Posted on 12/11/2006 1:39:38 AM PST by goldstategop
The biggest variable factor in Florida is insurance, of course.
That will be the last straw with many, many people in the Florida market. Rates have doubled consistently each year for 3 years now and it looks likely it will double again for a 4th year.
People down here who purchased fixed rate loans had no way to know years ago that it would be insurance that would be the devastating factor in their financial formulas.
And it's going to get much worse before it gets better. If they have resetting ARMs on top of the insurance? Yikes...
Florida is in a heap of trouble over insurance. It's driving people out of the state. See my post above for some details. It's plain scary.
It may also be a convenient way to reduce his apparent ability to pay alimony to his two ex-wives while continuing to travel and enjoy life.
I could not agree more.
I have a feeling that the ex's were just glad to get out. He was probably trying to spend them into wealth also.
My house is old but it is in pretty good shape but the land is beautiful. Our plan was to live in the house until we built a new one and then rent out the old house but once it was paid for I refused to go back in debt. LOL We have approximately 30 acres in hay fields (cleared) and the rest in hardwood. The land is very gently rolling with a gradual climb. At the top you can see the whole valley for miles. When we bought this farm in 1989 we paid $78,000 for it. It's been paid off for several years. People in Florida are begging for property like this.
My property taxes on the land, house, and a large 30X20 metal building are only $600 a year. :-)
We carry farm insurance on this place. It covers the house, everything in the house, all the outbuildings, and farm equipment. My premium is $680 a year.
Maybe I should just hold on to this place. If I retire in 10 years at 62 I could sell it and live off the earnings the money from the sale would make.
You won't find prettier country in East Tennessee and if you stay out of the big cities the cost of living is low and so are the taxes. As of right now we don't have an income tax either.
Now why would you folks think evil of him?
He's doing the best he can in a bad situation... but not being very smart about it.
He's not pending trial for bank robbery or something stupid like that.
Sounds like he played the game but lost. But he's had a good time doing it.
Should he bail now, he'll have a little seed money, the lender will get their money back, so what's the problem?
Sounds like a plan. That's a very nice view you have!
I work with a company that does debt consolidation and refinancing and we've been seeing a ton of folks with loans like these. It's pretty sad to see how many folks get into situations where they can loose their dream home quite easily.
I work with a company that does debt consolidation and refinancing and we've been seeing a ton of folks with loans like these. It's pretty sad to see how many folks get into situations where they can loose their dream home quite easily.
One look at the US Congress should answer that question. Yes people are that dumb.
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