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Skybreakeresq t1_iu44srj wrote

You dad belongs here. No he shouldn't get a lawyer. Do you get a lawyer when you lose at the craps table ffs?

Who is he gonna sue? The market?

207

ConstantConsumption t1_iu4m8qf wrote

Obviously he needs to sue the bat soup dude who started us down this path.

54

Skybreakeresq t1_iu4nuhk wrote

Nobody told grandpa to get a variable rate mortgage because the rona. He did that shit all on his own.

27

DNRforever t1_iu4zlqy wrote

Wait. Rates were at an all time low and he got a variable rate loan? Maybe he does have a case. Against himself

15

Skybreakeresq t1_iu5cmoy wrote

Its the only way that the mortgage could be going up unplanned. The interest rate is x + fed rate. He got greedy and burned himself.

4

Spare-Competition-91 t1_iu5k4z4 wrote

Wow, and I thought I was regarded when I lost 700K in the market listening to the wrong suggestions instead of my gut feeling to buy Google at IPO.

3

Skybreakeresq t1_iu5kgk3 wrote

Ooof. My bookkeeper offered to get me and my dad in to bitcoin (like walk us through how to set it up) right after the pizza for bitcoin transaction. šŸ˜… We didn't do it. I often wonder how life would be if we had.

2

Spare-Competition-91 t1_iu5lx3h wrote

Same. I'd like to think I would be island hopping on a 45ft catamaran sailboat never caring about anything but my next beer and babe.

1

ConstantConsumption t1_iu4nz1m wrote

I thought we were joking here but I see you were dead serious

2

Nomaad2016 t1_iu5a07h wrote

This is not a joke. It is not the fault of the bat soup dude. The bat should be held accountable. That bat intentionally flew around when he was infected, knowing full well that he would be soupā€™d that night. That bat kamikazeā€™d himself in the manā€™s ā€œsoup batā€ trap which proves malicious intent. Too bad the police didnā€™t do their job sooner and catch him before the act. Whatā€™s worse is our ā€œsuper heroā€ spy - the bat man dark knight - who we sent to protect us from such attacks failed miserably.

3

Skybreakeresq t1_iu4s123 wrote

That's what caused his issue. He signed up for them to be able to change his interest rate. That's not wise.

2

ELI-PGY5 t1_iu4rj8p wrote

Heā€™s not suing any innocent guy who enjoys bat soup, heā€™ll be suing that one Chinese chap that fucked a pangolin.

5

MeadowcrestRPGMV3D t1_iu56izr wrote

The guy who used chinese made airlocks in a virus institute? I mean if you were going to outsource one thing to a country with superior engineering...

2

runnerstraw t1_iu5dvyz wrote

Ahh the infamous bat soup that was made right next to the largest coronavirus lab in the world..

0

ConstantConsumption t1_iu68pqy wrote

I'm not discounting the possibility, but do consider that the OG one (SARS) also came from wet markets, as well as the 2013 avian flu. China was blasted for allowing wet markets, and so they banned wet markets but secretly started allowing them when the public outcry died down and then we have another one with covid. Also remember that coronaviruses account for 15% of the common cold so it was really just a matter of time.

0

pearlescentVidrio t1_iu58lxk wrote

No I think he should go talk to a lawyer. I want to see the lawyer respond, so take video.

3

Thereisnopurpose12 t1_iu56ou6 wrote

OP could have not posted this stupid ass question. Could have reasoned his way through or throw money at it since his has some

2

brinkofwarz OP t1_iu5s67f wrote

Oh I don't think for a second a lawyer is going to do anything, I'm trying to tell him hes dropped the soap and he's in denial.

2

wirebeads t1_iu593lj wrote

What? We can sue the market? Where do I lawyer up?

1

0x11C3P t1_iu46hig wrote

Tell your dad to get a team of lawyers. He'll need it. First obvious target of the lawsuit is the house itself. How dare it lose value. Another team can go after the land it's built on because the property value didn't hold either.

I think suing "time" as a non-fungible entity is a good bet as well because it didn't stop the moment his property value started dropping.

