Money Making Schemes

Nagesh answers:

There are no such places, and all these online MLM scam solicitations are just that… SCAMS…

Nagesh answers:

In my opinion, the best, Fastest and safest online job is selling on ebay..There are no scams there..you will own your business…So, Why to sell on Ebay?? The answer is very easy. Ebay has done the hard work for you. EBay is a very big marketplace and very trustable company as well, where anything can be bought or sold there. More than ten years passed now since ebay was launched and its a well know site in the united states as well as in some international countries. You do not need a degree in web programming or any formal training in web design or internet marketing to start selling on ebay. Ebay brings interested customers right to your door as well as their selling system is easy to understand.. If you will look to my source below, it provides valuable free info about selling on ebay.

Nagesh answers:

Hi i am making money online . I am not here to promote a survey program .all you need to do is to sign up the site in the source , log in there , get that link and invite friends if you invite 1000 friends you can get 1000 dollars it is paying me ( i got 100 dollars even today ) payment proof in the source too.

Nagesh answers:

If by money you mean gold rather than credits, there are many ways. However, the most popular way is by farming in kelan mines daily and when you log off (or run out of room in your inventory, which ever comes first) sell your items to the shopkeeper in kelan. It’s a quick and efficient way of getting gold.

Nagesh answers:

This free E-book might be able to help you make money online and work from home. As an experienced online marketer, I can tell you that the advice it gives you are spot on and will help you tremendously if you’re just getting started.

Nagesh answers:

🙂

Nagesh answers:

I’d tell him to “pound salt”. Your conduct was reasonable, your actions were not deliberate, you did nothing deliberate and life goes on. It was an accident, pure and simple.

Nagesh answers:

Start a car wash fund drive

Nagesh answers:

Yes, he can voluntarily relinquish his rights. Yes, you can do it thru a lawyer. You will probably still have to file it. I think you are very lucky to have someone that is willing to be a daddy to them. Your ex certainly does not and they are lucky enough to have someone who will love them and care for them. As far as the other poster’s comments are concerned, why do you have such a negative attitude. You do not go into a marriage assuming that at some point you will break up and have custody issues. With this mindset, you do not need to get married again because it will definitely fail. You have made up your mind to do so from the beginning. You don’t need evidence if both of you want the same thing. In your case, you have someone ready willing and able to step in. I am adopted. To say that my adoptive father has no right to custody of me cause he is not biologically connected is just insane. I would not want either one of my biological parents to have custody and control over me.

Follow your heart. Do what is best for your girls. Sounds like to me that your new man is the answer to all of the problems. He can show your daughters and probably already has, what a responsible loving father can and should be. Good luck.

Nagesh answers:

Wow! You have gone through alot… Remember that your a good person that u just gave your heart ouy. It was his responsibilty to respect it and love you back the right way, well he didnt and you should move on dont look back and trust me you will heal one day, do you date alot? Just pray and ask god to send you the right man .You may had love him but he cheated on you to much and thats not love we only have one heart to give and receive.When everthing is healed and done your gonna be a woman of steal! Stay strong mami!

Nagesh answers:

Sell unused stuff on Ebay.

Nagesh answers:

1. Sell something
2. Offer a service of some sort
3. “find” some money
4. Scam a bunch of kids (the gold quarter thing- heat a quarter until the metal has a gold-ish tint. Clean it really well, kids pay 8$ thinking its made of solid gold. )
5. Panhandle for it. Some homeless panhandlers get over 100$ a day
6. Rob a store (only 13% getting caught rate in the US)

Nagesh answers:

Most of the “make money online free” sites are scams. I have heard of a few that suppose to pay but it is very little money. You can make money for free at a site I recently found. There is 14 different ways to make money, 4 which are free. You can take a look and try it for yourself. They have live people in there 24/7 to help you find out about the company. I have already made some money myself. They also have a free membership to the worlds largest savings network. You can save on everything from groceries to restaurants to disney world to electronics. Saving money these days is also making money. Whatever you do, do your home work first. Good luck
http://www.homebusiness.maxous.com

Nagesh answers:

