Phil never considered renting it out until after the short sale failed. It wasn't until a stream when he was explaining what had happened that he mentioned that he should look into renting it out. The short sale was what he was originally after.
[Dec 15 2019] Foreclosure Saga - http://civilinquiry.jud.ct.gov/CaseDetail/PublicCaseDetail.aspx?DocketNo=FBTCV196091825S
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AlexiTheTrucker
kiwifarms.net
- Joined
- Aug 5, 2020
Not to split hairs or argue but the entire thing was murky. The plan was to sell it, charge his aunt a percentage to live, or rent it. His aunt hit a point where she couldn't live there on her own anymore and that is when he had to make the decision to short sell it or rent it out. I am still looking through PigPigGo but he mentioned the company that was interested in taking over renting it out annoyed him because they kept trying to call him instead of emailing him. He then tried to short sell it in 2017 but the government wouldn't let him because it was a FHA loan (which the dumbass called a FDA loan in April 2019). That also explains why he was allowed to pay a smaller down payment on his first home.
Part of why I say it is murky is because this lore is BURIED deep and we require taking Phil at his word for some of it. Case in point, that stream where he was explaining his original denial of the short sell featured a shit ton of him pulling on his ear and looking out into space as he was explaining what happened. That same stream also had the revelation of the 10 year plan which has since been said to have never existed/changed/never existed again he will stream forever fuck us all.
Why the fuck would you move into a middle condo that has a hoa that cost 400 a month?
Fuck he really is a retard
- Joined
- Mar 31, 2020
In one of his 2017 emergency videos he said he couldn't rent it because he would have not been able to handle complains should the possible renter cause trouble or damage the condo. He also said he can't ask his elderly parents to take care of it. He is and was stupid. Wouldn't it have been more efficient to search for a company that rent it out on his behalf and just pay a feeew for that service? Or did he just want to do business in e-mail?
- Joined
- May 23, 2019
Here's Phil in 2014 even before he moved to Washington explaining why he can't sell the condo because it's worth less than he owes on it, and he can't rent it out because he wouldn't make enough to make it worth his while. He might just have to pay two mortgages for a while...
- Joined
- Mar 31, 2020
Can't rent it out because it is not worth it but let's his aunt live there to defray the cost of the mortgage. Jesus Christ this guy was retarded then and is retarded now.
- Joined
- May 5, 2020
Then his option was really between having that condo stuck to him forever, or pay MidFirst the difference, is what it sounds like. Doubt he pieced that together, though, so he still chose between getting rid of it properly, or just walking away without a clean separation. Just not necessarily to avoid giving the bank money to cover the drop in value.
Then again, if Phil DID know that that's what it would take, I doubt he would've done anything other than throw a fit over the suggestion of him owing MidFirst the difference. We know how he is. Regardless of the drop in value being his fault or not, he wasn't about to accept it being his responsibility to cover the difference in order to get a clean break. He doesn't even acknowledge his responsibilities when things ARE his fault.
Yes, I know he was prepared to accept owing two mortgages, but I'm not talking about the amount of money, I'm talking about a situation where Phil is being faced with money it behooves him to pay to compensate for a drop in the condo's value, so he can be free of it, cleanly. The dude never sees the value in making sacrifices, he goes out of his way constantly to avoid them, so I doubt he would've done anything different here. Telling someone like Phil that the housing market has fucked them out of whatever amount of money, is always going to result in them having a temper tantrum. Motherfucker can't even go through a stream without bitching about the timing on people's tips.
- Joined
- Dec 28, 2014
And if he didn't, which he probably wouldn't have, the worst that could happen would be they could get a judgment against him, which would be unsecured debt. Then he could have been free and clear of it entirely after going bankrupt. His obduracy is why he's still suffering through this foreclosure stuff well after the bankruptcy. Plus he's on the hook for all those HOA fees accumulating every day.
- Joined
- Mar 11, 2016
He gave a longer explanation on his forums and it was fantastic: The issue was not that he'd be losing money or nearly losing money after paying the property management company + whatever taxes/insurance/utilities could not be passed onto the company or tenant, the issue was that he could not get a tenant or management company willing to cover the mortgage payment, HOA, etc. in full. This is not a joke, he was too shortsighted to understand that paying two-thirds or half of the mortgage + taxes was better having to pay them in full because he was too hung up on how he'd be paying for the property at all. Are we sure Phil isn't a 5th grader in a really elaborate costume?
- Joined
- Mar 29, 2018
He's going on his 30th year of being held back
He's had this all or nothing mentality forever. Before he moved he answered a question about potentially getting food stamps to help him and he refused it because they couldn't pay the mortgage. He couldn't understand the idea of using the stamps for food and using the money he would've spent without them for his mortgage.
- Joined
- May 5, 2020
It still blows my mind that he keeps fucking himself like this and learns nothing. It's like he was genetically designed without that ability.
