[Over43]

As I have been working my way through Leonard Peikoff's "Objectivism: The Philosophy of Ayn Rand", and have just finished the section of evasion, or non-thinking, non-reason, my wife just informed me her brother was losing his home. He and his wife took out a variable home lone to buy...toys. Then the variable loan went through the roof. They fell behind, tried to ork with the bank, etc. However, they have come to a point where they have given up. Now instead of trying to make payments, they have stopped due to an attorney telling them it will be at least a year before they can be evicted, they are traveling to the tropics, taking the kids to the Magic Kingdon, and so on.

To me this would be an example of evasion. Don't face the problem, pretend A is not A, and maybe it will disappear. When my wife had cancer it made me face several issues: 1) Her mortality, and even mine. 2) The fact that insurance that pays 80/20 isn't very spectacular. 3) If I kept doing the same thing I'd go bankrupt. 4) What were my options? I took second job. It didn't pay much but it paid enough to buy food, which released money to pay otehr items. We didn't have credit card or car payments so we were fortunate there. But the one thing I didn't do, I didn't curl into a ball, pull a blanket over me, and hope I'd wake up and the world had changed.

To that, I can truly say I have Atlas Shrugged to thank.

O43

[Ted Keer]

I am afraid this just goes to show what happens when you try to ork with a bank.

[Michael Stuart Kelly]

Over43,

From your description, I can't tell if your brother-in-law is evading knowing about the impending lowering of the boom that will inevitably happen at the end of his rainbow, or if he is gaming the system.

I hope for his sake he is gaming the system.

That's not a great option, though. The best thing, of course, is to produce values and don't spend what you don't have.

Michael

[Over43]

Ted Keer, on Jun 19 2009, 08:12 AM, said:

I am afraid this just goes to show what happens when you try to ork with a bank.

I meant work, but I guess pork or dork could be possibilities.

O43

[Brant Gaede]

Everything is paid for, one way or the other. Everything costs something. Choices are extremely important meaning knowledge and rationality and acting accordingly are extremely important. Integrity or the lack of it is the bridge between thought and action.

Three and a half years ago I had the choice to let my Mother die in the hospital or not. I would only have done that for her benefit. There would have been benefits to me I didn't even think about but if I had and had let her die I'd be a broken man today.

--Brant

[Rich Engle]

Evasion is perhaps the most destructive catch-phrase that ever hit O-world.

Oh, so easy to use...like crack.

[Selene]

Over43, on Jun 19 2009, 09:08 AM, said:

As I have been working my way through Leonard Peikoff's "Objectivism: The Philosophy of Ayn Rand", and have just finished the section of evasion, or non-thinking, non-reason, my wife just informed me her brother was losing his home. He and his wife took out a variable home lone to buy...toys. Then the variable loan went through the roof. They fell behind, tried to ork with the bank, etc. However, they have come to a point where they have given up. Now instead of trying to make payments, they have stopped due to an attorney telling them it will be at least a year before they can be evicted, they are traveling to the tropics, taking the kids to the Magic Kingdon, and so on.

To me this would be an example of evasion. Don't face the problem, pretend A is not A, and maybe it will disappear. When my wife had cancer it made me face several issues: 1) Her mortality, and even mine. 2) The fact that insurance that pays 80/20 isn't very spectacular. 3) If I kept doing the same thing I'd go bankrupt. 4) What were my options? I took second job. It didn't pay much but it paid enough to buy food, which released money to pay otehr items. We didn't have credit card or car payments so we were fortunate there. But the one thing I didn't do, I didn't curl into a ball, pull a blanket over me, and hope I'd wake up and the world had changed.

To that, I can truly say I have Atlas Shrugged to thank.

O43

Interesting post. Out of curiosity, is the house "under water", mortgage higher than any probable sales price?

Have they thought about a chap 13 filing?

Is is worth staying in that community for the kids schools? People with kids by schools not houses.

Adam

[Over43]

Selene, on Jun 19 2009, 10:52 PM, said:

Over43, on Jun 19 2009, 09:08 AM, said:

As I have been working my way through Leonard Peikoff's "Objectivism: The Philosophy of Ayn Rand", and have just finished the section of evasion, or non-thinking, non-reason, my wife just informed me her brother was losing his home. He and his wife took out a variable home lone to buy...toys. Then the variable loan went through the roof. They fell behind, tried to ork with the bank, etc. However, they have come to a point where they have given up. Now instead of trying to make payments, they have stopped due to an attorney telling them it will be at least a year before they can be evicted, they are traveling to the tropics, taking the kids to the Magic Kingdon, and so on.

To me this would be an example of evasion. Don't face the problem, pretend A is not A, and maybe it will disappear. When my wife had cancer it made me face several issues: 1) Her mortality, and even mine. 2) The fact that insurance that pays 80/20 isn't very spectacular. 3) If I kept doing the same thing I'd go bankrupt. 4) What were my options? I took second job. It didn't pay much but it paid enough to buy food, which released money to pay otehr items. We didn't have credit card or car payments so we were fortunate there. But the one thing I didn't do, I didn't curl into a ball, pull a blanket over me, and hope I'd wake up and the world had changed.

To that, I can truly say I have Atlas Shrugged to thank.

O43

Interesting post. Out of curiosity, is the house "under water", mortgage higher than any probable sales price?

Have they thought about a chap 13 filing?

Is is worth staying in that community for the kids schools? People with kids by schools not houses.

Adam

Behind on payments, as I earlier stated, and they can't sell the house and get enough to pay off the mortgage.

O43

[Brant Gaede]

Over43, on Jun 20 2009, 09:05 AM, said:

Behind on payments, as I earlier stated, and they can't sell the house and get enough to pay off the mortgage.

O43

They can ask their attorney to ask the bank if they can do a short sell. If the bank agrees and the house is sold the difference between the lien and net sales price will be reported as income to the IRS and they'll have to pay taxes on that. They best rent as soon as possible before their credit is destroyed or the new owner might want them to continue as his tenants.

--Brant