Write an ebook about the video games you know if they are very popular, and sell it on ebay (or your own website). For example: People who sell World of Warcraft Gold Guide on ebay(go to ebay and search for wow gold guide and you will see many people selling it) make about $700 a month and theres no work involved after the book is written since you can set it up to be automatically downloaded from a free website such as freewebs DOT com. (I purchased one of these books from someone who said I could resell it then I was kicked off ebay for copyright infringing so if you do this, make sure all the information in your book is written by you, the resellable ones are usually a lie just to get you to buy the book and they probably found the info from someones book who isnt offering it for resell)…..After the customer pays it directs them there if you give your ebay listing the address where the download page is. (if its cheats or codes or tutorials lots of people need, then it only has to be like 5 pages long, use adobe acrobat or a similar .pdf program to make .pdf ebooks). Ebays fees are horrible though. If you sell an ebook, I suggest you sell it for around $6-7…you will make a $4 profit on each one after ebay and paypal fees.

If that doesnt interest you then you can get into selling domain names. I do this part time and make decent money…but research before you buy. Register domain names through godaddy and then sell them on ebay (you purchase or register a domain name, then transfer it to someone else after they purchase it from you). To be honest its better to buy domain names that are worth alot (and usually selling for alot) on sites like sedo or afternic….than to register brand new domain names. Most good domain names are already taken and older ones are usually worth more anyways.

Nagesh answers:

EMT basic. My daughter did this in her senior year in college. It was 2 evenings a week for 3 months and an unpaid 200 hour internship that she did in 8 weekends.

At grad school and now at her PhD school she works 10 – 30 hours a week. She gets to work all the football games and concerts at her school and gets paid to go there.

And she knows how to use the jaws of life to rip roofs off cars.

Nagesh answers:

Occasion: Send to people who may join the MyShoppingGenie Distributor Program
Subject: Earn Giving Away Free Software
Message:

Hello,

Have you been looking for an easy way to make money from home? We truly believe that there is no easier way to earn income from home than to give away free software that every bargain hunter will love to use.

The software is called MyShoppingGenie!

Here is how it works:

You install the FREE Genie onto your computer … Every time you do a search using your favorite major search engine such as Google or Yahoo … The Genie instantly appears on your computer screen, featuring a simple to navigate selection of major online shopping and auction sites, e-commerce sites and local businesses. Conduct your own comparison pricing with the click of your mouse!

The more free Genie’s you give away … The more money you will earn!

This is a real home business with a SUPER PAY PLAN with unlimited software downloads.

You don’t have to sell anything. Just give away free software that everyone will love to use!

Haven’t heard about this before now?

Here is how to learn more:

:: Visit MyShoppingGenie ::

http://www.myshoppinggenie.com/teamus

:: Listen to the 24 Hour Hot Line ::

512-404-1270

:: Live Call Schedule ::

Tuesday – 8:00 p.m. CT

Wednesday – Noon CT

Thursday – 8:00 p.m. CT

Saturday – 10:00 a.m. CST

Sunday – 8 p.m. CT

512-597-6060 code 696388#

Please contact me If I can answer any questions.

Warm regards,

Felix Lopez
genieteamus@gmail.com

http://www.mymarketinggenie.com/teamus

You can also check this other program its by far the best, And you can start FREE!

Www.gscsystemonline.com

Nagesh answers:

Http://www.points2shop.com/?ref=starsandstraps101

This website is associated with amazon.com, and what it does is allows you to take surveys and ref people you know for money. With that money, you can directly buy things off of amazon.com, or you can convert it to cash and have it mailed to your address. No credit card is asked, no money is needed for you to give to anyone! Its pretty awesome
just sign up from the link i gave, and you’ll start with 2.50 just because i ref’d you, and it’ll help me out too.
Sign up, give your real email address so you can verify your account with a link itll email you, and you’re set

any questions feel free to ask me =)

Nagesh answers:

Sell old stuff on EBay

Everyone else does

Nagesh answers:

If your brother is still teen why are you worry about to earn money with him. Let him to learn more. There are ways for make money online while they studying. The best ways for make money is google adsense. Make a web site. Put google ads on it. Drive traffic to the web site. With this he can earn good money. Except this he can earn more with below sites.
Http://earn-moneyonline.freehostia.com
http://chathura-earnmoneyonline.blogspot.com

Nagesh answers:

Yes and I’ll gladly send you a packet with this valuable and helpful information to get you started making money online for a low low introductory price.

Nagesh answers:

I can relate to your friend’s situation. Due to some health issues of my own, I have been working from home now for several years doing freelance work.

