[Dec 15 2019] Foreclosure Saga - http://civilinquiry.jud.ct.gov/CaseDetail/PublicCaseDetail.aspx?DocketNo=FBTCV196091825S

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Will DSP file his bankruptcy before MidFirst Bank gets their hands on his WAkhando?

  • Yes

    Votes: 112 51.9%

  • No

    Votes: 104 48.1%
  • Total voters
    216
twattycake said:
It was verified in the main thread but he got a degree in finance (basically the easiest parts of econ + accounting) from a low-tier school within a half hour of his parents' house.

The more important thing is that he probably never used what he learned in his major: He worked in sales at Best Buy until 2006 based on the dates of his NEETbux appeal, which imo means he likely worked there from graduation until his father arranged the Helicopter Support job, and the only job we know he had at the helicopter plant was customer service. Speaking from experience, it's easy to forget things if you don't keep applying them, even if you were interested in them at the time or got an "A" on the term project.....and something tells me neither of those applies to DSP.
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just wondering. does he have an associates or bachelors degree in finance?
 
SoapQueen1 said:
The way I see it he has the following two strategic options at this stage:

Take Control - Deal with it like a man and accept that sometimes work pays

  1. He contacts the creditor, explains he has a highly valuable asset with a large amount of equity
  2. He offers to allow creditor to attach a lien to it in exchange for delaying foreclosure for a short, set period of time
  3. He sells the condo, pays off the WA lender mortgage, pays off the CT lender mortgage, and walks away with at least $125K in his pocket because if he declares bankruptcy he will get that much so he can negotiate to get that much or more to quickly pay the creditor with no fuss and reduced legal expenses
  4. He pays off all his credit card debt and still has like $25-50K in the bank
  5. He gets to continue making $9,000 per month
    1. He is no longer spending $1500 on a CT condo he doesn't live in
    2. He is no longer spending a couple thousand dollars on old credit card debt
    3. He saves up money and puts it into retirement savings and future home purchase savings
  6. He moves into some one or two bedroom apartment
  7. He buys a modest home with his home purchase savings once the local housing market calms down
His credit score goes through the roof as he has extensive credit history, now no debt, and no foreclosure on his record.

No Strategy - Hope it goes away on its own like everything else in his life
  1. Creditor wins lawsuit, gets like $105K as mortgage principal and interest and like $15K attorney's and other fees
  2. Creditor converts judgement to Washington and begins attaching it to his stuff (lien on the condo, emptying bank accounts, redirecting payments, etc)
  3. He talks to a lawyer because he's unable to pay his bills, condo, car, or old debt
  4. Lawyer advises him that he now has the following two options that he should utilize in tandem
    • Negotiate lower monthly garnishments
    • Incorporate and employ himself to benefit from wage garnishment protection
    • Declare bankruptcy to give himself enough money each month to pay his bills, some housing, and some transportation
The time for negotiation has probably passed at this point in No Strategy.

If he incorporates his business the creditor is likely to take control of his stock and become a shareholder, but if Kat legitimately invested money into the company she could remain a majority shareholder to DSP and therefore the creditor. I think that would be an acceptable method of maintaining control. If the creditor does gain majority control, it will be unlikely to dissolve or sell the company because it has no real cash value; it's value is in its ongoing operation. The creditor will be more likely to replace him as a member of the board of directors and as President. If they do this they can vote to begin compensating him with dividends instead of wages to bypass wage garnishment protection. If they don't replace him as President and take away his authority to spend the company's money he could just spend the company's money until there's nothing left to distribute in a dividend.

If his business continues to pay him only in wages the creditor will only be able to garnish the income his newly formed separate business entity gives to him as wages and not the income the business itself is being given by others; it's his own debt, not the business'. The creditor would be limited to garnishing 25% of his wages after some mandatory deductions. If he declares bankruptcy the trustee can only take and redistribute money being given to him by the business and not money being given to the business itself.