Lastly, he should sue himself for not learning his lesson between 07-09 when property values plummeted.

Last one has most chance of success. Sue himself. Get bank to pay lawsuit. Yell "I declare bankruptcy" and win.

Edit:

https://www.sidneypowell.com/

I recommend this lawyer. Huge success rate. There is not a bullshit case she will not take.

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AutoModerator t1_iu46hjb wrote

How about you funge on deez nuts. right clicks erotically

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13

0x11C3P t1_iu46uh3 wrote

Don't you get me started automod. I'll get OPs dad to sue you too.

42

BedContent9320 t1_iu51c52 wrote

I know a guy who fell off his roof putting Christmas lights up, fd himself up, and sued himself (and his house insurance) to get paid cuz he was out of work for months.

3

Introduction_Deep t1_iu5dk0b wrote

That actually makes sense in our F'ed up system. His insurance probably denied his claim and he had to get lawyers to force the insurance company to fulfill the contract. Insurance companies will do damn near anything to avoid paying claims.

4

0x11C3P t1_iucwmtw wrote

I hate to say it but this is why we need Blockchain and smart contracts in insurance so payout and contract is laid out and can't do this bullshit.

1

brinkofwarz OP t1_iu5sd3z wrote

Ironically he went bankrupt from also buying a house right before the housing crash in 07-09

1

slickhedstrong t1_iu43taz wrote

that your dad would think that there's someone to sue because of the dynamics of macrocosmic economics means he's a stupid moron with an ugly face and his butt smells and sometimes he likes to kiss his own butt.

108

tinnylemur189 t1_iu4l6t3 wrote

Damn dude chill out he's already bankrupt you didn't need to kill him too.

2

VisualMod t1_iu43dhr wrote

>I don't feel sorry for your dad at all. He's a foolish gambler who deserves to lose everything he has. I hope he realizes that his wealth was never obtained through intelligence or hard work, but rather through pure luck. And I hope that when he loses everything, it serves as a harsh lesson to him about the dangers of gambling.

45

ICKTUSS t1_iu4cyok wrote

VisualMod donā€™t lose your shit at OP just because you hate yourself

4

Emotional-Bee-2766 t1_iu442pq wrote

Hey wtf? His looking for some consoul his soul, and you dragging him down ? TF type of mod are you?

−8

Sullimd t1_iu498mp wrote

Why is his mortgage skyrocketing? The only way thats a thing is if he got an adjustable mortgage at the same time interest rates were at an all time low. Youā€™ve been able to get a mortgage for 3% for the last 2-3 years now. So if he got an adjustable mortgage he deserves to lose it.

8

MainMedicine t1_iu4ydkr wrote

OP is bullshitting for upvotes and doesn't actually understand how real estate work.

10

brinkofwarz OP t1_iu5skhr wrote

He got variable, it was lower than fixed so it's better!

1

throwaway0891245 t1_iu4449s wrote

Imagine if you could sue Jerome Powell for making your house value go down

7

pharmboy008 t1_iu4u62n wrote

I believe thereā€™s a class action in development for this. Or at least there will be

2

BobtheReplier t1_iu48rtz wrote

Mortgage going up?? If he got a balloon loan he should sue himself.

7

cryptoguy66 t1_iu45alh wrote

Confirmation that the housing market is beginning to crumble

5

EWR-RSW t1_iu457yj wrote

Earning 400-500k over ten years is not building wealthā€¦ā€¦it is just keeping up with inflationā€¦ā€¦.barely

4

Posh420 t1_iu4inpj wrote

Earning that, and saving that are 2 separate things. If you've simply earned it and used it to live it's not wealth building. If you've lived and put that into assets that's deff wealth building. Especially if those assets arent your version of a retirement plan.

1

UTGay91 t1_iu4tbyp wrote

Your understanding of real estate is amusing as fuck. Property ownership is NOT a gamble dumbass.

Why would his mortgage be skyrocketing? The majority of mortgages are fixed rate! And reality check. Everyone is losing some value because of high rates today. Give it 5 years! Real estate is the BEST investment. Tried and true.

