[14-Apr-2019] Sunday Podcast - Scammer explains ALL to idiots

Will Kat be on Phils Sunday podcast


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bearsintrees

kiwifarms.net
That was somehow no information that he didn't post in his 10 tweets throughout the week, and also 4+ full hours of a man talking faster out of both sides of his mouth than anyone else on earth. And he didn't even bother trying to justify himself to anyone who doubts his lies.

It's easy to say Phil's talentless, but he is an S-tier teller of boring ass stories and events.
 

Dumpster dived waifu

Love me some bacon
kiwifarms.net
I'm stunned that the master plan to get out of debt is to intentionally fuck his credit so hard that he'll never recover. Declaring bankruptcy is one thing, intentionally defaulting on several things may cost him his goutress of solitude
 

Freshtodeath

Kwhality Khantent
kiwifarms.net
Is there a summary of this? Not gonna watch this manchild ramble for hours.
he seemed really nervous and literally talked about how him and kat ate food for like an hour. Then explained his mom gave him enough money to get on a payment plan in exchange he will stop paying for the ct condo and get a job (in 10 years lol)
 
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actually

Supervisor
True & Honest Fan
kiwifarms.net
Is there a summary of this? Not gonna watch this manchild ramble for hours.
I would also like a summary of the meat of the stream (not his bitching or the wedding itself--this 10 year plan shit and the taxes and the foreclosure).

I also would ask that the smart money people (@marlintan , @SoapQueen1 ) provide their insight on what is going to happen when he lets the bank foreclose on the CT khando. Specifically, is he going to be on the hook for the remainder of that mortgage? The bank wouldn't short sell, so what will they do here?
 

Schmeckel

Praise 'til you're hollow
kiwifarms.net
Maybe part of the plan is to Wirte over the wakondo into Kate's name this protecting it from the debt collectors.
Well, with them being married now... Wouldn't that TECHNICALLY make it a property acquisition while being married, and Phil would still be on the hook for it? Unless they did something like that prior to marriage (which I doubt they could, unless she's making enough income on her own to "carry" the loan on the OG Gout Palace), it wouldn't do them any good to do something like that. Or, if they did a prenup. I dunno. Reckless speculation for days.
 

Synth

whatever
kiwifarms.net
I would also like a summary of the meat of the stream (not his bitching or the wedding itself--this 10 year plan shit and the taxes and the foreclosure).

I also would ask that the smart money people (@marlintan , @SoapQueen1 ) provide their insight on what is going to happen when he lets the bank foreclose on the CT khando. Specifically, is he going to be on the hook for the remainder of that mortgage? The bank wouldn't short sell, so what will they do here?
The short and fast answer is that if a bank forecloses, there's usually an auction and the highest price is deducted from what is owed to the bank, and that amount is called a deficiency. Banks can then try to go after your wages, via garnishing, or your bank account, via levying. I'm not sure how other assets play into this, but I do know that if the bank doesn't get the full amount back, they can still go after you if they feel like it. So, no, you don't just get off scot-free 90% of the time if the bank forecloses, because properties end up going for absurdly low amounts at foreclosure auctions. People literally make a living off of them by flipping houses, they're generally not advertised to the public (there's some property auctions you actually have to be members of groups or on a mailing list to know about), or most people just don't think of them when trying to find something cheap.

If it was something like 5 grand, the bank might not care because costs and fees for the paperwork, and their own internal costs for tracking and maintaining that sort of thing might exceed the cost of what's owed, but if it's any significant amount then they'd probably go after something.

You can also file bankruptcy to take out deficiencies, but I don't think Phil can declare bankruptcy. That's not just something you get to do whenever you want to remove all debts, and it also doesn't cover all debts.
 

Coin Ops

Isn't that betraying the public's trust?
kiwifarms.net
Oh man any company in the world would be happy to hire a 47 year old with a 20 year gap in his resume. Even ex-cons have better resumes then he does. In what world does he and his mom's life? Maybe part of the plan is to Wirte over the wakondo into Kate's name this protecting it from the debt collectors.
I would love to be a fly on the wall at the interview when he's asked to explain the 20 year gap and launches into a manic word-salad about YouTube algorithms, swatting, and Tevin.
 