Bankruptcy will have obvious benefits to both parties. It will stop all efforts by creditors (plural) to get money from DSP's accounts, payers, etc. It will also require DSP to begin adhering to a strict budget and give the rest of his income to the trustee to distribute among his credits according to the law and any court instructions. It looks like he has equity that very much exceeds the exemptions, so it will require DSP to sell his condo and his car and find alternative housing and transportation. He will get the first $125K after the original WA lender is paid the mortgage balance and his creditors will get the rest. He can use that money to make initial payments on a home and a car that is below the exemption; if he doesn't spend it he will lose it to the same bankruptcy trustee a while later, I don't know how much of a grace period he has.

His credit score is tanked and he has to adhere to this payment plan for at least 3-5 years, possibly more if he files under Chapter 11 instead of 13 and his creditors all vote to extend it. I don't think filing under Chapter 11 is a good move for him for that reason alone.

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I'd like feedback on what people think of these two strategies.

---

By request another option follows:

Do Nothing - Stick your head in the sand
  1. Creditor wins lawsuit, gets like $105K as mortgage principal and interest and like $15K attorney's and other fees
  2. Creditor converts judgement to Washington and begins attaching it to his stuff (lien on the condo, emptying bank accounts, redirecting payments, etc)
  3. He's unable to pay his bills, condo, car, or old debt
  4. He gets foreclosed on a second time, this time in WA
  5. He moves into some one or two bedroom apartment
  6. The WA second condo is sold and he gets a bunch of money after the sale and part of it gets seized to pay off the CT debt
  7. He gets to continue making $9,000 per month
    1. He is no longer spending $1500 on a CT condo he doesn't live in
    2. He is still spending a couple thousand dollars on old credit card debt
    3. He starts spending money like a stupid person again
  8. He never buys a home again out of shame, confusion, and fear
His credit score is tanked and he has nothing to show for it.
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Excellent write-up. All three scenarios as you described involve him having to give up the Mcmansion. Is he truly at risk of having a 2nd foreclosure immediately? I don't know how this whole process works, so I'm just relying on people more informed than me here. Didn't he claim that if he loses the mansion, the detractors will win on a couple of occasions? This guy's like a giant baby who really hates losing. If anything is to happen in this whole foreclosure saga, I'd immediately assume whatever his plan (or lack of one) is, it ends with him keeping his ass on that couch in Renton WA no matter what.
 
BooneHelm said:
just wondering. does he have an associates or bachelors degree in finance?
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Bachelors. I’m kinda surprised you have to ask, Philip’s wise financial decisions and successful business practices have been well documented here.
 
In case anyone was curious, here’s the estimates of what Phil’s WAKHANDO could sell for based on what other units in his area have sold for.

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D4C474FD-8698-45DA-9204-6AEA0C0F7DEA.jpeg

Reminder: all Phil has to do is sell this house (he could sell it for $380k, $40k-$50k LESS than the estimate), pay off his mortgage, backed taxes, and also purchase a decent sized one bedroom home with change to spare. This idiot is just doing nothing. He would rather his credit score tank and be on the hook for like $50k+ instead of selling his big boy house.
 
hauser said:
totally agreed, phil is capable of anything but shutting the fuck up. anybody who watches one or two TIHYDPs will get to know that aspect of him pretty well. if it as you say, then he really must be deeply disturbed by the foreclosure.
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Why whould he be disturbed everything is going according to his "10 year plan". Unless he's consulted with someone in the past year, he still believes that the foreclosure will result in the condo being "taken out of his name" with the only consequence being a ruined credit score.
 
MightyBob69 said:
He loves to talk about how he could've gone to an Ivy League school but only rich people with connections can get accepted. He ignores the fact that he went to a school that's more expensive and less selective (despite having a student population roughly a quarter the size) than UConn.
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Don't forget all the niggers, spics, and athletes. He was "INCREDIBLY qualified", he was in clubs dood. He had good grades, although he suspiciously never mentions what classes those grades were in but I'm totally sure it was for AP English, AP Chemistry & Physics, Pre-Calculus, Calculus and othe advanced placement college level courses that were available at his academically dismal basketball factory of a high school. "High honors" classes I tells ya.

