The bank is taking my entire paycheck...

Steven Reed said:Not entirely innocent? Who exactly coerced him into signing as a co-signer 🤔

Don't get me wrong—I'm not heartless when it comes to life's hardships—but the "I was just a co-signer, it's not my fault" excuse simply doesn't hold water. Every co-signer understands the weight of what they're doing when they sign a loan agreement (or at least, they ought to; I certainly don't put my name on anything until I've read every single line)
The fact that we all acted recklessly with credit—taking out loans, upgrading everything, signing away our futures—is entirely on us, not some unforeseen act of God.

Still, there's a distinction to be made. Some people step up as co-signers out of pure good intentions and naivety, whereas when someone truly ruins themselves, it's usually because they completely misjudged their own financial standing and needs.
Of course, everyone is responsible for their own fate. But if we're talking about blame—though I'd prefer we talk about responsibility—then the fault lies with the debtors and co-signers, but also with the government and society at large. They all played a passive role in the corporate brainwashing fueled by billions of USD from banks, media outlets, insurance companies, and the political establishment...

If someone agrees to act as a co-signer out of pure good intentions—or perhaps just plain old naivety—then they should be prepared to shoulder the responsibility that comes with that role. It’s perfectly clear to me that, about 10 or 15 years ago, being a guarantor basically meant signing a paper so the bank would approve a loan, and that was the extent of it. Sure, pointing the finger at someone else is easier—I get that—but people really ought to learn how to stand by their own choices. For some, deciding to take out a loan is far too easy—thinking they'll just pay a little for a while and then stop because "times are tough" or "there's a recession," or assuming some miracle will bail them out. They act like it's someone else's problem to fix.

Look, I mean, yeah, he messed up by signing that deal, but is it really that hard to get that he was just trying to look out for someone? He got burned, plain and simple. I guess he probably won't be playing guarantor for anyone ever again. And honestly, if you guys have never stepped up to help someone in your lives, then good for you.

silvergull45 said:Look, I mean, yeah, he messed up by signing that deal, but is it really that hard to get that he was just trying to look out for someone? He got burned, plain and simple. I guess he probably won't be playing guarantor for anyone ever again. And honestly, if you guys have never stepped up to help someone in your lives, then good for you.

I’ll help people however I can, but acting as a guarantor and paying off someone else's loan? Not happening. I'm not that reckless. 😉

This isn't about being naive—it's about pure stupidity. Co-signing isn't just some casual signature on a page. People are in this mess because they were foolish enough not to look into what they were actually signing. This is going to be one hell of a lesson.

silvergull45 said:Look, I mean, yeah, he messed up by signing that deal, but is it really that hard to get that he was just trying to look out for someone? He got burned, plain and simple. I guess he probably won't be playing guarantor for anyone ever again. And honestly, if you guys have never stepped up to help someone in your lives, then good for you.

So, according to this logic, the only way to help someone is by co-signing their debt?

I've helped people, and I'll help them again—just not in a way that puts my own stability, my life, or my children's future at risk.

silvergull45 said:Look, I mean, yeah, he messed up by signing that deal, but is it really that hard to get that he was just trying to look out for someone? He got burned, plain and simple. I guess he probably won't be playing guarantor for anyone ever again. And honestly, if you guys have never stepped up to help someone in your lives, then good for you.

Don't worry, I've been there too—it was actually a great way to filter out which "friends" were worth keeping. However, I never signed off on an amount that would jeopardize my own stability or future. The sums I lent were manageable—stuff I could recoup in a few months. You know how it goes: lend money to a friend and lose a friend.
But I don't blame anyone else for that except myself; neither John nor Mark are responsible here—I am. 😉
I truly feel for people stuck paying off someone else's debt, but you can't grant them amnesty just because their friends turned out to be flakes. They signed the paperwork themselves—they should have understood the stakes and owned the consequences of their signature.

