6 days late. Has the bankruptcy saga begun? Discuss.
EDIT: To be fair, he was a near month late in paying for 2014, 2015, and 2016. He was two weeks late in paying for 2017.
The mortgage payment includes taxes which is stored in escrow until the taxes are due.I thought people said the bank normally has property tax payments set up to be paid out of the mortgage payments automatically. Could the bank be fucking with Phil for not making his mortgage payments and being dumb enough to call and tell them "fuck you, I'm not making payments anymore! I'm tired of it, and you are stupid if you don't let me off the hook and immediately take possession of the property. I used to have your job ACK ACK ACK"?
That's what I thought, I guess this could be decent evidence he's really going through with his 'Fuck you, I'm not making mortgage payments anymore because I don't feel like it' plan if it goes unpaid past August 1st. These are taxes he owes the government though technically, could this situation be complicated by already being on a payment plan to the IRS for unpaid taxes?The mortgage payment includes taxes which is stored in escrow until the taxes are due.
I am no expert but the fact he is past due on his property taxes is telling.
Assessed values are for tax purposes and in some localities come out to a fraction of the sale price. Completely separate from appraisals and anything involving the sales process.Edit: Also, does that say the CT condo is currently assessed as being worth $41,440? The bank loan he's on the hook for is for like triple that lol
Not for nothing, but my home's property taxes are collected monthly (built in to the mortgage payment) and paid annually. That's also when the minimum monthly mortgage payment is readjusted to deal with any changes in property tax due.Correct. Property taxes are typically included with the mortgage payment, collected monthly and paid quarterly. If he stopped making payments the tax escrow will soon be depleted and the city is going to be saying "bitch better have my money".
Yeah, our PMI has been late to payout taxes before.Not for nothing, but my home's property taxes are collected monthly (built in to the mortgage payment) and paid annually. That's also when the minimum monthly mortgage payment is readjusted to deal with any changes in property tax due.
I think we would be well-served to wait until at least August 1 before jumping to any major conclusions.
Edit: Yeah, looking at 2018's payments, the payment due 7/1/18 was paid 7/19/18 and the payment due 1/1/19 was paid 1/22/19. Both were paid without any apparent penalties. It's waaaay too early to say anything.
Accurate, only thing that was missing was him calling the guy who pointed out the ConCondo videos didn't get called a crazy stalker.Phil should just debunk this.
Okay ladies and gentlemen, listen to this. This is how dumb trolls on the internet actually are. The new WHITE HOT detractor meme is, "Phil owns a condo in Connecticut and isn't paying the mortgage anymore". WHAAAAT? How stupid can you be!? I live in Washington state! How can I own a condo in Connecticut and live ACROSS THE COUNTRY? It makes zero logical sense! These people... these idiots just make shit up! THERE NEVER WAS A CONNECTICUT CONDO! If these morons did five seconds of research they would see that! I don't live anywhere close to Connecticut! Ack ack ack! Okay FrogsGolfingDolfinLogs cheered with something stupid, "Phil there are hundreds of videos of your Connecticut condo" umm no! Wrong! Enjoy your ban.
He can't file chapter 11, since that's for corporations only and he isn't a corpThe day after DSP forcloses due to bankruptcy when he wakes up to still owing the difference will be the best day in this saga.
Banks treat shit like mortgages like they're written in blood and collateraled with a human soul. You don't just 'tee hee, guess I can't pay' a bank loan.
The second they smell blood in the water those fuckers are gonna line up with copies of his signature in hand going "where's my fucking money" until the bankruptcy court gets bored of flogging the pinata to make pennies come out.
Seattle is no California, but they can't take your primary residence or car as far as I'm aware, but they can run a number on anything else of value attached to your name.
Phil cannot file for Chapter 7, straight up impossible.
So that leaves Chapter 11 or 13, basically debt reorganization or a payment plan. However, he's on a payment plan already.
My understanding is that fucking up the payment plan (in general) causes the IRS to bill you the remainder and demand it out of pocket, plus penalties originally waived.
So even if he gets another bankruptcy payment plan, it looks like they'd roll his current tax debt into it, then slap a lein on that shit where he is forced to pay on time. No 'muh bills' about it, he gets a flat number that is automatically forced away from him every month until the debt's done.
Pay your bills on time and don't take out two mortgages, kids.
I believe because Phil is an 'operating business' it is possible for him to declare chapter 11.He can't file chapter 11, since that's for corporations only and he isn't a corp
Sole proprietors can file under Chapter 11 if they want. Under Chapter 13:He can't file chapter 11, since that's for corporations only and he isn't a corp