Also the only possible way to get a good job on easy street after college is if you go to one of these "Ivy League" schools. It's totally not some Narc pipe-dream Phil latched onto to explain away why he's such a loser. He did nothing wrong, it was their fault for being corrupt and only accepting rich kids, niggers, spics and athletes.
Does this sound like unhinged racist ranting to you? No, it's clearly someone very well grounded in reality who knows secret information that other people just don't believe him about.
He applied to 2 whole schools!
He was in 3 musicals dood!
 
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thebonesauce said:
IReminder: all Phil has to do is sell this house (he could sell it for $380k, $40k-$50k LESS than the estimate), pay off his mortgage, backed taxes, and also purchase a decent sized one bedroom home with change to spare. This idiot is just doing nothing. He would rather his credit score tank and be on the hook for like $50k+ instead of selling his big boy house.
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It's fitting that even now, after a decade of horrendously stupid decisions and being the untalented boob Phil is, all he has to do is simply live within his means and he'd have a very comfortable life most would kill to have.

Despite everything the detractors can say or do, the only enemy Phil really has is himself, and it's what will ruin him in the end.
 
thebonesauce said:
In case anyone was curious, here’s the estimates of what Phil’s WAKHANDO could sell for based on what other units in his area have sold for.

View attachment 1082606
View attachment 1082605

Reminder: all Phil has to do is sell this house (he could sell it for $380k, $40k-$50k LESS than the estimate), pay off his mortgage, backed taxes, and also purchase a decent sized one bedroom home with change to spare. This idiot is just doing nothing. He would rather his credit score tank and be on the hook for like $50k+ instead of selling his big boy house.
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While his unit may worth that much we dont know how much exact equity he has in the WaKahndo though

I doubt he has been aggressively paying lumpsum to his principle in the last couple of years becasue he kahnstantly "HAVE ZERO DOLLAR IN MY ACCOUNT"

So honestly if he is just barely paying the mortgage he wont have that much equity in the property and he may only be entitled for lets say 25% which is 100K, no?
 
N0thingICanDo said:
While his unit may worth that much we dont know how much exact equity he has in the WaKahndo though

I doubt he has been aggressively paying lumpsum to his principle in the last couple of years becasue he kahnstantly "HAVE ZERO DOLLAR IN MY ACCOUNT"

So honestly if he is just barely paying the mortgage he wont have that much equity in the property and he may only be entitled for lets say 25% which is 100K, no?
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Possibly. I’m not too well versed on these kinds of things, all I know is that Phil could sell the house, pay off his debts and likely walk away with like $20k+ after all is said and done. That includes paying off the remainder of the WAKHANDO.

Of course I’m also fucking ritarded so I very well could be wrong.
 
I am a bit new guys so gotta ask how is Phil court battle going? Is he going to have to live with his parents at the end of all this or is he going to be able to swim pass this with minor damage
 
qrushen said:
I am a bit new guys so gotta ask how is Phil court battle going? Is he going to have to live with his parents at the end of all this or is he going to be able to swim pass this with minor damage
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im not law man so im going to give my opinion anyway, the roach luck will only run out the second he takes his last breath
 
