American Mailbox (Wakulla County, Florida) .. Walk Away From Debt for a Better Future
A few nice best credit cards rates images I found:
American Mailbox (Wakulla County, Florida) .. Walk Away From Debt For a Better Future
Image by marsmet461
One time, my wife said to me, [imitating his wife] "Honey, the dryer is broken." [as himself] Did you check the lint trap? [imitating his wife with a clueless face] Sit down, honey, I’ll check it. [as his wife] "Was there anything in there?" [as himself] Just a quilt. …Ron White …a/k/a Tater Salad..
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…..item 1A)…..The Huffingtonpost…..HUFFPOST BUSINESS….Shifting the Focus From "Strategic Default" to "Prudent Walkaway"
Nicholas CarrollAuthor, "Walk Away From Debt for a Better Future"
Posted: March 24, 2011 07:38 PM
www.huffingtonpost.com/nicholas-carroll/shifting-the-focu…
A "strategic default" currently means walking away from an underwater home even though the owner could afford to pay the mortgage. However, this represents far less than half of walkaways. The vast majority of foreclosures happen to people who cannot afford to pay the mortgage.
Portrayals of strategic default in 2009 were typically of homeowners who "used their home as an ATM," or "deadbeats." Even news stories describing the positive side of default didn’t entirely shake those images. One of the earliest semi-positive stories was in the Wall St. Journal, titled "American Dream 2: Default, Then Rent." This article described a couple who had defaulted, cut their housing costs from nearly ,000/month to just over ,000/month, and were living in a bigger house with "a swimming pool with three waterfalls." Another strategic defaulter in the same article found the benefits of default-and-rent included the discretionary income to go out to dinner more often, and hang on to his series-6 BMW.
These are not the people I meet in the course of interviewing and writing about surviving tough times. The people I meet are laid off, or from two incomes down to one, or on their way to medical bankruptcy. They cannot imagine a swimming pool, much less a waterfall — they just have bills they can’t pay, one of which is the mortgage. Some are slow in adjusting to the "new normal," and still eat out regularly, but others have already cut back to eating out four times a year.
Their home may be underwater — or they may have equity. Often it doesn’t matter, when the bottom line is that they have to choose between the mortgage and medical insurance — because losing medical insurance in America is potentially lethal.
For this group, it is not a matter of cunningly defaulting to maintain a latte-sipping lifestyle. It is a matter of prudently walking away from the mortgage that is dragging their family and future under the waves.
The benefit for people who act both prudently and decisively can be startling. Taking a fairly typical example from people I’ve interviewed, this is the family’s financial situation:
Primary income of ,000 net per month is gone, with one laid off.
Secondary income of ,000 net is still coming in.
,000 in cash and savings, including the 401K.
,000 in credit card debt.
One car fully paid for.
Second car — ,000 owed.
They have done a careful financial projection. The total monthly expenses are ,000, right down to the last dime — which includes ,500/month on mortgage and credit card bills. That says that if the main breadwinner is not fully employed in 14 months, they will lose the home — and of course take a dip in their credit rating. And if the job doesn’t come until the 13th month, it had better be at the same salary as the previous job, or they’ll lose the home anyway.
Scenario A: Betting on a job, and continuing to pay the mortgage (a.k.a. "doing the right thing," according to the moralists). They guess that they will be fully employed again in time to save the home. They continue paying mortgage, car payments, and minimum monthly credit card payments. If their bet is wrong, their trajectory is shown by the red line below.
Scenario B: Prudently walking away. They decide that getting a job might require a career shift or relocation, with some time and money invested in re-education. They immediately stop paying the mortgage and credit card payments. In this scenario, they cut their expenses by ,500/month (which rises to ,500/month when they move out and start paying rent). If there is real equity in their financed car, they sell it and buy a used car to replace it.
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Betting on a Job – Prudent Walkaway….
images.huffingtonpost.com/2011-03-22-prudenthomewalkaway.jpg
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Worksheet online in MS Excel format or PDF
www.walkawayfromdebt.com/worksheets&charts.html
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The difference between A and B is incredible. If the family bets the primary bread-winner will be working within the year and is wrong, they could be leaving their home without enough money to rent a decent apartment in 14 months — exhausted, frightened, and possibly running on bald tires. (People who "do the right thing" tend to leave long before they actually get legal notice to move.)
The family that bets the primary bread-winner will not find a job in 13 months and stops paying the debts will be leaving their home with ,000 cash in hand, move to a rental (usually in the same school district, if need be), and will have three years for the primary bread-winner to find a job. And that’s their worst scenario — it’s quite likely they’ll be in the house for 18-24 months without making any mortgage payments.
Conclusion: when the writing is on the wall, the best plan is often a prudent walkaway — an escape to the future, equipped with enough cash to get there.
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…..item 1B)…..The Strategic Default Monitor….