Sorry if I stepped on any toes there, seriously. It’s exactly because of stuff like this that I would NEVER co-sign for anyone, but hey, I’m not gonna judge someone who did it once and got absolutely burned. Sometimes you just trust people way too much and end up screwing yourself over. I know guys who act as guarantors for their coworkers—like, they’re best friends, they practically live at each other's houses, and then it's "hey, be my co-signer." The other guy agrees, thinking, "it'll be fine, right?" Especially when they're like, "I'm the godfather to his kid, we work together," and all that stuff...

silvergull45 said:Sorry if I stepped on any toes there, seriously. It’s exactly because of stuff like this that I would NEVER co-sign for anyone, but hey, I’m not gonna judge someone who did it once and got absolutely burned. Sometimes you just trust people way too much and end up screwing yourself over. I know guys who act as guarantors for their coworkers—like, they’re best friends, they practically live at each other's houses, and then it's "hey, be my co-signer." The other guy agrees, thinking, "it'll be fine, right?" Especially when they're like, "I'm the godfather to his kid, we work together," and all that stuff...

Exactly. People just don't realize they have to take responsibility for their own actions. "He's the godfather to my kid, we work together... he won't screw me over." Instead of thinking: "He's the godfather to my kid, we work together... am I actually prepared to risk paying off his loan if he defaults? Should I sign this or not?"

They simply refuse to grasp what responsibility means, or what "signing your name" actually entails. It's like parking illegally, driving without a map, or speeding. When the ticket arrives, it's always the police officer's fault, never their own.

Responsibility: you have the right to say NO.

And honestly, the comparison to a veteran is ridiculous. These guys have survived situations where people were shooting at them, or they've watched a friend kill someone defenseless, yet it never occurs to them that some guy might just stop paying a loan at their expense.😵

Give me a break.

Lawrence Wright7 said:If I could actually fix this right now, I would. That’s all I want—to get this weight off my shoulders, finally have my paycheck to myself, and get my life back to normal. But it means starting over from scratch. Moving to the Midwest, finding work there... living with my parents again... those are massive, heavy decisions. On the other hand, obviously, I want to "squeeze" as much as possible out of these three years of misery if I can—just to have some cash to kickstart a new life. Looking back, I realize I should have started selling way sooner; maybe I could have actually closed a deal by now. And believe me, I know exactly how it feels to watch another $500 vanish into the bank's pockets every single month. I stalled because I was fighting tooth and nail to keep the apartment, trying every possible angle to find another way out, but I see clearly now: selling is my only exit strategy.
Recently, I set an attractive price: $90,000 (about $1,285/sq ft) for the CDC land. It’s very reasonable, but the right buyer just hasn't surfaced yet.
The agencies tell me it’s just a matter of time.
One agency even put the offer up with the AP, and we’re just praying for a positive response.
I am done being a slave to debt! I just want to earn my paycheck, treat myself and my son to the little things, and finally actually LIVE—I know it's going to happen soon.👍

I haven't had the energy to read through the entire thread, but after skimming the posts, I honestly think this is a solid move.

Since you mentioned wanting to leave something behind for your son, consider this: if you simply put $0.33 aside every month into a savings account or a mutual fund, you could end up with roughly $1 million in 30 years. That’s actually more than what you’d walk away with under the $1.25 scenario. Plus, by saving that $0.83 difference every month, you could easily solve your housing situation, whether that means renting out a room, living with family for a bit, or putting a down payment on a small condo.
This example really highlights the massive gap between carrying debt and building savings over a long period. Isn't it much better to have interest working for you rather than against you? 🙂

restlesscrane8 said:I haven't had the energy to read through the entire thread, but after skimming the posts, I honestly think this is a solid move.

Since you mentioned wanting to leave something behind for your son, consider this: if you simply put $0.33 aside every month into a savings account or a mutual fund, you could end up with roughly $1 million in 30 years. That’s actually more than what you’d walk away with under the $1.25 scenario. Plus, by saving that $0.83 difference every month, you could easily solve your housing situation, whether that means renting out a room, living with family for a bit, or putting a down payment on a small condo.
This example really highlights the massive gap between carrying debt and building savings over a long period. Isn't it much better to have interest working for you rather than against you? 🙂

could you please just explain how on earth you'd manage to save a million dollars that way?? I mean, what kind of fund or savings account could possibly offer those kinds of returns if you're only setting aside about $333 every month??

not to mention what the actual purchasing power of that million dollars will really be worth 30 years from now

