Posted by Susie/OH on 4/12/05 6:25pm
Msg #31298

How many of you think?????

With so many loans and in my area the amount of the loans on the houses has been at least 30-50 percent more than the value of what they would have sold for on the normal market. Do you fellow notaries think that foreclosures and bankrupcies will explode here in the near future?

Reply by Reggie on 4/12/05 6:57pm
Msg #31306

Susie/OH

If something doesn't happen to lower the consumer debt is this country the bottom will fall out and it won't be very long.

I do believe that people must start not trying but actually getting out of debt as fast as they can. The best way is first get $1000.00 in the bank and do not touch it except for an emergency. Then second step is start with the smallest dept and start paying them off as you can then work your way up to the largest. While you are doing this start building your full emergeny fund which in a full time NSA should be six months of income in a place where it will be hard but, easy to get to in case of emergency. Then continue paying off bills. When you have your credit cards paid off cut them up. Only use debit card. That way you only spend the money you have and don't go into more debt.

Thats IMHO.

Reggie
Kansas

Reply by BrendaTX on 4/12/05 7:09pm
Msg #31313

Good suggestion, Reggie. n/m

Reply by Brian Brake on 4/12/05 7:14pm
Msg #31315

Good advice Reggie I agree.

Looks like someone listens to Dave Ramsey!!

Reply by Reggie on 4/12/05 10:45pm
Msg #31363

Not only listens to him but I am doing the Total Money Makeover. I am starting with the first baby step this week. The one where you get $1000.00 in the bank the the next one is start with the smallest bill and go to the largest and start paying what you can on everything else.

My goal is to be debt free except for my house by the 2006 and have a fully funded emergency fund.

Reggie
Kansas

Reply by Shannon/Va on 4/12/05 11:09pm
Msg #31370

That's a super idea. I may have to try that.

Reply by BrendaTX on 4/12/05 7:08pm
Msg #31312

"Do you fellow notaries think that foreclosures and bankrupcies will explode here in the near future?"

Same thing has been said in discussions with those who are waiting to pounce if and when it does happen.

Reply by Donna CA on 4/12/05 7:39pm
Msg #31322

Not necessarily bankruptcies because the bankruptcy laws are about to change drastically so that they will no longer favor the debtor but instead they will favor the creditor.

Reply by Susie/OH on 4/12/05 8:41pm
Msg #31338

I think alot of people are going to be in a big mess. (N/M)

Reply by Shannon/Va on 4/12/05 10:04pm
Msg #31357

Re: I think alot of people are going to be in a big mess. (N/M)

I'm all for foreclosures. I am also title examiner and that makes more work for me. (hehe)

Reply by Reggie on 4/12/05 10:48pm
Msg #31364

Re: I think alot of people are going to be in a big mess. (N/M)

I am going to start learning how to do bankruptcy forms input for attorney's. I am also learning how to do title searches which I just finished the course Title abstractor so that I can start introduce my self to title companies and be able to do a couple of things for them as an IC which will market better than just a Notary.

Reggie
Kansas

Reply by Bobbi in CT on 4/13/05 6:52am
Msg #31395

No -

The last think a lender wants to do is own a house - it immediately becomes a liability on the lender's books, NOT an asset (which a loan is). Lenders will either renegotiate loans for longer terms 30-40 years or push marginal customers to refinance somewhere else. The subprime lenders, who often profit by foreclosures, will do well.

Banruptcy - many people have been there, done that, and the rules just got harder. In my state some non-attorney and attorneys handle these for $200-275. Not a profitable area: plus get the cash up front and wait for the check to clear.