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R. Kelly faces foreclosure on Olympia fields home

This is a discussion on R. Kelly faces foreclosure on Olympia fields home within the R. Kelly News & Announcements forums, part of the R. Kelly Discussion category; Originally Posted by kellzfan Yeah idiots are about to run wild with this story. People don't think or try to ...

  1. #11
    R&B Thug
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    Quote Originally Posted by kellzfan View Post
    Yeah idiots are about to run wild with this story. People don't think or try to process information. This man isn't broke. Andy you made a really good point about his contract. The shit people are gonna start brewing is about to be reeeeeally annoying.
    Yea because u knw the broke rumors 1st started when that former lawyer sued him last month..IMO, I think kellz may need 2 release his book sooner than November and do a sit down interview w/ MTV or Tavis Smiley and talk about this because it seems ignoring the situation doesn't help...and most ppl dont even understand the process of foreclosure....sad....

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    Diehard, loyalist w/o ?
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    yes Twitter has lost their minds already. the man is far from broke its just what most homeowners are going through w/the housing situation. has nothing to do w/finances. what I tell you. amazing what ppl will believe if not educated on what they reading.

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    Diehard, loyalist w/o ?
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    couldntve said it any better 12Plr

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    Super Moderator Mista's Avatar
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    I must admit that I am taken back a little by the news....I just assumed that house was paid for years ago. The property taxes alone are 250,000.00 per year. I agree with 12plr that there has to be some sort of financial reason to do this...maybe just to get those property taxes down.

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    Diehard, loyalist w/o ?
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    I take from this & other money related stories is either Kelly is very smart with money or has great financial advisors. here's 10 reasons you never pay off your mortgage:
    Reason #1: Your mortgage doesn’t affect your home’s value.
    You’re buying your home because you think it will rise in value over time. Yet, the eventual rise (or fall) in value will occur whether you have a mortgage or not. So go ahead and get a mortgage: Your house’s value will be unaffected. (UNLESS housing crisis occur like that of 2008 to today)
    Reason #2: You’re going to build equity anyway.
    Many homeowners try to build equity in their house by paying off the mortgage. But that produces weak results when compared to the equity you?ll build simply by watching the house appreciate in value. So go ahead – keep the mortgage. You’ll build plenty of equity anyway.
    Reason #3: A mortgage is cheap money.
    [...] You’ll find that mortgages offer you perhaps the cheapest way to borrow. Mortgage loans offer low interest rates because you post the house as collateral: If you fail to repay the loan, the lender sells your house to recoup its money.
    Reason #4: Mortgage interest is tax-deductible.
    Not only are mortgage loans low in cost, the interest you pay is tax-deductible. You can save as much as 35 cents in taxes for every dollar you pay in interest. That means a 6% mortgage loan really costs as little as 3.9%. Why carry 18% credit cards, paying interest that is not tax-deductible, when you can instead carry a 6% mortgage with interest that is tax-deductible? Your mortgage is probably the cheapest money you can borrow, so it makes sense to get as much of it as you can.

    Reason #5: Mortgage interest is tax-favorable.
    Assume you have both a 6% mortgage and a 6% profit on your investments. The mortgage is deductible at your top tax bracket, but the investments are taxed as low as 15%. For someone in the 25% tax bracket, that means the mortgage costs them 4.5% while the investment nets them 5.1% after taxes. In other words, tax law makes it beneficial for you to maintain your mortgage.
    Reason #6: Mortgage payments get easier over time.
    [...] You might be struggling to make your mortgage payment at first, but over time you can expect your payments to become cheaper relative to your income – especially if yours is a fixed-rate loan. That way, your payment never rises, but your income does.
    Reason #7: Mortgages let you sell without selling.
    In time, you may well find that your home has grown substantially in value, and you may begin to worry that you might lose that equity if there’s a decline in real estate values. You don’t want to sell the house, which is the obvious way you can capture the value, but there is another answer: get a mortgage. By cashing out some of the equity, you essentially collect the value of the house in cash without actually having to sell the house.
    Reason #8: Large mortgages let you invest more money more quickly.
    Assume you own a house and want to buy a larger home. So you sell your old house and net $300,000. Now you’re ready to purchase a new $500,000 home. How much should you put down? Should you make a 10% down payment of $50,000? Or should you put down the entire $300,000 in proceeds from the sale of the old house?
    Big mortgages mean small down payments. Small down payments mean you retain lots of cash that you can then invest.
    Reason #9: Long-term mortgages let you create more wealth.
    Do you merely want to eliminate your debt, or do you want to truly build wealth? Please realize that the former does not automatically result in the latter. Indeed, many people who are debt-free are also dead broke.
    So, the real goal is to create wealth. You do that by adding as much money as you can to your savings and investments. And the best way to do that is to lower your monthly expenses. That’s why long-term loans are better than short-term loans: the longer the term, the lower your monthly payment. And the lower the payment, the more money you have left over that you can place into investments.
    Reason #10: Mortgages give you greater liquidity and greater flexibility.

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    Diehard, loyalist w/o ?
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    In the wake of the United States housing bubble and the subsequent subprime mortgage crisis there has been increased interest in renegotiation or modification of the mortgage loans rather than foreclosure, and some commentators have speculated that the crisis was exacerbated by the "unwillingness of lenders to renegotiate mortgages". Renegotiations can include lowering the principal due or temporarily reducing the interest rate. A 2009 study by Federal Reserve economists found that even using a broad definition of renegotiation, only 3% of "seriously delinquent borrowers" received a modification.

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    Veteran Member kellzfan's Avatar
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    Good research. This means the man is smart and he has good advisers around him. Stupid ass haters/speculators are dead wrong on this one as usual.
    [CENTER]
    [/CENTER]

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    Die Hard Fan!!! sunnyyy's Avatar
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    Quote Originally Posted by kellzfan View Post
    Good research. This means the man is smart and he has good advisers around him. Stupid ass haters/speculators are dead wrong on this one as usual.
    ^^^^......EXACTLY!!!!!!
    [B][FONT=Arial Black][SIZE=4]YOU HEAR ME CALLING, HERE I COME BABY.... TO SAVE YOU.........[/SIZE][/FONT][/B]:hump

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    Senior Member lilmorsel's Avatar
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    It is surprising, but like others have said, he ain't poor. It isn't like he can't make the payments. Didn't know he wasn't living there though.

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    Itzperch itzperch's Avatar
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    This article confuses me......more is written about his court case than the house......

    Is this a slander/tabloid article? or a financial article?

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