I suppose I agree that taking out a loan is a huge risk, especially here in the States and places like it... but whether or not to take on debt really comes down to the current versus future value of money, plus how much you actually need the item you're financing, along with a whole bunch of other personal factors

My paycheck finally hit my account today, but everything’s been frozen because I fell behind on my credit payments... I checked my balance and the money is sitting there at Chase, but I can't touch a single cent. They told me I need to deal with the IRS. Does the government take one-third of my wages, or is it more than that? If they just grab a third, I guess I can live with it... but if it's more, then we have a serious problem. What am I supposed to do now... does anyone actually have the facts on this? The whole mess started because I wasn't making regular payments... though now that I actually have steady income again after being broke for an entire year, things should be different. How much are they going to snatch from me in the end, and is there any way to fix this quickly?

Thanks in advance for any help!

Danco, did you finally manage to get rid of that damn apartment yet? 🙂

By the way, this is easily one of the most educational threads on this entire forum. Honestly, we should pin this to the top of the board right now.

Rebecca Allen49 said:could you please just explain how on earth you'd manage to save a million dollars that way?? I mean, what kind of fund or savings account could possibly offer those kinds of returns if you're only setting aside about $333 every month??

not to mention what the actual purchasing power of that million dollars will really be worth 30 years from now

I suppose I agree that taking out a loan is a huge risk, especially here in the States and places like it... but whether or not to take on debt really comes down to the current versus future value of money, plus how much you actually need the item you're financing, along with a whole bunch of other personal factors

Sure, and that’s with an interest rate of only 4%. Over 30 years. $0.50 Monthly.
The second point is very well taken—that million dollars will have significantly less purchasing power due to inflation, though you'll still effectively have half a million in today's terms... there are just so many variables at play here.

I just wanted to point out that it's a flawed mindset to think you'll leave something behind for your children by spending almost your entire paycheck on a mortgage while barely scraping by. It's much better to invest—and I don't just mean basic savings accounts or mutual funds, but primarily investing in actual businesses. Savings are really just a way to shield your cash from inflation while getting minimal returns.

Taking out a loan for investment purposes makes sense if you're looking to generate profit. However, using debt for expenses (like a home, a car, or consumer loans) is a heavy burden, and you won't build wealth that way when you consider how much money you're handing over to the bank for that "service." That's why I support Danco's decision to sell, even though renting wouldn't be such a bad move either. I have a friend where, between summer tourists and students during the off-season, they can cover almost the entire mortgage on a property like that.

feraltrucker5 said:Danco, did you finally manage to get rid of that damn apartment yet? 🙂

By the way, this is easily one of the most educational threads on this entire forum. Honestly, we should pin this to the top of the board right now.

What is there to resolve? His listing is still sitting right there on Craigslist.

restlesscrane8 said:Sure, and that’s with an interest rate of only 4%. Over 30 years. $0.50 Monthly.
The second point is very well taken—that million dollars will have significantly less purchasing power due to inflation, though you'll still effectively have half a million in today's terms... there are just so many variables at play here.

I just wanted to point out that it's a flawed mindset to think you'll leave something behind for your children by spending almost your entire paycheck on a mortgage while barely scraping by. It's much better to invest—and I don't just mean basic savings accounts or mutual funds, but primarily investing in actual businesses. Savings are really just a way to shield your cash from inflation while getting minimal returns.

Taking out a loan for investment purposes makes sense if you're looking to generate profit. However, using debt for expenses (like a home, a car, or consumer loans) is a heavy burden, and you won't build wealth that way when you consider how much money you're handing over to the bank for that "service." That's why I support Danco's decision to sell, even though renting wouldn't be such a bad move either. I have a friend where, between summer tourists and students during the off-season, they can cover almost the entire mortgage on a property like that.

"Mere" 4%? Once you factor in inflation on long-term savings, you're looking at a real return of maybe 1-2%. You were originally talking about saving $150 $0.33 a month—roughly 20% of an average salary—but now you've bumped it up to $220. For most people, that isn't exactly pocket change...

I agree with the rest. Though, if you ask me, the smartest investment is getting a kid through college and sending them somewhere their skills actually command a premium...

