4 posts shown.
I’m not entirely sure, but have you considered asking for a principal moratorium? Essentially, you'd just be covering the interest on the loan for a while. From what I’ve seen, banks like JPMorgan Chase tend to be quite accommodating when it comes to pregnancy. I know others who found themselves in similar spots, so navigating the bureaucracy should be manageable if you approach them correctly. In my opinion, this would be a much smarter move than trying to restructure the entire loan. If you go the reprogramming route, you'll just end up getting hit with a mountain of fees—closing costs for the old loan, origination fees for the new one, and all sorts of other nonsense...
Look, it’s an entirely different conversation when you're deciding whether to drop six figures or seven on a property depending on the zip code and all that other nonsense...
Comparing the rental situation here to the rest of the Western world is absolute nonsense.
The landscape abroad is fundamentally different; people sign long-term leases, and there are even ways to invest in a property where you actually see a return on your money...
Furthermore, when people retire over there, they’ll have enough of a nest egg to ensure they can still afford a roof over their heads. I honestly have to ask: who in this country is going to be able to afford rent once they hit retirement age? If you've spent your entire working life renting, I highly doubt you've managed to squirrel away enough cash to maintain that kind of lifestyle in your later years. In my view, rent prices would need to drop significantly relative to mortgage rates before any of this comparison makes any sense at all...
We’re dealing with a tax system that’s generally a total mess, but this whole local surcharge issue in Cleveland isn't one of those instances. For example, I find it incredibly stupid how places like a suburban US city or even some small towns near Chicago can just set their local income tax to 0%. They think they're being clever by attracting investors, but then the moment a road needs fixing, they turn around and demand federal handouts because they claim they have no funds. Personally, I wouldn't hand over a single cent from decentralized federal funds until these municipalities squeeze every possible dollar out of their own residents first. If there's still a deficit after that, then—and only then—can they come knocking. We asked for decentralization, and this is what we get? Fine. Let every local big shot figure out how to actually fund their own backyard instead of selling smoke and mirrors...
And when it comes to tax burdens, it's all relative. It feels massive for someone who just draws a standard paycheck. But if you’re living off interest, what does your actual tax burden look like?🙄 Or take the business owners: everyone buys everything through the company and claims the Sales Tax back (thank God they aren't trying to write off their groceries on the company card anytime soon). Most of them pay themselves the bare minimum as owners to dodge certain taxes, and then at the end of the year, they pull out the profit after just paying a 20% corporate tax. When you do the math, what’s the real effective tax rate there?🙄 And according to Milan Bandić, everyone is entitled to everything for free—especially now, if you look at the push for subsidized childcare based on household income.
God... around here, they only ever judge wealth by a salary, but once the cash flow dries up, they'll realize just how much trouble they're in when they're forced to face the reality of the taxman's shears...😁