Sunday, March 6, 2011
The 3 Must Send Debt Defense Letters
The 3 Must Send Letters
The following are the 3 "Must Send" Debt Defense letters. This means that at all times you must send any of these letters to any debt collection company or the original lender that contacts you
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Posted by Grinnin Skinny at 3:03 AM 2 comments
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Monday, January 24, 2011
Consider Using A Mortgage Calculator, Amortization Table And Property Value Data For A Strategic Default
Part of our job at strategicdefault.org is to review other viewpoints about strategic default. This current post is inspired by another post we found while researching the universe of articles on strategic defaults and foreclosures.
We found this post entitled : “Should I Do a Strategic Default on my Mortgage?” by JLP in his blog All Financial Matters posted December 2, 2010.
This question was posed by a reader of JLP’s blog. The question and answer are as follows:
"I bought my condo at precisely the wrong time. I didn’t, however, listen to everyone telling me I could afford to buy more. I did a straight 30 year fixed that I could afford in reality. Of course I am incredibly underwater on my mortgage now. It is depressing, needless to say, and even more so when I feel as if my taxes are helping people who didn’t “do things the right way” and some companies who seemed to have contributed greatly to the problem and are not being held responsible…I live in Illinois, western burbs of Chicago…I bought for 9,000, now owe 2,000 and the most recent sale was ,000…30 year, 6.75% (which was good then!) percent…When I bought I planned on staying 5 years or so and moving up (didn’t everyone?). I don’t *need* to move. I sure wish I could buy some of the houses on the market now though! For what I paid? I bring home (after taxes) about ,000 a year. My mortgage + PMI + escrow is almost ,100…I know there are people in much worse shape. If I lost my job this whine about underwater wouldn’t even exist, you know? Still – just the though of paying even MORE out when I feel like I am not getting any benefit is upsetting, depressing."
The writer, JLP answers as follows:
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Posted by Grinnin Skinny at 12:06 AM 5 comments
Labels: a diji, amortization, augustine a diji, augustine ademola diji, augustine diji, ken mcallion, ken mccallion, kenneth mccallion, mortgage calculator, property value, strategic default
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…..item 1C)…..The Strategic Default Monitor…The 3 Must Send Debt Defense Letters
Sunday, March 6, 2011
www.strategicdefault.org/2011/03/3-must-send-debt-defense…
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NYC – Brooklyn – Williamsburg – Peter Luger
Image by wallyg
Peter Luger Steak House, perennially rated the best steak house in New York by Zagat’s, has been serving the finest USDA Prime steaks since 1887, when it was established as Carl Luger’s Cafe, Billiards and Bowling Alley in the predominantly German neighborhood under the Williamsburg Bridge. In 1950, Sol Formon bought the restaurant in an auction. Today, his granddaughter, Jody Storch, has the job of buying the meat for the restaurant.
The selection process begins with fresh sides of beef that usually come from the Midwest. The section of beef used is called the short loin. Only those cattle graded PRIME by the United States Agriculture Department are even considered. It is then important to examine the color, fat conformation and bones. The color must be pink with an even conformation of fat dispersed, or marbling, throughout. If selected, the loin is brought back to the premises of the restaurant where the dry aging process begins, sitting in a temperature controlled cooler where air circulates around them. After the meat is properly aged, it is butchered and brought up to the kitchen for broiling.
Peter Luger only accepts cash and the Peter Luger credit card. Its decor can be described as a timeless beer hall, with wooden bar, weathered wooden tables, brass chandeliers, burnished oak wainscoting, and exposed wooden beams. The menu is sparse, with just about everyone ordering the porterhouse steak for 1 to 4, pairing it with shrimp cocktail, a beefsteak tomoato and onion salad (served with their famous steak sauce), German fries, and creamed spinach. Since the steaks are served rare, the plates are heated to 400 degrees Farenheit, allowing diners to further cook their meat.
popular eating location
Image by permanently scatterbrained
from bajalife.com:
Puerto Nuevo-style lobster has been a phenomenon since 1956, when several women in the tiny fishing village south of Rosarito started dropping fresh lobsters into pots of bubbling oil and serving them to a few outsiders.
Last year, the still-small-but-now-bustling Puerto Nuevo served more than 672,000 deep-fried California rock lobsters.
Dozens of restaurants in Rosarito and the surrounding area served more. More than 250 tons of the bottom-crawling crustaceans are pulled from Baja California waters each year just to feed the frenzy of lobster-loving tourists. Hundreds of additional tons are shipped in from elsewhere between mid-February and mid-September, when harvesting Baja California lobster is illegal.
Today, Puerto Nuevo boasts more than 35 side-by-side restaurants that all sell the same thing — fried lobster, beans, rice, flour tortillas, chips and salsa. To the uninitiated, confusion reigns. We’ll tell you which spots are the best, but first, a few insider tips:
Fresh vs. frozen: Most of the larger, more popular restaurants are owned or controlled by two families. This gives them the volume and ability to import live lobster from Baja California Sur and from as far away as Cancun during the months when local lobster is out of season. Smaller mom-and-pop operations are often forced to serve frozen lobster during this period. All of the restaurants we recommend serve fresh lobster year-round.