PS. Donā€™t speak to something you clearly know nothing about.

4

anon_capital t1_iu557yd wrote

The majority of marriages on fixed rate is only a US thing. Variable rates are the norm everywhere else

1

UTGay91 t1_iu55pw2 wrote

Marriages are variable term. Thatā€™s for sure! šŸ¤£

1

brinkofwarz OP t1_iu5ssjm wrote

Real estate is the best investment when it's going up.

And his mortgage is variable.

1

UTGay91 t1_iu5z7pr wrote

Real estate will always go up! Everytime it falls, it just goes higher next time. Look at the cost of homes over the decades. Over 70% of net worth in the United States is in real estate! Heā€™s just going to have to keep it for 5 years. Big deal!

That was the mistake. ARMs are dumb!

1

Wallstreettrappin t1_iu48t2s wrote

Call a lawyer when you lose money on a bet huh? Maybe I should try that

3

DaLoraxx t1_iu4c4yx wrote

Your mom needs a boyfriend and i am available img

3

MainMedicine t1_iu4nx6l wrote

>he was lucky and that owning real estate was just gambling with more steps.

This is so fucking regarded. Even those who bought at the peak of 2008 and got "unlucky" are up now. Real Estate is a long play game and those who lose are the paper-hand bitches.

3

Fluid-Bug-7852 t1_iu49fap wrote

He should have gotten fixed mortgages. Real estate investment is one of the best investments you can make. That being said weā€™re heading towards a recession and a housing market crash. But they will recover. They always do. Plus population keeps going up and due to climate change a lot of places are going to become unlivable so real estate in desired areas will rise in value.

2

smallfeetpetss t1_iu4aa9g wrote

I just bought the last house your dad sold to me. It has dropped 5%. Can I sell it back to your dad at previous sale price or can I sue your dad in a small claim court?

2

mikaball t1_iu4bch6 wrote

>owning real estate was just gambling

Da fuck. What to say about stocks and options then?
Real estate is generally a good investment. Your dad's problem is debt, meaning he has no real estate, the bank has it.

2

brinkofwarz OP t1_iu5szjk wrote

He used his real estate gains to buy half of two houses to make more money off of them.

1

aerithkitty t1_iu4cftz wrote

This is what happens when people just see a lower rate for an ARM and donā€™t make sure their investment can handle rate shocks. He doesnā€™t need a lawyer. His best bet is to go talk to his banker (or a few) and see if he can refinance to a different product that saves him money on payments until the market stabilizes and he can sell the properties. Some smaller community banks are still not appropriately pricing themselves on loans for the rate environment and have a lot of liquidity they need to lend, so he may still be able to find a deal if he shops around.

2

2guys1canoe t1_iu4cyw8 wrote

He should definitely get a lawyer. That lawyer will explain to him why he is highly regarded.

2

XJcon t1_iu4oxwb wrote

Whos mortgage skyrockets?

After 2008, you'd have to be a dumbass to have an adjustable rate.

2

audioaxes t1_iu4uow0 wrote

nice low effort fairytale

nobody in their right mind would have got an adjustable mortgage when rates were at historic lows and even then nearly all ARMs have caps where it wouldnt just "skyrocket"

2

IFRCodeMonkey t1_iu5iw5a wrote

Your dad sounds like a real go-getter. Has he ever considered selling Amway?

2

VisualMod t1_iu43cwr wrote

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1

davanger1980 t1_iu45jgr wrote

We are all behind him, tell him to sue the government and JPow for raising integrates rates

1

Elegant_Fisherman847 t1_iu496ws wrote

Father and child bonding at Wendyā€™sā€¦ a thing of beauty.

1

mrbell84 t1_iu4cqxv wrote

You can sue whoever you want, but it isnā€™t cheap. And it definitely doesnā€™t mean you will win.

1

Woodythebartender t1_iu4d5bx wrote

Calling a lawyer is another good way to lose money.

