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ArtificialOP t1_j9tgvfb wrote

Reply to comment by aeplus in Pimco-Owned Office Landlord Defaults on $1.7 Billion Mortgage by downboat

I have a few loans I need to default on, teach me how

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Americanjackoff t1_j9thjs4 wrote

Buy everything you need to for the next 5. Squirrel everything away. A $10 here, a $100 three, a boat or ten owned by your doggies, a business owned by your parrot… and than call up the bank and notify them you are broke because you can not manage money.

Problem solved!

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CSMastermind t1_j9wy4kn wrote

Of all the guys I know who divorced, only one didn't get taken to the cleaners by their ex.

He worked as a bartender, and every night at the end of his shift, he'd put $20 into a box that he never opened or told his wife about. Did it for a decade.

The rest of his tip money covered his living expenses, and the money that hit his account from wages was spent on guns, gold, and rare liquor bottles that he had a side hustle trading in.

He's a disabled vet with a pretty high disability rating so he also had a nice income stream that was untouchable in a divorce proceeding.

His wife was a stripper then later a waitress who spent every dollar she made pretty much as soon as she made it.

Never had a kid with her and when they got divorced he had like $1k in the bank and $5k of credit card debt. They split amicably and decided they didn't have enough assets to divide so went their separate ways.

In reality, he had about $60k cash in the house and guns/gold/spirits worth another $200k.

He's on his second wife now and I'm pretty sure she's unaware as well but at least she's much better with her money and understands the concept of savings.

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ArtificialOP t1_j9tjkii wrote

Do they search your house when you declare bankruptcy?

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Americanjackoff t1_j9tnbj2 wrote

You have a house and are asking us for finically sound advice? Jokes on you! I live in a box underneath a factory beside a river by a swamp… shits fucked, but I get cool water with a green glow to light my shit at night! I haven’t needed drugs from the copious amounts of fumes, and I’m pretty sure I ate my dog… so just knowing you have a house makes me think you know a sit ton more about budgeting than I! Asides, they wouldn’t want to search my shit even if they could find or recognize me!

Signed off, Pickle Rick with pickle Dick.

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HolyAndOblivious t1_j9ty4lm wrote

No. That would be highly illegal! Try not to own the house directly too!

When covid hit I defaulted my CCs, even though I never lost my job. Applied for covid relief and got it refinanced with no interest.

I kept like 10k worth of shit I could not afford.

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ArtificialOP t1_j9uep57 wrote

Shit bro I should’ve done that back when it was available

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HolyAndOblivious t1_j9ufdku wrote

companies got offered free loans and stole those funds. I thought the average WSB poster knew that in advance. When I read that, I went searching for which benefits could I ask and stole those funds too.

If you cant beat em...

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ArtificialOP t1_j9ufxth wrote

People in my hometown were fraudulently getting covid funds and I wanted nothing to do with that and low n behold a few months/years later many are being prosecuted by the feds

I guess I didn’t know how to do it the right way so I just steered clear

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HolyAndOblivious t1_j9ugxk0 wrote

its illegal until microsoft or apple do it. lol. I defaulted on everything and here I am! Inflation doing it's job of erasing my personal debt. I got a 12 month interest free freeze and then an interest free refinance deal on everything. I just have to keep up with this payments for 1 more year and I'm debt free and its literally peanuts that get swallowed by inflation too. Next year I will be paying cents to the dollar.

​

Esentially, I owe the same nominal amount of money. Add my pay raise, substract inflation and I made out like a bandit. Fuck you, I got to be the wise guy here.

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eatmoremeatnow t1_j9tveed wrote

A strategic default is when you have a loan on an asset but the loan costs more than that asset is worth so you stop paying the loan. With you not paying your loan it frees up money to do other things.

Example: If you have a $500k loan on a house that is worth $400k you stop paying your mortgage and live rent free for a year (while they evict you) to build up cash. Then rent a house across the street and wait a year or two and then buy another house and do it again.

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ArtificialOP t1_j9tvo1z wrote

Thanks

Wouldn’t you just get sued and get your wages garnished?

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Exano t1_j9txijn wrote

Yeah cause your people. The trick they use is to be a corporation people.

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eatmoremeatnow t1_j9txkyj wrote

Nope.

When you take a loan out for a house you secure it against the house.

You go through a formal process with the bank, which can take years and you hand the keys back to the bank.

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Traditional_Button34 t1_j9ue55t wrote

Yup and your credit tanks for 7 years and you can't buy anything anyways. Turning your business into a corporation is the only way to avoid that. There's downfalls to that too...especially for businesses with only 1 guy working.

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eatmoremeatnow t1_j9ug52y wrote

Fannie and Mac allow for a new mortgage after 3 years if you have a 10% down payment.

After 7 years it all disappears like it never happened.

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1970s_MonkeyKing t1_j9wimwn wrote

Couldn't do that in my area. People are so land hungry stupid here they pay for insider information on any 2nd in a row missed payment or unpaid property tax so they can buy the loan or ask for courthouse steps property auction. Fuckers.

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