freeztar Posted February 16, 2008 Author Report Share Posted February 16, 2008 People who don't pay income tax are not getting any money for one :), and for another, do you really believe your accusation of the poor? Well, admittedly, my claim is based on personal experiences. I live 20% below the poverty threshold* on a fixed income, and I'll tell you it's pretty hard to spend money I don't have, let alone what I aint gettin'. Indeed. Been there, done that. My taxable earnings in 2005 were ~$8,900. I was renting a two bedroom house for $700 a month rent with a roomate that was frequently delinquent in payment, not to mention the months that I had to "help out" (ie pay a big chunk of his rent). My ends barely met and I incrued quite a bit of debt. Collection notices were not uncommon. Our utilities were routinely shut off due to non-payment, with steep re-instatement fees to follow. It's not pretty, I know! The point I was trying to make (although in retrospect, I did a poor job of it) was that *I* would have used an extra $600 to get caught up in my payments (I probably still will, even at a much higher tax bracket now). That money goes to the "economy". Whether or not this is more beneficial than another plan, I do not know. Nonetheless, money will be injected into the system. :) I'm so sick of the current administration & Congress that if I had enough food in my belly I'd puke. :beer: I agree. Everytime the escargo and truffle mix starts to rise in my esophagus, I consider a proper venue. :doh: Quote Link to comment Share on other sites More sharing options...
Michaelangelica Posted February 16, 2008 Report Share Posted February 16, 2008 I'm with Turtle. 2 degrees and an Oz economy saying it has the lowest unemployment rate in years. If I want to up-grade my grandfather qualifications it will cost over $25,000 and they may decide I might kark it before they get their money back. Even getting though the bureaucracy is a depressing battle. Quote Link to comment Share on other sites More sharing options...
DFINITLYDISTRUBD Posted February 17, 2008 Report Share Posted February 17, 2008 Turtle were you trying for rent assistance or a USDA/RHDA loan? If you were trying for the loan consider yourself lucky not to have gotten it! Sweetie got our house on one...fkn loan sharks!...O.k the interest rate aint bad...BUT now we're stuck...We wanted to refinance to get out of their hands it ain't EVER going to happen...There's a nifty little bonus for Unca Scam hidden in the legaleese part of the loan...after we pay Unca the principle and the interest in full the house still ain't ours... We must then pay the difference between the origional borrowed amount and the Govts. acessment of the value of the propertybased on the value of similar neighboring houses at present it's an additional $50,000 over the balance of the loan (roughly 70,000) Never mind that we've repaid $65,000 on a$ 69,000 loan.... we'd have to refinance at $120,000. Meaning the house would have to appraise at at least that...as built no modifications which would increase the value of the property or make it more liveable are allowed by the program. Our neighbor which has a similar sized lot and the same size and style house (in better shape though) reduced his to $90k and is still finding having trouble any takers after two years on the market. Funny this program is supposed to be helping people achieve home ownership...and yet most in it of us will never live to see the day that we actually own our home. Oh yeah If you sell the house you must still pay off the balance of the loan plus all interest for the full duration of the loan (If you got a 20 year you pay 20 years worth interest even if you sell at 10 years) plus the difference of the amount of the loan Vs current market value as determined by unca scam. Quote Link to comment Share on other sites More sharing options...
Turtle Posted February 17, 2008 Report Share Posted February 17, 2008 Turtle were you trying for rent assistance or a USDA/RHDA loan? It was a local rent subsidy program. Funny this program is supposed to be helping people achieve home ownership...and yet most in it of us will never live to see the day that we actually own our home. Oh yeah If you sell the house you must still pay off the balance of the loan plus all interest for the full duration of the loan (If you got a 20 year you pay 20 years worth interest even if you sell at 10 years) plus the difference of the amount of the loan Vs current market value as determined by unca scam. The bastards! 'Bout time we raised the taxes on the rich the way I see it. Quote Link to comment Share on other sites More sharing options...