If your friend has an internet connection, computer skills, and motivation to work, he has everything it takes to successfully work from home. You can find a list of freelance jobs here: http://onlinesummerjobs.com/category/freelance-jobs/ Depending on his computer skills, he may want to check out online programming or webmaster freelance jobs. Maybe even technical support.

Of course also there’s getting paid to do surveys. For the most part, these are pretty clear cut, but you can’t get rich fast. Another option your friend may like is trying his hand at selling stuff on e-Bay. This is an increasingly popular money-making opportunity. You can read more about that here: http://teenmoneymakingideas.com/category/way-to-make-money-online/making-money-with-ebay/ It really depends on your friend’s interest and how much time he wants to spend a day working online.

Other freelance jobs sites I’d recommend: http://www.guru.com and http://www.project4hire.com You may also want to check on http://www.monster.com

Best wishes to your friend!

Nagesh answers:

Same lame answers i see with referral links or blogs and what do you get from them ?

Absoulutely NOTHING but another survey site where you wind up making .25 cents an hour after a years time

work from home jobs is when you do work for another like maybe me would pay you to perform my daily task for set salary !

Someone out there will want that service for sure!

Then the other thing you want is a home business

either your own or someone else’s but make sure it’s a proven money maker backed by support team and that your sponsor replies to you wihin a day and is your mentor all the way through until you are in solid making money at least $2000 per month within 6 months !

Other wise you just found another one of the 88% bogus home biz opps or jobs

the general list of scams are these

DATA ENTRY
TYPE At HOME JOBS
FILL OUT FORMS for GOOGLE or GOOGLE cash machine
CASH GIFTING worse than a scam it’s ILLEGAL
SURVEY sites just aint worth it too much time for small money
REBATE PROCESSING
ANY THING set up in a pyramid scheme
JUST about anything that YOU have to pay for to make money for is a scam

search Yahoo or Google for this “BUZZBOT SCAM Ripoff ” which was worse than a scam it was internet fraud and punishable by the FTC for $16,000 fines per inastance

Always search name of company or person with words SCAM and Ripoff after them

if any reports were made about it’s legitamacy or that others were robbed scammed conned it will be shown !

Any thing that promises instant riches is a scam

any online biz that these gurus and Big dogs have they never tell you it took them 2 years or more and $1000’s of $$ to start making that 6 figure income !Thats the LIES they feed and YOU always will find that disclaimer link or notice on thier websites !

And thats it all wrapped up in nut shell

12 yrs experience i have

Nagesh answers:

Uncommon Sense is wrong. I don’t really understand the vehemence in his reply. ETP isn’t asking for a job where he gets money for nothing, but one he can do at home and online. Such non-scam jobs definitely exist.

Anyway, check with companies like Lionbridge or Leap Force. They hire internet assessors where you rate search engine content and so on. You get paid hourly. They do some testing beforehand, be ready to spend 2-3 weeks on the online self-study and exams.

If you know a foreign language and have the resources to get a bit of training (distance courses are available at reputed institutions like London City University), look into becoming a translator. Forums like translatorscafe.com and proz.com offer information and help.

If you like writing, offer your services as a blog post writer.

You can also work as a transcriber. It’s usually difficult to get to get a first job without experience, but sites like www.wahm.com offer information on that and other online jobs. No, you don’t need to be a work-at-home mom to sign up on that forum. 😉

http://www.workplacelikehome.com is another site with good information on online jobs, including the aforementioned Lionbridge etc.

In general, research the companies you want to apply for to make sure they’re genuine. Stay away from jobs that want you to pay beforehand, they’re almost always scams.

This article also offers some good tips: http://gigaom.com/2009/12/17/web-worker-jobs-you-can-do-anywhere/

Good luck.

Nagesh answers:

The average person has about $1000 dollars worth of stuff just sitting around try to sell it. For real though, GOOD online jobs are few and far between. Unless your into pyramid schemes and all that or paying $100 for info about some online job that doesnt even tell you what exactly your doing tell you pay the money. Good morning america had some links to legit online jobs sites on there website, a while back mabey you should check that out. If you got the time try a local community college or online tech school and get a certificate in a vocation. Like a LPN or medical billing (you can get collage loans for vocations) .. Hope this little bit of less than par advice helps.

