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I am in serious financial trouble... someone please take my boat from me!

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Old 09-07-2004, 10:31 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

careful who you refi with, i have had to help a couple of employees out that got involved with high risk mortgage companies that were just brutal with the interest rate charged and hidden fees. an abstract company agent told me there are also a lot of unscrupulous mortgage brokers out there. i just don't want to see a bad situation get worse
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Old 09-07-2004, 10:41 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

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Or become a Man Whore!!
You obvioiusly have not see Foul!!!!!
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Old 09-07-2004, 11:16 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

Mike and I talked, he has a plan that will work. As long as it is done soon the "F" word will not happen. The rate he has now is good and would suffer if refi'ed, his plan will work and he will be ahead. Good luck Mike, we are here to help if needed.
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Old 09-07-2004, 11:28 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

Sorry to hear Mike. Take that blue and yellar education and put it to use! Now go land that big ballin' job!

Might want to cut down on the meth habit too Just kiddin'. Hope it all works out. I'm sure it's tremendously stressful, but time will pass and you'll climb out of it.
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Old 09-07-2004, 11:35 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

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Originally Posted by Waterfoul

I need a new job too... but that's another story!

Not sure about this but I think if you get a new job you have to pay back the 401 loan right away or they bang you real hard on taxes for the withdrawal. Someone here knows more about this then me. Anyone around here know if this is true or not? Do you deliver? I got a few long blocks laying around that I need to find a use for. Good Luck
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Old 09-08-2004, 01:15 AM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

gmhdfan, that is not necessarily correct, you can leave an employer and still have a loan on the 401k, but it is frozen and you have to pay the loan back before you move the 401k or any outstanding loan balance will be taxable. in addition the loan must be paid back within 5 years or it becomes taxable. Another misconception is that when you pay loan intrest you are paying it to your self, this is not always true. Another thing about 401k loans that most people never consider is the lost earnings on the money borrowed and the long term compounding effect of that. a $12,000 loan over five years can actualy cost a 30 year old 300-700 dollars a year in retirement because of that lost intrest on that money and the compounding of that intrest over the years. On top of all this is the 401k loan is never tax deductable were a simple home equity loan could be. In the future if any of you have any questions about this stuff, I would be more than happy to help. I am a financial planner and do a massive amount of retirement planning business for wealthy people. I am not just the crazy landwalrus on oso that you all know me as, I am actually a pretty smart guy. can't spell worth a crap but I don't need to I have a secratary.
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Old 09-08-2004, 01:38 AM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

Fail to plan, and plan to fail.

I was in the same boat right after I got divorced (13 years ago). I decided that drinking held a lot brighter future than working. After about three years without drawing a sober breath, I shook myself and decided to do something about it instead of saying woe is me. Luckily for me, I have the best parents in the world. I moved back home, and started my own business. I couldn't have done it if I had to pay all the bills that come with home owning. I still had bills at that point (boat payment, car payment, cc's). I lived off my credit cards for the first year, litterally. I would get a cash advance on my CC to make the same CC payment. I knew I was digging a big hole, but one I hoped if I stuck with is would pay off for me. I think the first year in my business I GROSSED maybe $8500 for the whole year. I worked a bit part time at a bar (not the best idea), and somehow made it through. It took me years to pay down those cards, but in the end, I had a successful business, and was proud of what I had done.

I know before you have complained about your job. I remember reading a book by some famous guy (forget the name right now). He said if you want to be successful, never be afraid to quit your job. Sure, I don't have a lot of bennies that I'd have working for a company, but you really can't put a price on knowing your lively hood depends on you, and you alone. I may go broke someday, but if I do, I'll have nobody to blame but myself, and I like it that way.
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Old 09-08-2004, 11:57 AM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

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Originally Posted by Bonnie Outlaw
I am REALLY sorry you're going through this. I know this doesn't help you, but others here have given good advice so I'll go ahead and say this....and if any of you work there, I'll stand behind my statements and if you give me an e-mail addy to your work place that says @wellsfargo.com I'll throw in dates and names to back myself up...

Wells Fargo is the absolute WORST mortgage/servicer out there. I have worked with them both on a personal level and a professional level. They lose paperwork constantly and on a professional level ask the most ridiculous questions you can imagine. Just today I had to re-send them 03 year end audited financial statements because they lost the first original set prepared by PWC. I sent them Q+45 which would be April 14th (leap year) and they just noticed they were missing in September??? Nice. Six months ago, one novice actually asked me what percentage rent was (and he worked in the retail real estate servicing department). That would be the equivalent of a HVAC guy asking what an air conditioner is.

Your solutions with your father and the 401k loan sounds like a great idea. I want to caution you though that 401k loans do not help you as far as rebuilding your credit. REFI AS SOON AS POSSIBLE with someone else. They're terrible.


Not only the worst for mortgages, for anything. They have a class action law suit against them for over charging penalties on business equipment leases. Seems they are charging as much as 50.00 late payment fees on 35.00 payments WTF, also they never let you know when the last lease payment is made on the lease ,then automatically re up it for a year at a time without notification. Them bastards did that to me on some laptops that we leased. Turns out my accountant payed two extra years on our obsolete equipment so I ended up paying 4788.00 for 2, 500 megahertz Ashton lap tops
I'll do without before I have any dealings with Wells fart go
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Old 09-08-2004, 12:34 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

OUT OF ADVERSITY COMES GREATNESS,,, so u will only get greater,,
damn i must be great by now..

it will all work out,, i dont know how but it will,, just focus on what u want work like crazy and it will all fall into place.
we been belly up yrs ago as we had a large motorcycle business and that sucked bad!!!
but whatever u do keep the house. always building equity,, this is generally the best asset anyone has. boats cars planes motorcycles alllt that chit can be reeplaced easily.
you should be able to work with the lender they dont want your house,,, i been a mortgage broker for 7 yrs prior i ran hfc offices,,
believe me if u dont wait to long they will be more than open for a solution, you need to run up the ladder to someone that can make a decision!!!
not your cust serv rep that cant tie his / her own shoes..
then screw all the cred cards except for one keep one going so u have a couple good trade lines to re establish.
i work with 2 companies that are reputable credit repair facilities.. and everyone says,
oh u can doit yourself.
no you cant it, takes to much time. to much follow up. and it needs to be done legally to work. so if u need info on any of this dont hesitate to call me or email i do this for a living and been there done that myself.. unlike alot of people i can relate.
its embarrasing at first, then u get mad, and then its like screw it.
i dont know at what stage your situation is exactly but there are tons of things u can do.
i just recently had a cust quit claim prop over to his sister and we did a mtg in her name pulled out alittle cash to get him paid off consumer debt cred card wise. then got his credit dialed in and then deeded it back and refi it with both on and then took her off.
just one idea just gotta think outside the box.

lemme know if u need any info.
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Old 09-08-2004, 12:44 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

FYI if you have ?
there is some info on my site u can always access if you have ? there is a section loans a-z and u can go to the alphabet and i have all kinds of info re verbage what chit means etc,.

www.fastloans1.com
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