Posts by Frank White

Anyone got a lead on a decent mortgage lender? Looking for the best rates out there—or is it all pretty much the same garbage everywhere else?🤷

I went in for a prostate screening. My PSA came back high at 5.77. I finished a course of antibiotics and just did a follow-up test.
Here’s the breakdown:
t-PSA 4.31
f-PSA 0.732
f/t PSA 16.98
Can someone make sense of these numbers for me? Also—how long should I wait after finishing antibiotics before testing again? I'm 49. Haven't had any issues or symptoms until now. Now that I know about the results, I’m feeling some discomfort between my anus and testicles—pretty sure it's just psychosomatic stress from the news.
Thanks

shadowotter91 said:Honestly? I think that's a bit too sunny of an outlook for a place that small, especially since we don't even know if the location is actually good! Just look at my situation—I'm paying this much for a 600-square-foot place that's just a two-minute walk from the subway station, it's in a great neighborhood, and it comes with a dedicated garage spot. And then I have this friend who pays nearly as much for a slightly larger unit with an extra bedroom, but she doesn't even have parking! It's all about those little details, you know?

Look, I don't know where your place is located, but I decided to test the waters. I put my current apartment on the market and easily pulled in $250 plus utilities—well, after some hassle, maybe $300. That was back in April of last year. My place is out in the suburbs, but the commuter rail makes getting downtown a breeze. And yeah, the place is fully furnished...

At the end of the day, I could just grab a mortgage on the place I'm buying and roll the down payment or security deposit right into it.

So, look—if I take out some extra loans and my total monthly payments end up hitting more than a third of my paycheck (roughly $0.87), can the bank actually squeeze me for more? Even with those legal limits in place meant to ensure I keep two-thirds of my income under the new laws, how does that work? I'm not trying to dodge my responsibilities here, but life happens. If things go sideways and I can't cover the installments for a few months, what's the deal?

silvergull45 said:I honestly don't see how they'd cover a mortgage payment just with rent. In a best-case scenario, maybe they'd hit half or two-thirds of the monthly payment, but that's about it.

Last year, I picked up a decent used studio in Quincy—about 400 sq ft—for $45,000 plus taxes.
My monthly payment through my savings association is around $350. My contract with them wraps up at the end of the year, and I’m thinking about just paying off the loan using my savings there—might need to toss in a little extra on top. Once that's done, the place is mine clear and free, and then I can grab a second place roughly the same size for about the same price. The monthly payment should be pretty much identical. I figure I could rent it out for about $667 plus utilities. That's basically the plan. Seems doable to me.
I'd probably take out four personal loans for $10,000 each over the longest term possible. Even if I'm short by $100 a month, it wouldn't kill me...
Or, I could just buy a place using both properties as collateral. The monthly hit would be smaller, but you're still stuck with a lien... and you never know what kind of curveball life throws at you...
If things get desperate, I could always rent out both places... though I wouldn't want to since I actually like my current spot, but hey, business is business...

Jamie Newman5 said:Nobody is stripping you of anything if they're seizing an apartment that was used as collateral for the money you borrowed. Owning property isn't a basic survival requirement.
The whole point of these "don't strip them to the bone" regulations is about survival. And looking at your current finances, that apartment is a luxury—something you couldn't afford anyway...☕

It's exactly this kind of mindset that makes personal bankruptcy laws necessary in the first place.

Man, you totally missed my point—I guess I wasn't clear enough. I'm talking about my specific situation here. My plan is basically to pay off a condo loan in cash. Then, grab a second one with a mortgage, using the rent from that to cover the payments. Or, maybe it's smarter to take out an unsecured loan with a massive deposit, or a few different personal loans to buy another unit. In that scenario, my monthly paycheck would be slammed by huge payments—like, over two-thirds of my income gone—but since I'd have rental income covering the debt, I'd be fine. Basically, I'd have extra cash coming in under the table, and the goal is to avoid a mortgage if possible while keeping most of my check... Yeah, those are the moves I'm looking at.

Hm... I don't really see the logic here, even if I guess it’s technically possible. The law basically limits you to just stripping everything down to the bone, but then it trips you up right after. So, if there isn't a mortgage involved, I'm stuck with nothing but calculating interest rates that'll eventually come due...
It’d be smart to get a lawyer to weigh in on this, though. Since this whole thing is brand new this year, who knows?

Under the current Bankruptcy Code, there's a rule: if they're garnishing someone's paycheck, you're supposed to be left with two-thirds of the average net salary in the US—unless we're talking child support or something similar, where they can grab up to half. So here's my question: can banks actually take more than that or leave someone with less than that two-thirds margin? Under what specific law would they even try? And what happens if you already signed a contract with the bank agreeing to a higher amount, but then they hit you with an administrative freeze that limits them to a lower amount? Also, if there’s a mortgage involved and the bank suddenly starts taking a smaller cut because of the law, can they just trigger the foreclosure?🤷🤣