Choosing a lobster: The most tender legal lobster is the medium size, weighing from 1 to 1* pounds. Restaurant owners will admit that anything over this is tough. While very small lobsters, often called "slippers," are delicious and extremely tender, they are illegal to catch, sell or serve at any time of year.
Price: The larger, long-standing restaurants run very close in price for basic lobster dinners: about to for a full meal with a medium lobster; for a large lobster; for the extra-large "burro," which can weigh up to four pounds. The smaller restaurants have less overhead, less staff, offer fewer choices and thus can compete hard in price. But, ask the right questions before committing. If a sign outside shows " SHRIMP – ALL YOU CAN EAT," ask if that means all the shrimp you can eat or all the side dishes. If a restaurant offers five lobster tails, ask to see the size.
Just say no: Usually, you’ll be shown a tray with three different lobster sizes to choose from. The enormous "burro," grande or extra-large may look tempting, but don’t order it. According to Puerto Nuevo chefs, lobsters this large are tough and best suited for Lobster salad.
Spice it up: Ask for spicy molcajete sauce rather than the bland tomato salsa.
Side dishes: Salsa, chips, tortillas, rice and beans are all in the all-you-can-eatcategory. Don’t be afraid to ask for more of any of these, especially fresh, hot tortillas. Nobody eats flour tortillas in a restaurant once they’ve gotten cold. Before you go
Credit Cards: Not all Puerto Nuevo restaurants take credit cards. Best to bring cash or ask before you order.
Reservations: Most Puerto Nuevo restaurants do not take reservations directly, but the Rosarito Convention and Visitors Bureau (011-52-661-612-0396) is happy to make calls on your behalf.
Hours: Most restaurants are open from 10 a.m. to 8 p.m. weekdays, winter and summer, and until 10 p.m on Friday and Saturday. A few restaurants stay open until 11:30 p.m. on summer weekends.
Getting there: Puerto Nuevo is a clearly marked village on the Old Road, 10 minutes south of downtown Rosarito. Take the Rosarito-Ensenada toll road to the Puerto Nuevo turnoff at kilometer 49. Turn left onto the Old Road and continue south a short distance to the village, which will be on your right. It is exactly 10 miles from Rosarito’s southern toll gate.
Pride of Puerto Nuevo: the best spots
The most popular restaurants in Puerto Nuevo are La Casa de Langosta, Puerto Nuevo I and II, La Escondida and Ortega’s Manuel’s. Sandra’s also is a favorite with locals, and Ortega’s Patio and the Lobster House rate a visit as well. All are winners when it comes to a great lobster dinner and are all competitively priced. Here are other considerations to help narrow your choices:
Best Menu: La Casa de Langosta. With everything from lobster burritos to lobster omelets for breakfast, this broad menu also includes steamed lobster with wine, lobster thermidor and several creative combo plates like the Seafood Combination, which features calamari, fish and lobster. You’ll also find oysters Rockefeller, along with Seven Seas soup.
Best Food: Puerto Nuevo II. Chef Enrique Murillo loves to cook, and his appetizers are as good as his lobster. Depending on the availability of fresh ingredients, they include smoked marlin with capers and chile chipotle, steamed baby clams in butter and parsley sauce, awesome octopus loaded with garlic and butter and perhaps the best mussels on the Gold Coast.
Best Atmosphere: Ortega’s Patio. The upper deck of this smaller restaurant is the\ prettiest, most charming place in Puerto Nuevo, with billowing blankets strung for shade and bougainvillea blooming all around. A nice slice of sea view and good people-watching on the main street below add to the casual atmosphere.
Best View: The Lobster House. It’s the only major restaurant on the dirt street closest to the ocean, and the upper deck here has the only unobstructed, 180-degree ocean view in the village. On a warm, sunny day, this is a splendid place to be. On windy, cool days opt for the first-floor dining room.
Best Value: The Lobster House. With almost the same menu as La Casa de Langosta (and the same ownership), this restaurant usually charges .50 to less per meal for the same size portions. The Lobster House is relatively new and has been building business with competitive pricing.
Best Wine List: La Casa de Langosta and The Lobster House. You’ll find a full selection of Baja’s top wines, including L.A. Cetto, Santo Tomas and Casa Domecq at both places. Good choices with lobster are Santo Tomas’ Blanco Seco, Cetto’s Fume Blanc and any of the Baja wineries’ Chardonnays.
Best Wait Staff: Puerto Nuevo II.
Most Kid-Friendly: Ortega’s Patio and Puerto Nuevo II.
Getting around: Puerto Nuevo is only three blocks deep. Puerto Nuevo I and II, La Casa de Langosta and La Escondida are all on the left, in that order, as you enter and head toward the sea. Ortega’s Patio and Ortega’s Manuel’s are both on the right, closest to the ocean. Sandra’s is on the second side street to the left, around the corner from Puerto Nuevo II. The Lobster House is the last restaurant to the left, on the dirt road fronting the ocean.
The Original Post Is Located Here: American Mailbox (Wakulla County, Florida) .. Walk Away From Debt for a Better Future
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