Spoony the Pussy One: Life is in the Render Queue

[Guest]

Whatever you want to call it. Point is, he owes them thousands. Probably $20,000 by now, maybe more. All in back mortgage payments he never intends to pay.

Some guy broke down the pyaments way back and it's pretty fascinating. My understanding is that they will sell the house and use that to pay back the debt, but there's almost no way that Noah comes up positive on this. The bank's been paying the property taxes, which are like 6,500 a year, and they've paid at least a few years worth of that right? So 20-40K in debt is very likely after all is done. Then the bank knows he's never gonna repay it so they give it to some company that will bother him for the rest of his lives.

[Guest]

Whatever you want to call it. Point is, he owes them thousands. Probably $20,000 by now, maybe more. All in back mortgage payments he never intends to pay.

That's why they're taking his house. You do know how this shit works?

He doesn't. All libshits are financially illiterate.

[rabidtictac]

You're the one who doesn't get it. I'm saying that even after taking the fucking house, he's gonna owe them thousands in mortgage payments and taxes he never paid. Maybe they'll get lucky and break even, but it's still gonna cost them AFTER they take his house, because they have to clean up his mess and get the house into a sellable condition.

They have to put up all this cash (and deal with lost income from his refusal to pay) and also deal with the hassle of forcing his bum ass out of the house, all because he refused to leave a year ago when he realized he couldn't afford to live there. He could have fixed it up and sold it himself, paid them off and maybe had a little left for a down payment on a new place.

The bank won't see a dime until they sell the place. Who knows when the fuck that will be.

[Guest]

lol calm down buddy, you said "back rent" originally and you should just hold that tiny L instead of sperging out.

[mad bum]

lol calm down buddy, you said "back rent" originally and you should just hold that tiny L instead of sperging out.

[Guest]

You're the one who doesn't get it.

You explained yourself very poorly. He doesn't owe 'rent' and the house sale is supposed to take care of any outstanding mortgage payment. You are correct (when you explained yourself properly) that he may end up having a deficiency when everything is sold off, but we don't know if he will or how big the deficiency will be until that happens.

Given that you previously thought he had a secret source of funds to pay his property taxes for him, you must forgive my skepticism that you actually knew what you were talking about.

[Guest]

You're the one who doesn't get it. I'm saying that even after taking the fucking house, he's gonna owe them thousands in mortgage payments and taxes he never paid. Maybe they'll get lucky and break even, but it's still gonna cost them AFTER they take his house, because they have to clean up his mess and get the house into a sellable condition.

Let's do a little back-of-the-envelope math.

FYI, Noah's mortgage:



The original notice of default showed he owed $177,000 on the mortgage in December 2019. Since then he owes a minimum of a year's worth of missed payments. His 30 year loan was for $195k, at 3.75%, which is $900/month. The bank has been covering his HOA and likely paying insurance on the property too. Let's say that's $1,100/month for 12 months or $13k. There's other shit but that's good enough.

His monthly mortgage was several hundred dollars higher to pay for taxes, but the bank paid them separately this year and we can't double count. So for this year a separate $7,000 for that added to his bill.

Let's leave out the fees and penalties. They exist but they're not important. The big thing to remember right now is what everyone who has a mortgage or a student loan or some other long-term loan knows: that your initial payments on a loan almost entirely cover interest, not principle.

Because:

After sinking $25,000 cash for the down payment, and 3 or 4 years of mortgage payments ranging from $39,600 to $52,000, and 3 or 4 years of taxes at $7k a year... After paying somewhere around $100,000 in cash over 4 years, Noah Antwiler now owes a minimum of $197,200... or

$2,200 MORE THAN HIS INITIAL LOAN LOL

It is likely more, much more, for those fees and penalties.

They have to put up all this cash (and deal with lost income from his refusal to pay) and also deal with the hassle of forcing his bum ass out of the house, all because he refused to leave a year ago when he realized he couldn't afford to live there. He could have fixed it up and sold it himself, paid them off and maybe had a little left for a down payment on a new place.

The bank won't see a dime until they sell the place. Who knows when the fuck that will be.

95% of the time I can tell you the house is "bought" at auction by the bank that issued the loan, in this case Caliber Home Loans and becomes REO (real estate owned). Thanks to the penalties and fees the price will be set too high for speculators to have a comfortable margin and the laws for auctions are from another era, requiring like 25% down immediately and the rest within 24 hours. Who can do that? Banks.

The bank then cleans it up and with a clear title sells it again. In this market, it will likely sell for around $275k. Noah could have cleared $100k had he not been an idiot. Even a year ago he could have sold it for more than he bought it for.

Also notice the steps ensure that Noah won't make a dime from it if it sells for more than he owes to an actual buyer after it's become an REO.

[VoiceOfReasonPast]

You know, I wonder if Spoony would be the type to abandon Oreo in some highway rest area if it became crystal-clear to him that he has a better chance finding a new apartment without a doge. Such is the respect I have for the guy.

He could have fixed it up and sold it himself, paid them off and maybe had a little left for a down payment on a new place.

Oh, I am certain many a drama could have been avoided if he had just done something.

[Sieg Zeon]

You know, I wonder if Spoony would be the type to abandon Oreo in some highway rest area if it became crystal-clear to him that he has a better chance finding a new apartment without a doge. Such is the respect I have for the guy.

He could have fixed it up and sold it himself, paid them off and maybe had a little left for a down payment on a new place.

Oh, I am certain many a drama could have been avoided if he had just done something.

I’ll take that dog in along with her twitter account. She’ll be far happier mocking daddeh while getting to run through green fields and explore.

[Guest]

I think this means she paid for it instead of food but it's sitting in customs waiting for her to pay duty fees.