Nagesh answers:

There is just no such thing as online jobs that you can do from home. These are all scams and the people that encourage you to do them and tell you how much money they have made, are all a part of the scam. The scam may be building a network of people, telemarketing, online sales, filling out surveys, gifting businesses, data entry, travel writing, transcription services or other similar ploys. Remember that data entry has been made obsolete by Optical Character Recognition (OCR) software which can read that characters in a document and translate those into text for you. Re-typing information is completely outdated and unneeded. Cut and paste jobs fall into the same category.

Multi-level marketing (also called network marketing) is a fine line away from an illegal pyramid scheme where the emphasis is on involving more people and not on selling products. If the emphasis is on building a marketing group but no product is being sold then that is a red flag. Also, if they are trying to get you to buy motivational materials, etc. Then you can cross them off too.

A word about Ponzi schemes – A Ponzi scheme is where you are asked to invest and the returns are usually paid for by the new incoming investors in the system. I friend of mine was involved in one of these. He was an innocent party but eventually when it all fell apart the investigators showed up at his door asking them to pay back all they had made and to testify against the original person who was running the scam. Bottom line was they lost thousands of dollars and they lost all their friends who had likewise been caught up in the scam.

I honestly wished that there were options for home online employment. Recently I went out to one of the web sites that people will post here as an online jobs site and their web site tried to install malware on my computer. Fortunately my anti-malware program detected and stopped that. I often find that the same one company will have several web sites that all eventually refer you into the same company and other strange stuff like web addresses that are not descriptive of the actual company name. Other web sites pay pennies per transaction (or whatever they assign you to do) that you do so we are talking about making so little money it is ridiculous.

Many of these ploys require some kind of up front registration fee. They are all designed to take your money or to take your personal information. With that information they can steal your personal identity and empty your bank account. I can’t think of any more diabolical scam than to give people, like single parents hope that they are going to make some money and then dash those hopes by giving them nothing but empty promises. Also, scamming single moms who are trying to keep their heads above water or teenagers who are trying to help their families or trying to earn a few dollars of spending money is about as low as you can go, in my book.

Nagesh answers:

Independent wholesaler of illicit pharmaceutical goods

Nagesh answers:

They’re a myth. And scams.

Nagesh answers:

Its no more tough to make money from home. There are many ways of making money from home and outside home, online and offline. You can find some good options from http://makingmoneyfree.blogspot.com/

Nagesh answers:

Work at McDonald’s or somewhere like that until you find a full time job and you will definitely have $700 in 2 months

Nagesh answers:

Try to register with (www.sittercity.com) they are going to ask for 10.00 Dollars for your Background check.
Its only takes a few days. Then you will be able to apply for thousands of job within your area.
Good luck

Nagesh answers:

Hi!
Data entry is common project that is open on our site. But if you like, your skills in clerical may help you to earn money through freelancing. There are lots of jobs on the site that i am working on. I work on them since 2004. I work as a freelancer on the site i started since 2004 and i earned lot of money on that site. I have received lots of project in data entry, I am a fast typer, this skills helps me a lot to receive more projects. I am paid for every work i finish. If you like to work at home and be a freelancer like me send me a note at algie_rose@yahoo.com
we need a ceo on the site.
Good luck!

Nagesh answers:

I don’t mean to rain or your parade or anyone else’s for that matter, however, unfortunately you are looking for something that really doesn’t exist and all you will get is spamming of scams. Current statistics are: 150,000 people sign up for some online program per week chasing that dream of creating wealth on the internet. Further, scams run 42-1 over legit offerings. I think that figure is a bit low for scams since over 1000 people a week create a new scam site.

Unfortunately many people promote these free things that they have gotten into because if they can’t earn the income promised by themselves, maybe by sucking you in, they can earn off of you. Oh yes, there is money to be made … But not by you or the average joe. So, who does make the money?

In most cases free programs are survey sites, paid to read, data entry (lol), paid to blog, paid to refer, paid to click, etc. Advertisers pay big bucks to these sites for people’s opinions, advertising their sites, etc… And you the clicker, reader, survey giver provide the traffic and the guy who created the site makes the money.

I know of one guy personally who signed up to read emails. He has been working at it a year to earn $30. He said once he gets that he is getting out. Well, all good and fine, but after a year, he is only up to $20. That is madness. And don’t think I didn’t fall for this stuff myself once, twice, several times.

At some point reality DID finally kick in and I quit promoting these things at a deficit of my hours put in. I suggest you do some due diligence and research before jumping into anything. I wrote a blog about advice for working from home. Link is in the second paragraph of my profile here on answers. It’s all generic and NOT a sales pitch, but will explain some ways to search out the real from the fakes.