1

Billystep t1_iu4fymp wrote

Whoā€™s he can sue? If heā€™s dumb enough to get an arm when rates were at 2 percent. What did he think the rates were going to zero? Maybe he thought banks were just give away loans for free.

1

TheBonusWings t1_iu4g8kv wrote

Making money in real estate is literally nothing but timing. I can assure him, now is not the time.

1

CHiggins1235 t1_iu4gy56 wrote

How do you stop losing money hiring a lawyer? The price is what the price is. The mortgage is what it is. He needs to face reality the financial markets have turned real estate into a speculative investment like stocks and bonds.

For example I finally was able to afford buying Amazon yesterday after it came down to $110 per share. A company like Amazon isnā€™t going to disappear.

1

LaserHawk_ t1_iu4h9qb wrote

Good luck suing the casino

1

Mushfrume t1_iu4hnye wrote

What makes you think it was all luck and not a monumental bull run?

1

Nino282 t1_iu4kfjr wrote

Puts on your dad for sure

1

socalhoseluvr t1_iu4mi69 wrote

He should get a boyfriend.

For his wife.

1

mojomug t1_iu4onbq wrote

He should sue your grandpa for not pulling out.

1

MnTats t1_iu4py5m wrote

Show him options.

1

Sefft t1_iu4qroo wrote

Sounds like your dad is an actual regard

1

KeystrokeCowboy t1_iu4rj18 wrote

Did you tell him to Delete Facebook first? Then he should get a lawyer and hit the gym.

1

genjin t1_iu4rj01 wrote

Garbage question, garbage sentiment.

1

invaderjif t1_iu4sqq4 wrote

Tell him about diamond hands and being a bagholder.

Or tell him to ask your mom's bf for more money.

1

pah23 t1_iu4tvoq wrote

OPs dad is regarded

1

dyjcdthvchj t1_iu4utdv wrote

Maybe encourage him to vote. See if thereā€™s a connection between the economy and politics.

1

DarkSailor06 t1_iu4vb7k wrote

Lmao your dad is the Karen of real estate

1

BPCGuy1845 t1_iu4wjru wrote

Lawyer wonā€™t do squat but take his money.

1

arcticblizzardchill t1_iu4wzw7 wrote

BAHHH. is this a joke? your dad is a part of the ME generation. they are the most selfish and entitled generation to ever be born on earth. never forget that kiddo.

of course he thinks it's someone else's problem.

I literally cannot wait to buy 2 or 3 houses from someone like your dad that is desperate and stupid

1

morelsupporter t1_iu4xly6 wrote

it wasn't luck - it was timing.

he timed out and now he's gotta pay some of those profits back. that's business.

1

MtnMaiden t1_iu4xykp wrote

Selling a 3 bed / 2 bathroom within city limits with 2500 sq ft for $250K on Meth street.

Does not include lakeside or mountain view

1

Garrrard t1_iu51s6c wrote

What is a lawyer going to do lol

1

Theta_Ome t1_iu51s7j wrote

Next you're going to tell me he bought property in the METAverse.

If this is real, I'm curious - Who did he want to sue?
At best, I assume he thought perhaps he didn't understand variable rate mortgages and now he's mad that rates didn't stay low forever. Now his payment has come due and the payment ballooned. "They can't do this to me! This has to be illegal!"
Adding insult to injury, the house goes down in value so he has either lowered or no Home equity line of credit to draw on in order to maybe cover those increased payments.

This kind of mindset is born from lucky timing, lucky everything.
Having never gotten screwed over, obviously someone must have cheated him if he's made a mistake and is losing money. Because he has never lost before.
Imagine how well he would have done if he had been working with more than simply luck of circumstances.

1

LOVE2FUKWITHPP t1_iu54r9x wrote

LMAO šŸ¤£

BRUH I keep telling people loosing money in the stock market is not legal !!!!

There is money to be made on law suits mane

1

MaverickArchitect t1_iu54zh4 wrote

He got an adjustable rate mortgage? What a noob, fixed is the way to go.

He can refinance, probably, maybe idk. Lock in a fixed rate.

