Finally Foreclosed!

[justbroke]

Okay, so I noticed my rental home was being listed for sale by a Realtor, but I kept checking the County Appraiser's website to see the name on the Deed. The website still had my name as of Friday. So I checked again last night, and voila! It's owned by the Bank!

I can now say, that after 23 months of no payments, the lender finally executed on the Power of Sale and purchased the property for $98,000 on 10/26/2009, according to the appraiser's website.

Now, the property was worth over $201K when I surrendered it. I don't think they're coming after me for recourse, but still... $98K? There is more than $3K in Levolor blinds in that home to start with! It's a 2,900 square foot home with 2 fireplaces. I even left the kitchen appliances. Hardwood floors downstairs. Great home! It's a steal right now! The Realtor has it listed for $104K.

But, I'm glad that is over with!

[UpsideDownMI]

It is amazing that it took so long. Did you leave the appliances in the house, because you didn't want to go thru the hassle of having to move them? I myself am trying to determine if it is worth my time to move appliances out the second home I am surrendering as it is 2 hours away.

[justbroke]

My second home is 8 hours away. I did have my brother sell the 25cu side-by-side GE refrigerator. He did get $400 for the refrigerator and $200 for th washer and dryer, so that was good. I didn't want to deal with selling a stove and the like, because you don't really get good money for them unless they are like Thermador, Viking, Kitchenaid Superba lines.

So, it was more like... it wasn't worth it. I have two sets of kitchen appliances in this (my home) already. Didn't need those other appliances.

[AngelinaCatHub]

JB, you know as well as I, we are on the brink of a great Depression. The first sign will be huge deflation. What do I mean by that? Too little money chasing too many goods. An item is only worth what someone will pay for it. Your house no matter how fine it was, is not worth a damn more than the like house down the street that once was 250K and is selling for 54K and no buyers.

Once China gets it's gut full of our fiscal delinquency WallyWorld will be selling Microwave ovens for $500 instead of $50 last week. The printing press fiat money flooding our market will soon be plentiful, it just won't buy anything as no one will work for a mere $8 minimum wage when it takes $16 to buy a candy bar. Those who make money will make a lot of it but costs will be so much that your wages may be 10K a week, and your food bill 5K and the five and dime store will be the $500 and 1K store.

Does this sound like I'm over reacting? Watch C-span. Read a bit of 1920-30s history. Google Weimer Republic.

The inflation in the Weimar Republic was a period of hyperinflation in Germany (the Weimar Republic) during 1921-1923.

The hyperinflation episode in the Weimar Republic in the 1920s was not the first hyperinflation, nor was it the only one in early 1920s Europe, nor the most extreme inflation in history (the Hungarian pengő and Zimbabwean dollar have both been more inflated). However, as the most prominent case following the emergence of economics as a science, it drew interest in a way that previous instances had not. Many of the dramatic and unusual economic behaviors now associated with hyperinflation were first documented systematically in Germany: order-of-magnitude increases in prices and interest rates, redenomination of the currency, consumer flight from cash to hard assets, and the rapid expansion of industries that produced those assets. John Maynard Keynes described the situation in The Economic Consequences of the Peace: "The inflationism of the currency systems of Europe has proceeded to extraordinary lengths. The various belligerent Governments, unable, or too timid or too short-sighted to secure from loans or taxes the resources they required, have printed notes for the balance."
Weimar Republic hyperinflation from one to one trillion paper Marks per gold Mark

http://en.wikipedia.org/wiki/Inflation_in_the_Weimar_Republic

What good is your Mercedes Benz if you cannot afford the $150 gallon of gas?

JB, I am happy for you if you are relieved to have this over. The new start in our future is a happy one, but it will also be an "interesting" one. 'Hub

[Kansas1960]

I tend to agree with a lot of what you are saying. I am trying to figure out a few things. Will we have depression first, then inflation or a mixture of both at the same time? What good will it be to pay any extra towards your mortgage when inflation and an eroding dollar will pay my house off for me? Would this be a good time to pick up a extra house, have inflation pay it off then sell it for a hugh profit once the new currency is in place? I wonder if the government will nationalize all second homes and businesses during this crisis. Will they confiscate our gold and silver? I think this time in history will be something that will be discussed for centuries. Just think, we get to experiecne this. I am confident I will be ok and in the end most people will be ok and closer to God and family and less materialistic. Greed will be shamed and our new constitution will hopefully be simple and similar to our last one.

[lrprn]

[B][B]Once China gets it's gut full of our fiscal delinquency WallyWorld will be selling Microwave ovens for $500 instead of $50 last week. The printing press fiat money flooding our market will soon be plentiful, it just won't buy anything as no one will work for a mere $8 minimum wage when it takes $16 to buy a candy bar. Those who make money will make a lot of it but costs will be so much that your wages may be 10K a week, and your food bill 5K and the five and dime store will be the $500 and 1K store. ....... 'Hub

Hub, given all the posts you make about how we are rapidly going down the tubes as a society and we should all flee the cities to live off the land (preferably with a loaded firearm at our sides all times), we are all very aware you are passionate about this and believe what you state with all conviction.

However, we have a General forum with several active political threads designed specifically to share your political opinions like this. I'm requesting politely that you confine your politically-motivated posts to the General forum only. It's not fair to the OP and other forum members to hijack threads like this. The General forum is the only appropriate forum location for this kind of political statement. I would be requesting the very same thing from any forum member posting the opposite political views as well.

The General forum is calling.......all members need to post all political views there no matter what they are

[Kansas1960]

Good point Iprn, I am guilty too. I didn't notice it was not a general posting thread. I will try to make sure next time I keep in on proper subject threads.

[justbroke]

I actually have mixed emotions about losing the investment property, but it's done. it was the right decision financially! I actually considered moving into that property and making it my primary residence. That's what I should have done, but we all live and learn!

C'est la vie!