For example, if you type in your search engine some key phrases I will list here and then do some reading – you will be on your way to making a wiser choice than just signing up for something offered here….

Paid to read [scam]
surveys [scam]
data entry [scam]
etc…….

~best wishes to you
~jennifer
Helping create income from home through education, one step at a time.

Nagesh answers:

I personally am physically disabled and I work from home, but not using any of those stupid online ‘job opportunity’ scams. You see, I have degrees in Mathematics and Accounting that I earned at the University of Washington years ago. Hence, I have specific and marketable skills. I do small business bookkeeping for several clients. I charge $50 per hour and there has never been a problem and none of my clients have ever balked at the rate I charge them – after all, they walk away with a properly formatted and correct set of books every year.
————–
Before I became disabled, I worked for decades in the retail sector (mainly at grocery stores) and made a good amount of money there too – as well as making several life-long women friends. (Nothing sexual – just friends). We still keep in contact although we no longer live near each other and hardly ever see each other in person anymore. But we’re as close as we were 17 years ago.
—————
I think this ‘work from home’ thing nowadays is just a VERY pervasive and modern urban MYTH, mainly targeted at young people. It spreads like wildfire through high-school environments. Kids seem to think that the internet is some kind of magical money-making portal. It isn’t.

Nagesh answers:

Well Rick, I started out with auction, selling items on eBay. To my opinion, it is the most easy way for newbie. I does not take up much of our time too. Rather than going into internet marketing or Forex, which require large amount of capital and knowledge.

During my college days, my dad was about to retired and I am looking ways to make some extra cash to pay my school fees.

I turned into eBay and I started out with 2 MP3 players. At first, I wasn’t that educated with things and doing business online. When the 1st player was sold with a profit of $33 and I was amazed. It really works and people does earn money online.

I started to source for more things to sell with the profits I made and even my trash at home worth a couple bucks.

Start with your hobbies. Do what you like to do and you will understand the market well. Example, I love music, and I starts with mp3 players. And now my inventory does not only have mp3 player. There are headphones, amplifiers, woofers and etc.

You get what I mean? 🙂

You will love the process of working and making money when there is a little part of your hobby in it.

Hope the above help you out. You might want to check out the link below that can guide you through.

Nagesh answers:

BookWise is a new company which offers a fabulous opportunity to work from home! It is a Network Marketing company co-founded by authors Richard Paul Evans and Robert Allen. The vehicle is books and it is going to revolutionize the industry. It’s Amazon.com meets Network Marketing. It costs $39.95 to join and this gets you your start up kit and a book. It is then $35/month, which gets you a book, an audio book, an e-book, and other valuable tools for your business. The best part is that for each person you enroll, you instantly earn $35, plus you earn commissions and matching commissions on everyone you enroll. Once you enroll three people, you’ve paid for your business. Enroll one person a month, thereafter, and you have broken even and you are on your way to making money. Check out the website below and tell me what you think after you have viewed the 20 minute presentation — a presentation that could very well change your life, if you choose to follow through. Go to www.winninginthemargins.com and enter the passkey: liveyourdreams. It is truly the easiest money I have ever made!

Nagesh answers:

Hi, You can join Onbux. Onbux is a great PTC site which means (Paid to Click) You get paid to click ads. It’s a great site to make money while you are online.
If you would like to join:

http://tinyurl.com/27acbee

Good Luck!

Nagesh answers:

Take ALL of them, including the b!tch, and surrender to a shelter/rescue, and leave a nice monetary donation. No one wants your backyard bred junk. Nice that you’ve added to the over population of dogs. Because of people like you, millions of dogs are euthanized in shelters each year. Certainly you had all health and genetic testing done prior to breeding?

Nagesh answers:

Mmorpg List with the most played in the world.
Http://www.baixarjogos.blog.br/search/label/Jogos%20MMORPG

Nagesh answers:

A fellow Yahoo! Answers user showed me this one once:

http://www.guitarcardio.com/

I love it; it’s a great resource for learning to do more than just play chords (some of the other sites mentioned in other answers are good for chords). One tip: get over the idea to learn “quick and fast” if you really want to enjoy guitar. If you take your time and stick with it, you’ll be really good a lot faster than if you rush things. I’m speaking from experience on this one.

