I don't care about my credit score

[SpasticGramps]

but I'd rather have cash for my emergencies.

Even better advice. I keep two credit cards in my safe that I never ever use. The only reason I haven't canceled them is because having two cards helps your credit score.

Just make sure if you do this that you get two cards that don't charge any bullshit fees. Hard to do these days.

 

[Snype]

A Private Mortgage isn't just a trust thing, it is drawn up at the attorney's office and handled just like any other mortgage.

Having a credit card on hand for emergencies ain't a bad idea, but I'd rather have cash for my emergencies.

 

[LolaGal]

I don't care about a credit score, cause I don't want no credit...

 

[SuperSizeMe]

A Private Mortgage isn't just a trust thing, it is drawn up at the attorney's office and handled just like any other mortgage.

Having a credit card on hand for emergencies ain't a bad idea, but I'd rather have cash for my emergencies.

Please tell me you two fellas aren't that naive to think this guy holding "mortgage papers" is covered by the bailout ?

Surely you don't think if he goes up in smoke, financially, your in lieu of documents don't go with him ?

Besides, the whole concept of owners holding a portion of a note was meant to be short-term solution for (suprise! folks with fucked up credit), or as a means of "creative financing" in order to get a/the deal done.

This is a subject I'm well versed in, not trying to be a smart-ass here.

If you two guys have good deals, with no potential hiccups, great on ya'. But please don't try to tell it like it's the "norm" of how things get done. Nothing could be further from the truth and GOOD CREDIT does matter.

 

[Danks2005]

My deal is gravy baby, and it's 15year instead of 30, and I pay above my mortgage amount, prolly be done in 10.

I'm curious, and I am not trying to be a smartass either, as mortgages are something I am not well versed in, but what happens if the bank your mortgage is through, goes up in smoke? I really am curious

It's not the NORM, but it is possible

To elaborate a little, my house was in need of major renovations, which I did myself, took about a year, and I paid cash for that. Peace

 

[SuperSizeMe]

My deal is gravy baby, and it's 15year instead of 30, and I pay above my mortgage amount, prolly be done in 10.

I'm curious, and I am not trying to be a smartass either, as mortgages are something I am not well versed in, but what happens if the bank your mortgage is through, goes up in smoke? I really am curious

It's not the NORM, but it is possible

Bank loans are guaranteed by the federal government, in other words, if your bank were to go under, your note would be picked up by another lender.

Truth be told, there are not that many banks that will actually carry your note to maturity. They will "sell" your note to a larger "clearing house" lender.

I have structured many a deal with owners holding some of the note, but never as a long-term alternative.

I'm glad it still works out like that for some

 

[Danks2005]

Thanks for the clarification, I figured it was something along those lines. I wish I could go into more detail about my deal but I can't on a public forum.

 

[SuperSizeMe]

My deal is gravy baby, and it's 15year instead of 30, and I pay above my mortgage amount, prolly be done in 10.

I'm curious, and I am not trying to be a smartass either, as mortgages are something I am not well versed in, but what happens if the bank your mortgage is through, goes up in smoke? I really am curious

It's not the NORM, but it is possible

To elaborate a little, my house was in need of major renovations, which I did myself, took about a year, and I paid cash for that. Peace

See, now it makes a whole lot more sense.

Almost like a rent/lease-to-own deal with your sweat equity going towards the eventual transaction.

Not a bad deal when it's equitable for both parties

 

[Happy Haole]

Am I the only one? I plan to pay cash for my house or build it with my bare hands when the time comes. Everyone is all up on my grill for not caring about my credit rating-- I get collection agents calling me once and awhile for private parking tickets, cell phone bills, etc. but I just am not in a position to pay and I don't really ever plan to. Does anyone else feel the way i do? I just don't care about this imaginary number. and don't get on me with "oh your never gonna get a loan". fuck a loan!!! i'll work if i need money!!!

In a few years...when your balls drop and you grow some man hair...you might realize you sound like a typical teenage moron.
Yeah...you can't even even pay your parking tickets and you're talking about paying cash for a house. That "imaginary number" is how you will be judged (for loans,housing,job,etc.)whether you like it or not. If living under a bridge sounds cool with you keep it up...you're on the right track.

 

[Danks2005]

It is very possible, but nowhere near as easy as a traditional mortgage, I live in a nice house, I will own it in less than 15 years, and what I pay is what it cost.

 

[SuperSizeMe]

In a few years...when your balls drop and you grow some man hair...you might realize you sound like a typical teenage moron.
Yeah...you can't even even pay your parking tickets and you're talking about paying cash for a house. That "imaginary number" is how you will be judged (for loans,housing,job,etc.)whether you like it or not. If living under a bridge sounds cool with you keep it up...you're on the right track.

