. Perhaps there are other mitigating factors why that market remains in a slump.

The Portland market is very strong. Our home is less than $100 k down from what it was pretty crash. New houses in my area are selling for between $750 k and $2 mil.

Not living in L.A. I don't have as much info about the market there. What I do know is that it is unlikely  Rich 's place in Northridge was ever valued at just under $1 mil. Most of Northridge is very "middle class" with modest housing.

There is more than one hebrew that posts on this site.

[Coach is Back!]

Piss poor, irresponsible, attitude of pieces of shit, lazy, dumb, fuckheads across the entire country.

Unless you don't plan on ever moving the depreciation doesn't matter. But lots of people are choosing to foreclose not because they can't afford it but rather they can't flip it. It's a loss. Sometimes you have to cut them.

[Neymar Barca]

Unless you don't plan on ever moving the depreciation doesn't matter. But lots of people are choosing to foreclose not because they can't afford it but rather they can't flip it. It's a loss. Sometimes you have to cut them.

i dont understand well,so for example piano have a mortgage from 2002 and he is paying X amount per month and today this house is worth only 2 or 3 time less so he doesnt want to pay double or tripple the mortgage and decide to foreclosure?? explain me

[Gonuclear]

i dont understand well,so for example piano have a mortgage from 2002 and he is paying X amount per month and today this house is worth only 2 or 3 time less so he doesnt want to pay double or tripple the mortgage and decide to foreclosure?? explain me

I can't "explain" you.  Only you can do that.  As for Piana, he's broke.  So he can't afford the payments.  And the house is not worth enough to sell and pay off his mortgage. 

[2Thick]

Unless you don't plan on ever moving the depreciation doesn't matter. But lots of people are choosing to foreclose not because they can't afford it but rather they can't flip it. It's a loss. Sometimes you have to cut them.

I think it comes down to not being able to afford it probably close to 100% of the time they walk away. Why would someone ruin their credit for many years, make it very hard for themselves to borrow again in the future, have lawyers harassing them for years on in, have wages garnished, have many future employment and business opportunities closed due to poor credit and the appearance of poor character, and have this all on public record ruining their name and reputation? Just because they'd have to hold an investment for a while longer than they planned to? Bullshit - they can no longer afford to pay, so they walk away.

And even if they'd had it owned under a corporation, it's very easy to find out owners, officers, and agents of corporations online. Being an owner or agent of a corp that filed bankruptcy or welched on debt or otherwise misbehaved can make it difficult or impossible to hold various professional licenses and serve in certain occupations.

[Primemuscle]

Unless you don't plan on ever moving the depreciation doesn't matter. But lots of people are choosing to foreclose not because they can't afford it but rather they can't flip it. It's a loss. Sometimes you have to cut them.

Investments have risk. I am not willing to cut people who welch on an agreement a break just because the investment didn't pan out as planned. If your business is flipping houses and the market crashes as it has done in the past. That was the risk you took. For those of us who treat Real Estate as a long term investment, we generally come out of it fine.

I've been in my current home for about 16 years. I owe less than 1/4 of today's assessment. I am not looking to move anytime soon. I bought a home I could afford, not overextending myself with a huge debt. Many people prior to the last Real Estate bust, bought homes and took out mortgages in excess of what they could afford to repay. They blame the lenders and not themselves for this. Nobody seems to want to take responsibility for their own actions....everything is someone else's fault.

Every time a person like Rich walks away from their responsibility it has a negative impact on all of us.

[ChopperRider]

Unless you don't plan on ever moving the depreciation doesn't matter. But lots of people are choosing to foreclose not because they can't afford it but rather they can't flip it. It's a loss. Sometimes you have to cut them.

Coach......they don't pay because they flat out just don't want to. People like Rich Piana and his ilk (the Obama generation) don't feel they are responsible for their actions or bad decisions. Don't feel they have to live by the same rules you and I do and don't feel any shame in being pieces of shit that leach their way through life.

A 30 year fixed rate mortgage isn't going to help a guy that will never see the last 27 years of the note.

Rich Piana = 2017 Dead Pool Candidate #1

[Skylge]

Seems like his plan was to "fake it till you make it". Sometimes such a strategy works, but more often it does not.

[jude2]

Coach......they don't pay because they flat out just don't want to. People like Rich Piana and his ilk (the Obama generation) don't feel they are responsible for their actions or bad decisions. Don't feel they have to live by the same rules you and I do and don't feel any shame in being pieces of shit that leach their way through life.

A 30 year fixed rate mortgage isn't going to help a guy that will never see the last 27 years of the note.

Rich Piana = 2017 Dead Pool Candidate #1

Very well done.

[Thespritz0]

Don't think this place has a pool. If it did there would have been a photo.

It is dirt cheap for Northridge.

^^
It is the place with the pool, the real estate listing was given at the beginning of the thread, this is one of the many pictures given: