DSP's Loan & Savings Company

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GigaOPC dijo:
I've never defaulted on a mortgage before, but I always kind of thought if you stopped paying the bank would continue to pay the taxes just so they don't have to deal with getting a lien removed during the foreclosure and lawsuit phase.
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It's possible, but the credit rating drop from it would probably trigger other creditors coming after their owed debt too. He would fuck himself over HARD.

WutangLee dijo:
an 80K drop in value? what the fuck. Did someone drop a nuclear reactor and murder a family in that thing? Or was he scammed. I mean yeah, $120K for a condo is pretty gross, I'd expect that to come with a blow job for 1 bedroom, 1 bath, a living room/common area. I don't need to beat a dead meme about "in X you can get a 2 story house shit", but wow. He could've just rented a mediocre apartment.
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He bought it right at the peak of the housing bubble, so he overpaid for a total hunk of shit. I think the square footage is around 600 ft^2. Of course, his current residence is a $250k middle-unit condo, so he doesn't really make good choices.
 
actually dijo:
He bought it right at the peak of the housing bubble, so he overpaid for a total hunk of shit. I think the square footage is around 600 ft^2. Of course, his current residence is a $250k middle-unit condo, so he doesn't really make good choices.
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Isn't it also the case that he bought it to impress some girl he ultimately didn't end up with? Or am I remembering things poorly?
 
Qi Meng Dealer dijo:
Isn't it also the case that he bought it to impress some girl he ultimately didn't end up with? Or am I remembering things poorly?
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He bought it to impress the real estate agent showing it, who was the girlfriend of either a co-worker or fellow carpooler (or both). As you can tell by the fact that she did not dump him to Get with the Hero and begin procreating ASAP, it did not have the intended effect.

Phil is the ultimate /v/irgin-turned-chad; as soon as he started making Fuck You Money he put it toward stealing some poor bastard's woman.
 
when you pay a mortgage they take money our from each payment and put the money into escrow to pay the insurance and the property taxes. if he stopped payin recently then his taxes were most likely paid using the escrow amount that was added automatically the months prior. if im not mistaken the person payin the loan doesnt have the option to pay these things on their own....banks want to take as much control over the payments away from the debtor to limit potential issues in the future. its easy to say "oh i will pay that when its due" and somethin entirely diff when the time comes to pay what needs to be paid. thats y the cost of insurance and property tax is factored into the home loan approval amount when banks judge ur credit worthiness....they want to make sure everything in added up so you dont drop the ball on large lump sum bill payments down the road. i could have been approved for a larger home loan if the tax and insurance costs werent factored in but it would have stretched the debt to income ratio cap beyond what they allow.
 
beep_beep_goes_the_jeep dijo:
when you pay a mortgage they take money our from each payment and put the money into escrow to pay the insurance and the property taxes. if he stopped payin recently then his taxes were most likely paid using the escrow amount that was added automatically the months prior. if im not mistaken the person payin the loan doesnt have the option to pay these things on their own....banks want to take as much control over the payments away from the debtor to limit potential issues in the future. its easy to say "oh i will pay that when its due" and somethin entirely diff when the time comes to pay what needs to be paid. thats y the cost of insurance and property tax is factored into the home loan approval amount when banks judge ur credit worthiness....they want to make sure everything in added up so you dont drop the ball on large lump sum bill payments down the road. i could have been approved for a larger home loan if the tax and insurance costs werent factored in but it would have stretched the debt to income ratio cap beyond what they allow.
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Not only that, but since they estimate taxes and fees at loan origination, there's probably a hefta amount in escrow to cover estimated taxes.

If I were him, I'd skip 2 months of payments. Then pay late, slowly creeping the date away. Bringing it close to foreclosure in appearance.
Then I'd go to the lender and ask for a loan modification, specifically I'd ask for a reduction in principal. Say the bank reduces the principal by 40k, he's still paying double what it's worth and the bank would more than likely be perfectly fine with that.
In fact, if he wasn't such a fucking idiot, he could have taken advantage of HAMP - Home Affordable Modification Program or HARP - Home Affordable Refinance Program. But those programs ended in 2016 and 2018 respectively.
Hell, if his loan is with Fannie Mae, he would still be able to take advantage of their High Loan-to-Value Refinance Option

The high loan-to-value (LTV) refinance option provides refinance opportunities to borrowers with existing Fannie Mae mortgages who are making their mortgage payments on time but whose LTV ratio for a new mortgage exceeds the maximum allowed for standard limited cash-out refinance options in the Selling Guide
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Sparkletor 2.0 dijo:
What is the estimation for his monthly mortgage? $1500?

1500 × 12 = $18000 a year
18000 × 5 = $90000 since he moved and left it empty

Yeah, totally worth it.
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300-500 a month of that is going to the HOA of the Condominium in CT. So he has probably covered at best 72,000 of the 130k. Yeah he has a ways to go.
 
actually dijo:
Don't forget that very little of the mortgage payment goes to the principal--hence the 30 year mortgage. As I recall, Phil claimed he still owed like $90k-100k on the mortgage.
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I think that DSP at one point mentioned that the principal+ interest was around 180k, I have no idea if that is true but then he would have been somewhat honest on owing 100k on the condo.
 
1564641235856.png

$131K loan (he probably had smaller due to a down payment) at 5.42% (the Freddie Mac rate in that month) beginning in June 2009 and lasting 30 years.
1564641612270.png

Interest payment, principal payment, balance owed.
1564641295387.png

$104,800 loan (20% down payment) at 5.42% (the Freddie Mac rate in that month) beginning in June 2009 and lasting 30 years.
1564641715661.png

Interest payment, principal payment, balance owed.
1564641455912.png

$126,415 loan (3.5% down payment) at 5.33% (the FHA-insured rate in that month) beginning in June 2009 and lasting 30 years.
1564641736665.png

Interest payment, principal payment, balance owed.
1564641500027.png

$117,900 loan (10% down payment) at 5.33% (the FHA-insured rate in that month) beginning in June 2009 and lasting 30 years.
1564641760611.png

Interest payment, principal payment, balance owed.

People have speculated about and/or outright claimed knowledge of him having an FHA-insured loan. That fits in well with what he has claimed to owe and the last two examples given. The first of the two examples is for a non-shit credit score and the second is with a shit one.
 
Salubrious dijo:
DSP admitted last night that he cashed out his Roth IRA retirement account because "he needed money to pay bills."

At 2:05:39.

https://youtube.com/watch?v=V6N1YkeuZc4:7539
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Smart move, Phil.

Now he has to pay a 10% additional tax penalty because he's not at least 59,5 years old. He also snacked the money which was for his living expenses in old age (you know, Phil, the money your mom gave you to pay the back taxes). Generally it's smarter to stop contributions instead of eating it all up, this also saves money.

Oh sorry, I ment foolish move.
At least some bills are paid. Totally worth it. Are you also hyped for the positive announcment - until reality chews his life like a gum?

Source
 
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Salubrious dijo:
DSP admitted last night that he cashed out his Roth IRA retirement account because "he needed money to pay bills."

At 2:05:39.

https://youtube.com/watch?v=V6N1YkeuZc4:7539
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It's Phil, so I don't know where the truth lies with his statements. Part of me thinks it's just a way to further massage his narrative of financial woe to bleed more money from his idiot fans. That said, if it is true, he probably took his retirement money because he's sure about getting a windfall from his parents when they croak. Hell, they even give his late 30s ass money up to now.
 
I don't think enough has been made of the fact that when someone asked him if he got a redundency package getting laid off at his old job, his literal response was "it was like two months salary, it was miniscule."

Two months severance pay is miniscule according to him. This was pre-Youtube money.
 
Última edición:
here's a fun theory i thought up
fill is actually doing a saving/401k ish type of deal , hear me out > this GUY begs all month everymonth for tips with which he does pay his bills and more , but the twitch money goes straight into that saving plan
thats why he needs 10 years to get a job , that job is him cashing out his savings plus after 10 years his credit score would recover from his condo situation
so he basically is in his prime right now
"Countin money, eatin rats, gettin pussy all day
All I do is lean back, still makin greenbacks"
shout out to ice cube
 
Zack the ripper dijo:
here's a fun theory i thought up
fill is actually doing a saving/401k ish type of deal , hear me out > this GUY begs all month everymonth for tips with which he does pay his bills and more , but the twitch money goes straight into that saving plan
thats why he needs 10 years to get a job , that job is him cashing out his savings plus after 10 years his credit score would recover from his condo situation
so he basically is in his prime right now
"Countin money, eatin rats, gettin pussy all day
All I do is lean back, still makin greenbacks"
shout out to ice cube
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100% this
i also think he already paid of both condos, the are both worth only around 350k. since he started yt/ twitch he made over 1 mil. (maybe even a lot more, not sure how much he made during the golden yt years, but it has to be atleast 200k a year) and i dont believe he blew all the money away with keurig coffeemakers, action figures, a leased (cheap) bmw and video games. he probably knows he wont be able to run his scam for much longer. if he is lucky he can do it for 10 more years and this is why he squeezes the paypigs so hard so he can retire at 45y old.

sry for multiple post. i also got server_error_occurred and i cant delete them now becausei get server_error_occurred again...
 
tomstone dijo:
100% this
i also think he already paid of both condos, the are both worth only around 350k. since he started yt/ twitch he made over 1 mil. (maybe even a lot more, not sure how much he made during the golden yt years, but it has to be atleast 200k a year) and i dont believe he blew all the money away with keurig coffeemakers, action figures, a leased (cheap) bmw and video games. he probably knows he wont be able to run his scam for much longer. if he is lucky he can do it for 10 more years and this is why he squeezes the paypigs so hard so he can retire at 45y old.
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I used to think this, but two main things changed it. The first is seeing how greedy/impulsive Phil is. It's hard to imagine having so much money and being in debt, but it's not like it hasn't happened before, it just tends to only get attention in higher profile cases, usually celebrities. The other is Phil's desperation. Phil is a horrible liar and we can pretty reliably tell when he's being fake about something. There have been several moments where he legitimately seemed stressed about his finances. That being said, we have also see him lie plenty about paying his monthly bills for the 20th time in the same month. My takeaway is he struggles financially, likely due to a lot of debt/continued poor decision making, but he's not in "I'll lose my house" territory like he constantly cries.

I also think he makes enough where he could have improved his financial situation years ago and is still doing well enough where he'd be able to buckle down and get out of debt. It might take some time, though how much we'll never know unless we get the motherload of leaked financial documents. I think his problem basically boils down to making 100k a year but living like he still makes 200k+. Well, that's his financial problem at the very least, I think there are plenty of other problems with him personally where he gets that mindset from in the first place, but the point is he continues to be his own worst enemy and has nobody to blame for his financial "crisis" but himself.
 
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