How about a van down by the river ?

 

[Danks2005]

I'm a grown ass man and I will not pay something I don't feel I deserve to pay, be it a contract or a ticket or whatever. I would rather go to jail a couple days than pay some bullshit fine. Where I am at they charge you $25 for booking if your arrested with cash, otherwise costs you nothing. So you grow some balls and stand up for yourself, I stand firmly on my principles. Verizon promised me a free tv to sign up for their fiber optic bullshit, then sent me a letter saying to many people signed up and I wouldn't get my tv, I immediatly changed providers, and verizon charged me a drop fee, and they will never see one cent of it, I don't care if it drives my credit into the dirt(which it won't).

OK Thats funny ^^^^

As far as going to jail for a day or two, I got more time than money, and the way I see it they gotta pay to have me there and still not get my fine, so I win.

 

[Snype]

Please tell me you two fellas aren't that naive to think this guy holding "mortgage papers" is covered by the bailout ?

Surely you don't think if he goes up in smoke, financially, your in lieu of documents don't go with him ?

Besides, the whole concept of owners holding a portion of a note was meant to be short-term solution for (suprise! folks with fucked up credit), or as a means of "creative financing" in order to get a/the deal done.

This is a subject I'm well versed in, not trying to be a smart-ass here.

If you two guys have good deals, with no potential hiccups, great on ya'. But please don't try to tell it like it's the "norm" of how things get done. Nothing could be further from the truth and GOOD CREDIT does matter.

You don't do a deal like this if the guy already has a mortgage. You take your down payment and pay off his mortgage if he has a small one left and then you go get a lawyer and draw up the papers and go and get it recorded at the registry of deeds. It's all on file just like the bank does. The guy selling you the house can't get a new mortage and steal your money cause it's on file and banks always check that. Do some more research and you'll see what's up. This happens all the time. I know, my family has been doing this for years on over 100 houses and nothing bad has happened yet. If you default on a payment then the guy gets his house back and all your payments can be lost for ever. The seller has incentive to do this because of that and you also have incentive for not going to a bank. Research is always key in doing deals like this, you always need a good attorney to look for leans and stuff like that.

 

[SuperSizeMe]

Snype - I understand what you're saying. My point was that your future/invested dollars etc. is directly tied to this individuals financial well-being until YOU own the house free and clear.

It's a precautionary tail for those who are not as adventurous as yourself.

Regardless of clean title, liens and so on, if this guy goes belly-up and has his assets siezed (whatever the case may be) you're fucked. It's STILL his house to do with as he pleases, even if that means losing it.

You don't suffer that fate when you have good credit and go through a bank is the point of my posts.

Follow ?

 

[Danks2005]

Every 60 days your in the house, you make it worth the little risk

 

[erbium]

I married a girl with a great credit score, we divorced, and I got the new house!!!

Fuck my credit score when there are sooooo many hoes out there with great ones.

Credit cards are for suckers.

 

[Hemphrey Bogart]

Well, if folks aren't familar with previous owners "holding paper", they've been living under a rock.

The down-side is if the guy holding the paper get's in a pinch, guess who gets fucked first ?

^^^^Troofs! I hear the guy holding the paper can take a loan/equity line out on the property without telling you, lol. He's holding the paper afterall. Not saying that would happen, but if it did...fuck.

 

[Snype]

Yeah SuperSize you're right. I can see what you're saying, there is some risk involved in the process I guess. I've never had a problem but it's good to get it paid off as fast as you can. I do 3 and a half year mortgages to protect myself from some of the risk. Each house generates close to 300k a year so it's worth the risk to me. No risk, no reward. I still say fuck a bank!

 

[apartmentblower]

In a few years...when your balls drop and you grow some man hair...you might realize you sound like a typical teenage moron.
Yeah...you can't even even pay your parking tickets and you're talking about paying cash for a house. That "imaginary number" is how you will be judged (for loans,housing,job,etc.)whether you like it or not. If living under a bridge sounds cool with you keep it up...you're on the right track.

so i state my position and you come in here and insult me and talk shit

to me it sounds like you are using your hate to justify your own position. how many CC's do u have??? how many more years before you can call your house your own?

 

[Happy Haole]

My apologies... My comment was rather crass. My point is clear though. If you don't think credit is important in today's America....well,If you don't mind making it more difficult to get a job, house, car, etc. then I guess it's not important. While it is possible to pay cash for everything, 99% of those people doing so are people who have bad credit and have no other choice. And there's no hate. I just have a low tolerance for what I consider dumb statements....and for the record home was paid for 4yrs ago..3CC's...$0 balance.