Nagesh answers:

Prosper – Smart, simple tools for borrowing, saving & earning

Nagesh answers:

ITunes is a brilliant system where users are forced (generally) to purchase resources from a single source. Will not go into breaking the encryption (or jail break). If you buy an iPhone, iPod, iPad you are agreeing to used a close system to purchase music. You can import purchased music or copy music from CD’s you own to the Apple device.
Today a lot of music is protected through a process called DRM or Digital Rights Media. It is a copy protection scheme which prevents music from randomly being copied to multiple computers. This is where LimeWire or Kaaza, Pirate Bay were popular. Several music sharing companies have been sued out of existence. People would share their music collection from their home computer. Then came the RIAA. Recording Industry Association of America. Lovely folks. They have a pact with musicians who create music and protect their interest. Does seem fair if you are a musician and someone has a copy of your song you should get paid. The RIAA has an aggressive mission to find people who share music and file suits. Recently people have been sued for several thousand for a few songs on their computer.
Also, for most general users, it is very simple. You buy a device and you do not have to go through hoops to “rip” your music from a CD, worry about what format, set up music artist folders etc. You just pick the song, click pay your 99 cents and magically it is downloaded to your device. Main reason Apple makes money, simplicity. Long dissertation to get to a simple answer. Simplicity.

Nagesh answers:

Here is what happened with the “mortgage crisis” (in a nutshell)…

Those who study mortgage trends have said that there has been a pretty consistent pattern of a “bust” in mortgages about every 18 years since World War II. We’ve seen problems like this before and we will survive this “crisis.” If you’re looking for a mortgage right now, rates are still very good. The world is not ending (as the politicians who are itching to “help” would have us believe).

In summary, EVERYONE (not just the Mortgage Lenders) was involved played a part in the “bust” to some extent or another.

BORROWERS — Rather than living within their means, many borrowers decided that they wanted to have a bigger, more expensive house than they could afford. In order to afford these houses, they often turned to loan products such as “Interest Only” loans. With IO loans, you basically pay the minimum amount possible every month and the principal is never reduced. To complicate matters, some loans featured “zero down” where the borrower had absolutely NO equity in the property. Here is an illustration of a typical problem: A property is worth $800,000 at the time of purchase. The borrower takes out an Interest Only loan for $800,000 (putting nothing down). Then the property value drops to $700,000. Now the borrower has a loan for $800,000 for a property that is only worth $700,000. The borrower has ZERO equity in the property so guess what… They walk away from the property and the lender ends up taking the loss.

MORTGAGE COMPANIES (BAD OR POOR UNDERWRITING GUIDELINES) — In an effort to make as many loans as possible (and to sell these loans to foolishly eager investors), many mortgage companies relaxed their guidelines beyond reason. Some loans had a Loan-to-Value (LTV) ratio of 100 (or higher on rare occasion!). If the property was worth $100,000, then an LTV meant that $100,000 was loaned to the borrower (as stated before, no equity). The lower the LTV, the less risky (and more desirable) the loan is. Another arguably stupid mortgage product was the “80-20” loan. A loan with an LTV of 80 or lower is not considered risky in the mortgage business. Therefore, Mortgage Insurance (MI) is not required for loans with an LTV of 80% or less. (If a borrower has an LTV of 85 and pays it down to 80, then they can drop the MI from the loan.) MI is basically insurance against borrower default. For example, if a borrower defaults on his loan and the lender forecloses and sells the property and loses $2000 in the process, then the MI company will cut a check to the lender for $2000 to make the lender “whole.” Rather than requiring borrowers to carry MI on their loans (which would have mitigated risk), the mortgage companies allowed the borrowers to take out a second loan on the same property (a “second lien” or Home Equity Line of Credit or HELOC). This HELOC money was then used as the “money down” on the first loan so that MI could be avoided. For example, if the property is worth $100,000, the borrower might get a HELOC for $20,000 and put that money down on the first loan, thereby lowering the LTV to 80 (thereby exempting them from MI). Another popular loan was an Adjustable Rate Mortgage (ARM) or “Fixed-Adjustable” (where the Interest Rate is fixed for a few years and then starts to adjust (up or down) based on a financial instrument). Borrowers were allegedly given a low “teaser rate” and then (because they bought too much house) couldn’t make the payments with the higher interest rate when the rate adjusted. (It seems hard for me to believe that an interest rate adjustment would be so severe that it would prevent someone from making their payments, but that’s what the borrowers allegedly claim.) Maybe this is too many detailed examples, but suffice it to say that a lot of stupid mortgage products were offered by mortgage companies (and accepted by borrowers).