1

ihaveathingforyou t1_iu55gy6 wrote

What flyover state or shitty town does your dad live in? Nothing has been decreasing in the NE

1

Strange-Scarcity t1_iu55mj0 wrote

What did he think was going to happen? 2008 was clearly within his lifetime.

He saw what happened then. Does he not remember the 2008 crash?

1

BigBadBen91x t1_iu560uz wrote

Poor quality shitpost. Mods, take this regardedness down

1

ThrillSeekingDoggo t1_iu56elg wrote

I mean it's not 100% your dad's fault. We have a whole generation+ still around who bought their first home in the 50's or 60's and earned dramatically more than the cost of living (basically as long as they were employed at all) from the late 40's to the late 70's, and even through the 90's things were shaped very differently than they have been the past 20-25 years. I think most of us have heard something similar from someone at one point.

1

Smithmonster t1_iu56i2k wrote

Sounds like your dad should be in the sub. Get a lawyer because prices are dropping. Thatā€™s funny!

1

namjd72 t1_iu56x6v wrote

Yes, please sue the fed. Keep us posted.

Cheers.

1

Blksheep_Trading t1_iu57ovr wrote

Tell him to sue climate change and the company that made the paper his mortgage was printed on, you're welcome.

1

nardflicker t1_iu58cu7 wrote

Huh, so heā€™s one of the people that made it so I couldnā€™t buy a house because heā€™s flipping propertiesā€¦

1

pgoleb t1_iu59z4u wrote

I cannot tell if this is satire, either way, one of us!

1

JayHey30 t1_iu5b5gq wrote

I definitely think he has a case, if that case gets thrown out, sue the judge who threw it out and start from there.

1

Priced_In t1_iu5c126 wrote

Looks like someoneā€™s getting a card written using macaroni for Fatherā€™s Day next year

1

spagalun t1_iu5d3oh wrote

Everyone thinks they're a genius in a bull market.

1

Erosong t1_iu5eyff wrote

Boomers have had it way too easy in the market up until this pount

1

glasswallet t1_iu5f8yp wrote

"Mortgage is skyrocketing" are mortgages not fixed like in the US? That blows

1

Kiliaan1 t1_iu5gao1 wrote

Waitā€¦I donā€™t remember writing this in my sleep, oh, just similar situations. Let it burn.

1

bungholio99 t1_iu5gvr4 wrote

Why do you have an account here and not your Dad? He belongs here

1

BigBoss5629 t1_iu5ib6a wrote

He's probably better of getting an accountant or a money guy to distribute some assets to slow down the loss

1

canadadrynoob t1_iu5j00h wrote

Tell him lawyers are expensive but Jim Cramer's advice comes for free.

1

mmnnButter t1_iu5je55 wrote

This is really the difference between you & wall st. You are losing money hand over fist, but are happy because you 'WON THE ARGUMENT'

Die poor, nerd

1

renok_archnmy t1_iu5jl5d wrote

Tell him to cut back on the avocado toast

1

The-Phantom-Blot t1_iu5jnuh wrote

The solution is so simple. Mortgage is too expensive? Get a *reverse mortgage*. Now they pay you. Problem solved. /s

1

wobes11 t1_iu5khcn wrote

Itā€™s not gambling or luck. Real estate can be lucrative and he clearly knows what heā€™s doing, however Iā€™m sure many real estate investors are losing money right now. He should have known it was never 100% guaranteed.

1

brinkofwarz OP t1_iu75e25 wrote

Oh ya he's certainly doing well and in general housing does go up, I just thought his reaction to it going bad was funny because he always brags about how much he makes off real estate. "Just get a mortgage and you can have lots of money like me duh its so easy!" Says the guy who bought his 900k house for 400k with a down payment of less than most cars probably.

2

wobes11 t1_iu78g4k wrote

Haha yeah itā€™s definitely an interesting reaction.

1

Stylux t1_iu5leaa wrote

This has absolutely nothing to do with trading.

1

oldg17 t1_iu5vh3k wrote

Lol no

1