But he'll gladly use his mortgage money to play Champions, so it isn't just from that attitude or lack of connecting dots. His priorities are fucked, always have been and always will be.
- Joined
- Mar 11, 2016
Two updates:
First, the Connectikhando sold for $92,000 just under two months ago:
Second, the tax lien against the Connecticut condo has been released according to this Twitter troll who goes on to claim this will appear on Phil's credit report for the next seven years. For non-Burgerlanders any debt that gets written off, even relatively small amounts like $198.00, will greatly reduce one's credit score.
All in all this probably means the Foreclosure Saga is over. Even if MidFirst has the right to sue for the deficiency despite the bankruptcy, which I suspect is not true, they are not using it and the relatively small loss (based on this filing reporting a balance of $108,180.76 on the mortgage less the $92,000 sale price they could only recover about $16,000) makes pursuing Phil even less attractive because attorneys' fees could be greater than the amount owed. The town writing off the lien is small by comparison but cuts off the only other remaining debt on the property.
Legal Kiwis: Any idea why the sewage bill was forgiven in early February of this year? Was that just the town's way of not holding a lien due to Phil's nonpayment against the new owner(s)?
First, the Connectikhando sold for $92,000 just under two months ago:
Second, the tax lien against the Connecticut condo has been released according to this Twitter troll who goes on to claim this will appear on Phil's credit report for the next seven years. For non-Burgerlanders any debt that gets written off, even relatively small amounts like $198.00, will greatly reduce one's credit score.
Legal Kiwis: Any idea why the sewage bill was forgiven in early February of this year? Was that just the town's way of not holding a lien due to Phil's nonpayment against the new owner(s)?
RandyFries
kiwifarms.net
- Joined
- Sep 19, 2021
I guess a question is did his bankruptcy make him not liable for the deficiency in what the condo sold for versus what he owed? Because even if midfirst bank chooses not to go after DSP for the $16,000 amount, any amount of forgiven loan the IRS considers to be taxable income. This could lead to amazing content when DSP is hit with another $4000 in taxes. But it’s possible the bankruptcy makes that not the case, I just don’t know.Two updates:
First, the Connectikhando sold for $92,000 just under two months ago:
View attachment 3107889
Second, the tax lien against the Connecticut condo has been released according to this Twitter troll who goes on to claim this will appear on Phil's credit report for the next seven years. For non-Burgerlanders any debt that gets written off, even relatively small amounts like $198.00, will greatly reduce one's credit score.
All in all this probably means the Foreclosure Saga is over. Even if MidFirst has the right to sue for the deficiency despite the bankruptcy, which I suspect is not true, they are not using it and the relatively small loss (based on this filing reporting a balance of $108,180.76 on the mortgage less the $92,000 sale price they could only recover about $16,000) makes pursuing Phil even less attractive because attorneys' fees could be greater than the amount owed. The town writing off the lien is small by comparison but cuts off the only other remaining debt on the property.
Legal Kiwis: Any idea why the sewage bill was forgiven in early February of this year? Was that just the town's way of not holding a lien due to Phil's nonpayment against the new owner(s)?
- Joined
- Mar 11, 2016
My understanding is that surrendering a property in bankruptcy settles the debt even if there is a deficiency because the discharge eliminates the creditor's right to collect. To quote nolo.com:
In other words Phil's bankruptcy does not prevent MidFirst from tracking it in their system and might even let them write it off on their taxes if they forgive it, but they cannot collect on the deficiency or use it to create a new debt.
The problem with what you are suggesting is that it would prevent anyone, even honest but unfortunate debtors (i.e. not Phil), from escaping debt on an underwater property because foreclosure + bankruptcy would only reduce the debt from the entire deficiency to federal tax on the deficiency. That could still be a large amount of money and defeats Chapter 7's stated purpose of creating a clean slate in exchange for eliminating the debtor's access to credit.
DSP's Tax Lawyer
kiwifarms.net
- Joined
- Aug 1, 2021
Debt forgiveness is a form of income on his taxes
- Joined
- Mar 31, 2020
So he made 16k without him seeing that money and next year taxes will be very robust and flavourful? Man that pig luck didn't prevent that. I mean just look at the price Midfirst was able to extract: they got the CTKondo for an apple and now made a killing. Plus they made Phil pay the HOA and also the lawyer fees. And they seemingly gaver Phil also a nice note on his credit rating.
DSP's Tax Lawyer
kiwifarms.net
- Joined
- Aug 1, 2021
Yeah, next years taxes should be a fun little saga
RandyFries
kiwifarms.net
- Joined
- Sep 19, 2021
I’m excited for this years taxes! I don’t think he made quarterly payments last year and is going to owe a ton and expects to be able to “roll” that amount into his payment plan.
- Joined
- Jan 19, 2018
He will be able to (most likely), but it means the monthly payments he has to make will go up, and he'll incur more interest and fees along the way. And he can't make these ones disappear with a bankruptcy.