Discussing money on first date/conversation


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D_Lion is online now D_Lion Post #31  January 15,2012, 3:56pm
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littlemissmuffet wrote :
Just my two cents

Very precise answer.
 
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boschimsp is offline boschimsp — Advice Member-Moderator Post #32  January 15,2012, 8:46pm
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Honestly I think any kind of ranting/complaining is likely to not be well received on the first date regardless of the topic.
 
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barbarella_42 is offline barbarella_42 Post #33  January 16,2012, 7:20am
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Wiseman2 wrote :
Interesting story.. And, sadly.. he will find someone who thinks it is "romantic" to move in together and pay down his mortgage without her having any equity.
He contacted me about a year and a half ago with apparent hopes of getting something restarted, so I guess the cash cow hadn't materialized yet. I shut him down politely and haven't heard a thing since.

The way the guy's mortgage was structured was appalling: Gradually increasing payments over time, culminating in a major balloon payment a few years down the road. I'm not a fan of balloon payments because they are usually predicated on an expectation of a major change in financial situation, and to me that's basically no different from high-stakes gambling. That was certainly the case here, as he explained that he fully expected to have a much bigger income from his business and would be easily able to make the balloon payment on top of the payments increasing over time.

I wonder how he fared when the bottom fell out of the economy. According to the internets, the business is still rolling. I bet that mortgage turned around and bit him hard, though.
 
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eharmonyjc is offline eharmonyjc Post #34  January 16,2012, 8:25am
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Barb, loans like that are how a lot of people ended up in foreclosure The idea is that by the time the balloon payment was due, the house will have increased in value and you could just refinance into a different loan. Well, when the house drops in value, you can't refinance, and you're stuck w/ the balloon payment. You are correct that it is no different than high-stakes gambling, but millions of people did it, and that's why we're in the mess we are in now. Oh well, keeps me employed, I work in the foreclosure market
 
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barbarella_42 is offline barbarella_42 Post #35  January 16,2012, 9:01am
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eharmonyjc wrote :
Barb, loans like that are how a lot of people ended up in foreclosure The idea is that by the time the balloon payment was due, the house will have increased in value and you could just refinance into a different loan. Well, when the house drops in value, you can't refinance, and you're stuck w/ the balloon payment. You are correct that it is no different than high-stakes gambling, but millions of people did it, and that's why we're in the mess we are in now. Oh well, keeps me employed, I work in the foreclosure market
Yep. Hope he still has the house; I know he was very attached to it. I was horrified that he structured his mortgage this way because he's someone who absolutely should have known better. Unfortunately, he made a lot of financial choices that I would categorize as excessively risky, which I'm sure is part of the reason why he was interested in securing a major cash injection from the Bank of Barbarella.
 
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