DFINITLYDISTRUBD Posted February 17, 2008 Report Share Posted February 17, 2008 The bastards! 'Bout time we raised the taxes on the rich the way I see it. Bout time we dragged ol Unca Scam behind the woodshed and beat tar out of him with a bat...after maybe shove it up HIS backside and see how much HE likes it!:doh: Quote Link to comment Share on other sites More sharing options...
DougF Posted February 17, 2008 Report Share Posted February 17, 2008 TurtleThe bastards! 'Bout time we raised the taxes on the rich the way I see it. Bout time we dragged ol Unca Scam behind the woodshed and beat tar out of him with a bat...after maybe shove it up HIS backside and see how much HE likes it! I game if you need help! Ooo it would So grate to give back some of the love :doh: Quote Link to comment Share on other sites More sharing options...
CraigD Posted February 17, 2008 Report Share Posted February 17, 2008 Sweetie got our house on one...fkn loan sharks!...O.k the interest rate aint bad...BUT now we're stuck...We wanted to refinance to get out of their hands it ain't EVER going to happen...There's a nifty little bonus for Unca Scam hidden in the legaleese part of the loan...after we pay Unca the principle and the interest in full the house still ain't ours... We must then pay the difference between the origional borrowed amount and the Govts. acessment of the value of the propertybased on the value of similar neighboring houses at present it's an additional $50,000 over the balance of the loan (roughly 70,000):doh: That’s … bizarre. Every tale of recent private predatory lending I’ve heard pales in comparison. DD, got a link to that legalese fine print – or can you post your actual documents? They strike me as smokinggun.com worthy. What you’re describing doesn’t sound to me like a mortgage loan in any ordinary sense of the financial concept, but something more akin to a rent-to-own arrangement. I’m aware that some landlords use this sort of thing to provide an incentive to renters, allowing them to accumulate some equity, while protecting themselves from lost gains should the properties appreciate (as they usually do), but if you are the titled owner of the property, rather than a bank or a government agency, I simply can’t see how such an financial instrument can be legal. If you’re not the titled owner, I can’t see how you, rather than the owner, can be responsible for interest on a loan. Whatever the case, your arrangement seems profoundly wrong. I’ve only a rudimentary education in general accounting from some night school classes I took in the 1980s in order to better know what I was doing when I wrote a major accounting application, and no more grasp of the fine points of mortgage banking than most mortgage holders, but I’m consumed with indignant curiosity to see the technical details of your loan/lease/whatever TF it is. Michaelangelica 1 Quote Link to comment Share on other sites More sharing options...
DFINITLYDISTRUBD Posted February 17, 2008 Report Share Posted February 17, 2008 I simply can’t see how such an financial instrument can be legal. If you’re not the titled owner, I can’t see how you, rather than the owner, can be responsible for interest on a loan. That's the United States Govt. for you.My best friend's parents had the same loan...Upon finding out that they had to pay an additional 90k at the end of theirs (they had made the last payment on the actual mortgage part of the contract) they packed their things... took out a bank loan on a cheaper residence and sold their old home to pay it off. (the 90k the govt. wanted) Our documents call it a subsidy. I don't get it. Must be a fee for the privilege of getting shafted or something. I'll try scanning our note If I can get it legible and the file size small enough I'll post it (minus any personal info of course) Looking at our contract now...we won't get the Title until the property is paid for in full...at that point the "subsidy" becomes due and is held as a lien against the property until it is paid in full. Quote Link to comment Share on other sites More sharing options...
