The Old Folks Home

[vehve]

I fear I've hijacked the thread too far from chicken stuff again, so how about some pics of our chicks instead?

 

[Alaskan]

Oh, something I've meant to ask about US mortgages. Can you just walk away from a loan by handing over the keys to the bank over there? Here you can typically cover up to a max of 70%-80% of the loan with the property you're buying.

The part I underlined lost me.

Here, you want a house, say it costs $100,000. You give the bank $20,000 cash plus all of the stupid closing fees (title insurance etc,) which is probably $5,000, then you have a house, and a loan of 80,000 over a 15, 20, 25, or 30 year period.

 

[Alaskan]

V, cute chicks.



Wisher, it keeps zooming about in my head that you said you incubate pullet eggs. Didn't Ron say that incubating undersized eggs... Uh.... Results in something bad.... Uh...... I think the chicks that hatch never lay as large of eggs... Or something..,


As to crested ducks times double

 

[1kluckychik]

V, cute chicks.



Wisher, it keeps zooming about in my head that you said you incubate pullet eggs. Didn't Ron say that incubating undersized eggs... Uh.... Results in something bad.... Uh...... I think the chicks that hatch never lay as large of eggs... Or something..,


As to crested ducks times double

It was @ChickenCanoe

 

[Alaskan]

Thanks.... No brain here

 

[vehve]

Al, say a house costs 100 bucks (to simplify things a bit, housing isn't that cheap here =P). To get a loan here, you need like 10-15 bucks of own money saved up, so you need a 85 buck loan. The house is worth 100 bucks, so 70% of that is 70, meaning you need to come up with an additional 15 for security from somewhere, like your car, stock, another property or whatever. Then, if everything goes to heck and you lose the house, and let's say you haven't yet paid off anything, forfeiting the house to the bank only covers the 70% of the value, meaning you still owe the bank the 15 bucks that's left of the 85 you borrowed. So either you gotta also forfeit the other property you put up as security, or figure out some other way to pay off the rest of your debt. Crappy for bad situations, but on the other hand it leads to more stable banks, and maybe works as an incentive to not buy overly priced property, and also keeps the prices down a bit.

 

[dsqard]

Quote:
Well since this will be in the fall I will need more of your honey too

 

[Alaskan]

Al, say a house costs 100 bucks (to simplify things a bit, housing isn't that cheap here =P). To get a loan here, you need like 10-15 bucks of own money saved up, so you need a 85 buck loan. The house is worth 100 bucks, so 70% of that is 70, meaning you need to come up with an additional 15 for security from somewhere, like your car, stock, another property or whatever. Then, if everything goes to heck and you lose the house, and let's say you haven't yet paid off anything, forfeiting the house to the bank only covers the 70% of the value, meaning you still owe the bank the 15 bucks that's left of the 85 you borrowed. So either you gotta also forfeit the other property you put up as security, or figure out some other way to pay off the rest of your debt. Crappy for bad situations, but on the other hand it leads to more stable banks, and maybe works as an incentive to not buy overly priced property, and also keeps the prices down a bit.

I don't follow... The house is worth 100, you already gave the bank 15, if you stop paying, the bank gets the entire house, worth 100, but you only owed 85.

So, the bank gets a house worth 100, and they already had your 15, the bank is already out ahead, why do they also need your car????

 

[drumstick diva]

ACK all this is worse than homework.

 

[vehve]

Al, of course you can sell the house, and keep the difference. But say a housing bubble bursts, or for some other reason you can't get the house sold, in other words the house isn't worth what it was valued at earlier, then those things come into play.