qrushen said:
I am a bit new guys so gotta ask how is Phil court battle going? Is he going to have to live with his parents at the end of all this or is he going to be able to swim pass this with minor damage
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For all intents and purposes, without all the information we need, it’s kinda really difficult to judge one way or another. If I were a betting man I’d bet that DSP gets away unscathed all day long. The cynical cunt that I am, I can’t help but feel like he always manages to worm his way out of these situations... But then you factor in just how much they’re going for, the fact that we haven’t heard so much as a fart from Phil regarding the foreclosure. Phil is a lot of things, but most importantly, Phil is predictable. When Phil feels confident that he’s got it won and that he managed to spit in God’s face without incurring his wrath, Phil will talk. And talk. And talk. Even when his fans and detractors alike get sick of hearing about it (like the 4th place win at EVO 2004 which he brings up to this day). On the foreclosure, though, Phil has been oddly silent. If we were just grossly overestimating things, he would be spinning sob stories on the fly, having a 24 hour begathon and attempting to garner sympathy on Twitter. He could EASILY capitalize on his rock stupid fans with this whole debacle, but instead he was content to accept a $2000 tip goal over Christmas.

I mean, something is up and Phil is clearly worried. He’s not attempting to lie and cover it all up and he’s not draining this situation to it’s last drop... I feel like that’s telling. Either he’s worried, or he actually consulted with an attorney who told him to talk about whatever he wants, but shut the fuck up about this. Which do you think is more likely?
 
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thebonesauce said:
For all intents and purposes, without all the information we need, it’s kinda really difficult to judge one way or another. If I were a betting man I’d bet that DSP gets away unscathed all day long. The cynical cunt that I am, I can’t help but feel like he always manages to worm his way out of these situations... But then you factor in just how much they’re going for, the fact that we haven’t heard so much as a fart from Phil regarding the foreclosure. Phil is a lot of things, but most importantly, Phil is predictable. When Phil feels confident that he’s got it won and that he managed to spit in God’s face without incurring his wrath, Phil will talk. And talk. And talk. Even when his fans and detractors alike get sick of hearing about it (like the 4th place win at EVO 2004 which he brings up to this day). On the foreclosure, though, Phil has been oddly silent. If we were just grossly overestimating things, he would be spinning sob stories on the fly, having a 24 begathon and attempting to garner sympathy on Twitter. He could EASILY capitalize on his rock stupid fans with this whole debacle, but instead he was content to accept a $2000 tip goal over Christmas.

I mean, something is up and Phil is clearly worried. He’s not attempting to lie and cover it all up and he’s not draining this situation to it’s last drop... I feel like that’s telling. Either he’s worried, or he actually consulted with an attorney who told him to talk about whatever he wants, but shut the fuck up about this. Which do you think is more likely?
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my favourite take is dave asking his tax guy for foreclosure advice without specifying his other condo is in CT, and dave is now expecting some sort of protection
 
Near said:
Is he truly at risk of having a 2nd foreclosure immediately?
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No. He'll only get foreclosed on a second time if he stops paying the mortgage on his second condo for a while.
N0thingICanDo said:
So honestly if he is just barely paying the mortgage he wont have that much equity in the property and he may only be entitled for lets say 25% which is 100K, no?
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That's not the way equity works. If I loan you $5 to buy something and you get it on sale for $5 but now it's worth $20, you have $15 equity in the object even if you have paid me $0 back so far.

My equity is $5, because that's what I'm owed. Your equity is what it's worth minus $5.
 
Speculation: what are the odds that pigroach luck does pull through? What if it's like the escort saga, where yet another hostile entity in the DSPverse was actually a slow-witted detractor in disguise?

Because God Hates Us, he'll make sure Phil gets some closet detractor working at MidFirst Bank. This fan-turned-troll will jump at the chance to make DSP's life miserable during the foreclosure proceedings...only to end up doing some breach of ethics or something that makes the whole thing null and void and Phil gets to stay at the Gout Ranch with his horse safely for...another year. (Until those pesky taxes resurface.)
 
I'd say Phil pulls through (which I would quantify as keeping the Renton khando) is the big -1000 favorite at the moment. Something will save Phil and he knows it. His parents, Jeffrey Anderson, a hidden bank account, the lottery, a detractor buying the CT khando for $100k for the lulz. Someone will and Phil will gloat on and on and on about how stupid we are.
 
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