Michaelangelica Posted February 17, 2008 Report Share Posted February 17, 2008 To "hedge' your bets is to spread your risk.So if you were travelling to Japan or Australia this year for example you might buy half of what you will be spending there now in case the doller falls any more against those currencies.Some just hedge by buying gold or platinumUS poor still suffering from last recession Posted Wed Jan 23, 2008 8:11pm AEDTUpdated Wed Jan 23, 2008 8:24pm AEDTPredictions of a new recession in the US mean poverty rates are likely to start rising again. Predictions of a new recession in the US mean poverty rates are likely to start rising again. Many of the poorest people in the United States are still struggling to recover from the effects of a recession that ended six years ago, making them very vulnerable as the country stands on the brink of a new downturn. In 2006, the latest year for which Census Bureau figures are available, 12.3 per cent of Americans were living in poverty, compared with 11.7 per cent in 2001, the year of the last recession.It is obscene for a country as rich as USA to have so much poverty and 'working poor'In Western Australia at the moment they are desperate for workers to use mining machinery to dig stuff out of the ground. Also geologists,Geotechnical ,tecnicians, Engineers and ancillary staff. Salaries are $2-5,000 a week. Including health care and pension fund.Here is a $38 an hour job as a Excavator Operator. How hard can that be?Byron Employment - Excavator Operators Required - Energy, Mining & Resources Jobs - WA - GoldFields Trouble is they are running out of houses for the workers needed, and rents and home prices and interest rates (9%++) are soaringSo bring your sub-prime un-sellable home with you when you come for a working holiday. Careers OnLine - Mining Jobs in Western Australia 206 Energy, Mining & Resources jobs in WA - GoldFields available now at Byron Employment Mining Jobs Australia: Total Industrial Solutions, Mining Employment Australia, Mining Industry Employment, Australian Mining Engineering Job, Kalgoorlie & Perth Offices Western Australia Quote Link to comment Share on other sites More sharing options...
InfiniteNow Posted February 17, 2008 Report Share Posted February 17, 2008 To "hedge' your bets is to spread your risk.So if you were travelling to Japan or Australia this year for example you might buy half of what you will be spending there now in case the doller falls any more against those currencies.Some just hedge by buying gold or platinum Thanks, mate. After I thought it over some, that's the conclusion I'd come to. :cup: US poor still suffering from last recession Posted Wed Jan 23, 2008 8:11pm AEDTUpdated Wed Jan 23, 2008 8:24pm AEDTPredictions of a new recession in the US mean poverty rates are likely to start rising again. Predictions of a new recession in the US mean poverty rates are likely to start rising again. Many of the poorest people in the United States are still struggling to recover from the effects of a recession that ended six years ago, making them very vulnerable as the country stands on the brink of a new downturn. In 2006, the latest year for which Census Bureau figures are available, 12.3 per cent of Americans were living in poverty, compared with 11.7 per cent in 2001, the year of the last recession. It is obscene for a country as rich as USA to have so much poverty and 'working poor'In Western Australia at the moment they are desperate for workers to use mining machinery to dig stuff out of the ground. Also geologists,Geotechnical ,tecnicians, Engineers and ancillary staff. Salaries are $2-5,000 a week. Including health care and pension fund.Here is a $38 an hour job as a Excavator Operator. How hard can that be?Byron Employment - Excavator Operators Required - Energy, Mining & Resources Jobs - WA - GoldFields Trouble is they are running out of houses for the workers needed, and rents and home prices and interest rates (9%++) are soaringSo bring your sub-prime un-sellable home with you when you come for a working holiday. Careers OnLine - Mining Jobs in Western Australia 206 Energy, Mining & Resources jobs in WA - GoldFields available now at Byron Employment Mining Jobs Australia: Total Industrial Solutions, Mining Employment Australia, Mining Industry Employment, Australian Mining Engineering Job, Kalgoorlie & Perth Offices Western Australia I see population growth as a concern, since more houses and resources will be needed. It's really time for some smart decisions by those in positions of power. It's also important to realize that "smart" must be taken in context of the greater good rather than in context of personal/individual gains. There should be some sort of altruism test before political office is granted. :shrug: Quote Link to comment Share on other sites More sharing options...
Michaelangelica Posted February 17, 2008 Report Share Posted February 17, 2008 Thanks, mate. After I thought it over some, that's the conclusion I'd come to. :cup: I see population growth as a concern, since more houses and resources will be needed. It's really time for some smart decisions by those in positions of power. It's also important to realize that "smart" must be taken in context of the greater good rather than in context of personal/individual gains. There should be some sort of altruism test before political office is granted. :shrug:I think Rudd scores well on the altruism index. I liked him sending all his new colleges out to a homeless shelter in their area before even being sworn in. I agree with the rest.It seems a choice between the devil and the deep blue sea.But still with only 21 million people I think we, at least, have room for more. Quote Link to comment Share on other sites More sharing options...
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