Wednesday, June 14, 2006

Screech wants your money

I’m sorry but I have no sympathy for this. None. And I am a sympathetic person. More than most and oftentimes more than I should be.

But this?

I am appalled at this ridiculous plea for money from and benefiting a famous actor.

Dustin Diamond (Screech from Saved by the Bell fame) should be rolling in the dough. Did he not save anything? Is he not saving now?! The last time I checked, Saved by the Bell was in syndication, meaning he should currently be making money just by sitting on his poor ass.

As the story goes, he is living in Wisconsin and purchased a place on a land contract for less than $250,000 as his property has escalated to a value of $250,000. I was not aware of what this “land contract” was before but after researching, I have even more questions.

“Land contracts vary widely from transaction to transaction. In most cases, no grant deed is recorded. The buyer rarely obtains a new mortgage loan at the time of purchase. Instead, the new owner makes payments to an intermediary, who then makes payments on the seller’s mortgage, which is still in place. Keep in mind that such an agreement usually violates the lender's guidelines. If the lender becomes aware of a transfer of title on the property (which is why you usually don't record the grant deed), they can exercise the "due on sale" clause of the note.

This would require you to refinance the loan or sell the property. Since many who buy on land contracts have problems qualifying for a mortgage, you can see how this can lead to problems. At the same time, lenders generally only check for transfers of title if the loan becomes delinquent. Within a certain number of years, it is expected the buyer will be able to qualify for a loan. At that time, they will obtain a new mortgage and pay off whatever amount the land contract requires.

Why could Dustin Diamond not qualify for a loan??? I DID…and I was not on a hit TV show! Me thinks someone squandered his money…and he wants our help and pity.

I think I’ll create a website to have people donate money to me because I have an unhealthy love for clothing and home decor. I need therapy for it…maybe people will donate money for my therapy too.

1 comment:

Johann said...

Thanks for visiting my 101 things list. I was surprised that you found it.

I first heard about Screech's celebrity panhandle on Howard Stern's show this week. I agree with you. Saved by the "what the Hell?"