Comments

Episode-57- Can We Save Our Nation and Website and Show Updates — 5 Comments

  1. Jack,

    Interesting topic, you are definitely passionate.

    It is my belief that third party candidates detract from the main Democrat v Republican race. While Obama and McCain were never my first choice, a third candidate could siphon votes and we would end up the loser.

    I humbly admit that I voted for Ross Perot. Looking back, I believe that if all of us had cast our votes for George Bush Sr, the 92 election may have been successful.

    Troubling times ahead, as you aptly pointed out we should throw out the current batch of politicians. In 4 years, repeat, until we begin to see change.

    Daniel

  2. Hey Jack, you used and example of someone buying more house then they could afford. You said they walked away, bought a place with cash, filed a homestead something, and then the property could not be taken. What do they file? thanks.

  3. SteveO,

    I don’t know if there is an option for that in the UK. In the US any home owner is entitled to ONE home that is legally covered as a “homestead” not the type of homestead that we talk about here.

    This legal status does two main things

    1. Reduces property taxes
    2. Provides protection from the home being seized as an asset do to other loan defaults. – It still can be repossessed if you default on your loan for the property itself.

    Doing the buy a new place and bail is NOT GOOD, it will destroy your credit and they will come after you for money and they can sue you, garnish wages and even at times seize assets. It usually doesn’t go that far.

    What they can’t do is come after the new home you have protected under homestead. Your financial life is screwed but some people that see that as going to happen anyway choose this as an out. I would never advise anyone to do this, there is always a better way, including selling short, carrying the debt spread and paying that off to get out from under things.

    However, people are doing it left and right and they are also bailing and going out and renting, this will continue to happen as these crappy option ARMs adjust up and people can’t refinance or afford the increases. Bad news for the home owner, bad news for the banks and bad news for all us.

  4. Jack,

    Just listening to the whole show from the beginning, so forgive the tardiness of this comment.

    Why not use Cafe Press for your t-shirts and other items? They offer on demand printing of a large variety of items. I have ever used them, but it is supposed to be decent product, you keep no stock and you get a little profit every time someone orders one. Just a thought; investigate the details yourself at cafepress.com.

    -Zarko