Chan the Wizard

My Gemsona is autistic
kiwifarms.net
He gets autistics to pay him a hefty sum to play video games and he still had fucked up finances. What is he even spending money on?
 

This comment matters

kiwifarms.net
The short and fast answer is that if a bank forecloses, there's usually an auction and the highest price is deducted from what is owed to the bank, and that amount is called a deficiency. Banks can then try to go after your wages, via garnishing, or your bank account, via levying. I'm not sure how other assets play into this, but I do know that if the bank doesn't get the full amount back, they can still go after you if they feel like it. So, no, you don't just get off scot-free 90% of the time if the bank forecloses, because properties end up going for absurdly low amounts at foreclosure auctions. People literally make a living off of them by flipping houses, they're generally not advertised to the public (there's some property auctions you actually have to be members of groups or on a mailing list to know about), or most people just don't think of them when trying to find something cheap.

If it was something like 5 grand, the bank might not care because costs and fees for the paperwork, and their own internal costs for tracking and maintaining that sort of thing might exceed the cost of what's owed, but if it's any significant amount then they'd probably go after something.

You can also file bankruptcy to take out deficiencies, but I don't think Phil can declare bankruptcy. That's not just something you get to do whenever you want to remove all debts, and it also doesn't cover all debts.
I have had a similar experience with an auto loan. Got repossessed and after the auction, still owed two thousand. Sucks being young and dumb, imagine being old and dumber like phil haha.
 

That Hedonist Nerd

dreN tsinodeH ehT
kiwifarms.net
I would also like a summary of the meat of the stream (not his bitching or the wedding itself--this 10 year plan shit and the taxes and the foreclosure).

I also would ask that the smart money people (@marlintan , @SoapQueen1 ) provide their insight on what is going to happen when he lets the bank foreclose on the CT khando. Specifically, is he going to be on the hook for the remainder of that mortgage? The bank wouldn't short sell, so what will they do here?
Here's why defaulting on your mortgage is bad, 4 steps:
  1. Notice of default. After 30-45 days past due the bank will send a letter informing them they are in default and have X days to correct this.
  2. Legal Filing. If the mortgage isn't made current, the bank can file for foreclosure. There's 2 types: Judicial and Non-Judicial. Judicial foreclosures the lender files a lawsuit to obtain a court order allowing them to sell it. Usually happens when it's been over 90 days. Non-judicial will follow whatever procedures are written in the deed of trust.
  3. Notice of Foreclosure Sale. Usually after 120 days without payment the homeowner will be sent a notice of foreclosure, which states when it has to be vacated and such - like an eviction.
  4. Public Sale
The sale is usually a blind auction, meaning the people bidding aren't allowed to view the inside of the property, they have to bid as-is and take ownership at auction end. This is bad, because - for good reasons - foreclosures are typically viewed as taboo and the assumption is that the previous owner fucked shit up. So things sell pretty cheap.

Basically, it's always a lose for the homeowner. It's always always better to sell it. If you have a 100,000 mortgage, and still owe 90,000 but sell the house for 95,000 then you came out ahead.
If you owe 90,000 and it only sells for 80,000 then you only owe $10,000.
If you owe 90,000 and it goes to auction via foreclosure, then the property might get 40,000. Now Dave not only has to pay $50,000, he will also have to pay all the filing, lawyer, and other fees which can mean he would owe 80, 000 again.

And yeah, they'll come for it. He'll be looking at a garnishment of 25% of wages. Even if he's self-employed, he has to self-report and pay. Everyone will be watching.

257 bans.
 

Dr.Chill

Doctor's Orders
kiwifarms.net
It's best to sell the condo, and pay off most of his mortgage then be lazy and take a bullet in the knee with a default

Oh man any company in the world would be happy to hire a 47 year old with a 20 year gap in his resume. Even ex-cons have better resumes then he does. In what world does he and his mom's life? Maybe part of the plan is to Wirte over the wakondo into Kate's name this protecting it from the debt collectors.
but lets say the whole "my mom offer me money for muh taxes" is reall legit. the only chance he has is getting into a temp agency and prepare for the shittest jobs with the most random days/hours. The better jobs look at your credit history also which can shit on any degrees you have.
 
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