Lawrence Wright7 said:Price drop alert:

http://www.zillow.com/homedetails/st...-listing-1432547

ooooo hey, you're still golden since you actually have something left to sell, don't even sweat it..........😛

Lawrence Wright7 said:If I could actually fix this right now, I would. That’s all I want—to get this weight off my shoulders, finally have my paycheck to myself, and get my life back to normal. But it means starting over from scratch. Moving to the Midwest, finding work there... living with my parents again... those are massive, heavy decisions. On the other hand, obviously, I want to "squeeze" as much as possible out of these three years of misery if I can—just to have some cash to kickstart a new life. Looking back, I realize I should have started selling way sooner; maybe I could have actually closed a deal by now. And believe me, I know exactly how it feels to watch another $500 vanish into the bank's pockets every single month. I stalled because I was fighting tooth and nail to keep the apartment, trying every possible angle to find another way out, but I see clearly now: selling is my only exit strategy.
Recently, I set an attractive price: $90,000 (about $1,285/sq ft) for the CDC land. It’s very reasonable, but the right buyer just hasn't surfaced yet.
The agencies tell me it’s just a matter of time.
One agency even put the offer up with the AP, and we’re just praying for a positive response.
I am done being a slave to debt! I just want to earn my paycheck, treat myself and my son to the little things, and finally actually LIVE—I know it's going to happen soon.👍

Wishing you nothing but the best......

I’m writing this with an incredible sense of relief 😁
,,,,,,,,,,,, I ACTUALLY DID IT,,,,,,,,,,,,
I’m finally done being a slave to the banks—settled the debt, sold the house 😁
Being free... man, that feeling is priceless. I can actually breathe again!!! (It feels amazing)
Next step is packing up and heading back to the Midwest to be near my kid.🙂 I even have a little bit of cash left over
to pick up a decent gift.
It was a Long, grueling journey, but I pushed through and somehow found the light at the end of the tunnel. If only I’d had the guts to do this sooner.
Like some people here were saying: four walls aren't worth all this misery—and they were absolutely right!
Thanks to everyone for the support, the harsh critiques, the advice, the answers......

Later ☕

Lawrence Wright7 said:I’m writing this with an incredible sense of relief 😁
,,,,,,,,,,,, I ACTUALLY DID IT,,,,,,,,,,,,
I’m finally done being a slave to the banks—settled the debt, sold the house 😁
Being free... man, that feeling is priceless. I can actually breathe again!!! (It feels amazing)
Next step is packing up and heading back to the Midwest to be near my kid.🙂 I even have a little bit of cash left over
to pick up a decent gift.
It was a Long, grueling journey, but I pushed through and somehow found the light at the end of the tunnel. If only I’d had the guts to do this sooner.
Like some people here were saying: four walls aren't worth all this misery—and they were absolutely right!
Thanks to everyone for the support, the harsh critiques, the advice, the answers......

Later ☕

!!!!!!!!!!!!!!!!!
Oh, Dan, I am truly happy for you!!!
I know how hard you fought and how much of your health and sanity you sacrificed, which you didn't deserve...
Good luck. You're still young, you've gained invaluable experience, and you have more than enough wisdom in your head
to make this new "beginning" work.
Best wishes.

Lawrence Wright7 said:I’m writing this with an incredible sense of relief 😁
,,,,,,,,,,,, I ACTUALLY DID IT,,,,,,,,,,,,
I’m finally done being a slave to the banks—settled the debt, sold the house 😁
Being free... man, that feeling is priceless. I can actually breathe again!!! (It feels amazing)
Next step is packing up and heading back to the Midwest to be near my kid.🙂 I even have a little bit of cash left over
to pick up a decent gift.
It was a Long, grueling journey, but I pushed through and somehow found the light at the end of the tunnel. If only I’d had the guts to do this sooner.
Like some people here were saying: four walls aren't worth all this misery—and they were absolutely right!
Thanks to everyone for the support, the harsh critiques, the advice, the answers......

Later ☕

I’ve been following this thread closely, and man, I am just so happy to see everything worked out for you.
Huge congrats 🙏 and I really hope things only go uphill from here!
The hardest lessons are usually the ones that stick the most, and I truly hope you can take all this experience and turn it into something great.

Good luck!👍