INVESTORS — In their quest to make a “fast buck”, investors bought up tons of these mortgages since these riskier “sub-prime” loans brought higher returns (higher interest rates). These investors should have performed a “due diligence” on the loans they bought; but they didn’t. When investors purchase loans, there is usually (if not always) a “buyback” provision. This means that if a loan goes bad and the investor finds that there was some irregularity in the underwriting (the loan decisioning process) that the mortgage company who sold them the loan is required to “buy back” the loan. The problem is that most mortgage companies are “cash poor” (meaning that they borrow the cash that they lend from a “warehouse lender” temporarily until they can sell the loan to an investor and pay back their warehouse lender). So when these loans started going bad (hundreds of millions of dollars worth!), the investors demanded the mortgage companies buy back the loans (according to their agreement). So mortgage companies were now looking at buying millions and millions of dollars worth of loans back when they had little or no money of their own! So what happened? Countless mortgage companies declared bankruptcy. With all of the hullaballoo around bad mortgages, investors decided to stop buying sub-prime mortgages. Since there was nobody buying these mortgages and since mortgage companies don’t have their own cash, mortgage companies found that they could no longer make these sub-prime loans. The sub-prime market dried up almost instantly.

RATING AGENCIES — The job of rating agencies is to investigate the creditworthiness of investments (many of which included mortgage debt). These agencies did not do their due diligence and ended up giving these investments an artificially high rating. So investors thought the investments were less risky than they were. Investors will always buy investments that have a high return and low risk (but obviously they weren’t low risk).

THE GOVERNMENT — The government has always put pressure on mortgage companies to make loans to poor and/or minority borrowers. Because these borrowers typically have worse credit and/or less income and/or greater debt, they had to go to the “sub-prime” market to get a mortgage loan. Is it so hard to imagine that a borrower with less income, more debt and bad payment habits will default on a loan (especially when they’ve put little or no money down)? Of course not. But the government continues to “wish away” laws of basic economics and common sense. In order to “do right” by poor people and minorities, the government expected mortgage companies suspend their normal sound underwriting guidelines and business sense. (Obviously, the sub-prime problem goes beyond just poor borrowers, but my point is that the government contributed to the crisis to some extent.) The government is now poised and ready to exacerbate the crisis beyond what it is now by “freezing” interest rate adjustments. Here is an illustration of the problem: Let’s say you have $5000 in cash. I’m a bank and I tell you that if you deposit your $5000 with me that I will pay you 1% during the first 2 years but then I will pay you 7% after those 2 years. So you deposit your money at the low rate of interest. After two years (when you’re about to get your higher interest rate), the government comes in and says, “Sorry. You’re not getting your 7% as promised. In fact, you can’t take your money out of that bank; you must leave it there and only collect 1% for another 10 years.” What will happen when you have another $5000 to deposit? Will you put it in my bank? Absolutely not. Why? Because you don’t know if you’ll really get the return you agreed upon. In the same way, if the government steps in and says to the investor/lender, “Sorry… You’re not getting the return on your money that you negotiated… And you can’t take back your money; you’ve got to leave it at the low rate,” then guess what the investor is going to do. He will never invest in mortgages again! He will take his money to China or municipal bonds or any other vehicle in which he can get a RELIABLE return on his money. If he DOES decide to put money into mortgage debt again, he will demand a higher return to compensate for the greater risk that the government will step in and “help” again. (In other words, Interest Rates on mortgages will go up for EVERYONE!) Thank you Big Government Democrats and George Bush!

REGIONAL PROBLEMS — Some regions in the USA had events that made the mortgage problems particularly bad. For example, inflated property values in California started deflating. Condos in Florida didn’t sell as thought and many sit vacant. Companies providing jobs in the “rust belt” (such as Michigan) have moved or gone under; thereby leaving the local homeowners with no income with which to make their mortgage payments.

Sorry for such a long answer. Hope it all makes sense.

Thanks!

Nagesh answers:

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Nagesh answers:

Real estate taxes vary widely depending on your state and local government. There are areas of the country where taxes may be as little as $2000-3000/yr, and a nice house in a nice neighborhood in a high-price high-tax state can run over $50,000/yr.

They may be due quarterly, semi-annually or annually. You may have to pay both real estate taxes and school taxes. Your realtor should tell you what the tax scheme is for the area or community where you are looking for a house. They must also disclose current tax rates and the current tax bill, when the next payment is due, etc.

Many lenders will require the first year’s taxes to be paid in advance, as well as the first year’s homeowners’ insurance, with proof of payment presented at the closing. Some may then add 1/12 of annual insurance and annual property taxes to your mortgage payment so that these are paid in advance and held in escrow for them to pay when due.

Your property taxes will go up. Whatever it is now, it will be more next year. Towns, villages, cities, counties, school districts all over the US are hurting for money, inflation is hitting them hard, and taxes are skyrocketing in many places! Be sure you understand what taxes, easements, and special assessments apply to any property you consider BEFORE you make an offer on it. The realtor is required to disclose all of this info to you. Make sure you understand it all clearly.

Nagesh answers:

Affordable housing and housing in general would be high on their agenda. Building desperately needed houses creates jobs, stimulates demand, and gets the economy moving, instead of stagnating with thousands facing unemployment. Building houses also helps other businesses because it’s not only people who need a home to live in, they need to buy the furniture and all the goods required to furnish it, not to mention more shops and outlets to purchase the goods in the first place. Then there is the income from the sales and rents. It is a win win situation if you invest in house building.

EDIT: – You are mistakenly assuming that social housing is ONLY for unemployed people, but you would be wrong. I myself had a Council flat once and I have never been unemployed. Councils are now being urged to take local working people into their social housing, and therefore the rents on such properties could be increased accordingly. Furthermore, because of the severe shortage of social housing, many councils are having to pay out enormous amounts of tax payers money to keep people on benefits in private rented accommodation, which is costing twice as much as social housing. Removing the private landlords windfall and placing people into social housing would reduce that cost dramatically. Add to that the increase in the number of people gaining employment through the house building scheme, you cannot lose. And then there is the rent to buy scheme, which could help hundreds of thousands of people to gain a foothold on the property ladder, while paying rent and getting a mortgage for a portion of the property. That way the cost to the council would be greatly reduced. There are any number of ways to make a profit from property, and the building program would not have to be all social housing. There are millions of people wanting to buy reasonably priced properties but are unable to do so in this economic climate. Building new homes for a variety of schemes makes perfect sense, and is better than the prospect of a triple dip recession and zero growth in the economy over the last 2.5 years of this coalition govt.

Nagesh answers:

To buy lottery

Nagesh answers:

Make a resume, hand it in places, go for your interview and then go to work. Thats as easy as its gonna get. Sorry bro, life isnt easy.

Nagesh answers:

Well you answered your own question hun. Sell your old toys and stuffed animals on ebay. Your parents will have to help you because this would require a paypal account. Also I don’t know where you live but where I live we have a store called plato’s closet where they buy gently used clothes from people. Kind of like a ‘hip’ goodwillfor teens and such. Good luck! I have the iPad 2 and its awesome!!!!

Nagesh answers:

I know LOTS of people over the age of 60 who have limited mobility. If you went door-to-door in your town, or at senior residential subdivisions and/or houses, people would pay you to do odd jobs, like moving furniture, vacuuming, carrying groceries, cleaning out closets, cleaning out cars …….. You can’t just say “I can do odd jobs”. You have to start naming things you can do, to trigger their memory. You say something like, “I can do lifting, weeding, sweeping, clean bookcases, carry groceries, carry furniture “, etc. When you talk to someone, LOOK for possibilities for yourself . You might see a pile of rubbish in their garage and you can tell them you could bag it for the trash man, or you might see a dog and then offer to bathe it. Don’t let any chance slip by. Your family knows people who need help and they should help you get established by calling everyone that could use your services. Make some home-made cards and call yourself ODD JOBS AT LARGE with your phone number. It won’t work to just leave your card : you have to MEET these people and earn a reputation as polite and helpful.
If you live in a city, you can deliver newspapers and the turnover rate is high, so it may be available.
You can re-cycle scrap metal. You would have to go out and find it in the day and have an adult drive back to pick it all up later to sell to the private recyclers.
GET MOVING and Good Luck !

Nagesh answers:

Lobsters are faster to fish i believe, and people will probably buy them faster because they are a popular item for training cooking