Monday, November 27, 2006

Turkey House Fire

Hey, it wouldn't be a Thanksgiving holiday weekend without someone doing some major structural damage to their house with one of those turkey deep fryers. This time, Illinois gets the credit:
  • A turkey deep-fryer was being blamed for a Thanksgiving Day fire that severely damaged a two-story house in northern Illinois. When firefighters arrived at the Ingleside home Thursday afternoon, they found the blaze had spread along a deck that extended up the back of the house and into the building's attic.
Ah, memories.


Anonymous Anonymous said...

Anonymous said...
Minyan Brent lobbed the following question to Toddo

"I know you have been quick to point out the structural problems and the massive mortgage resets about to take place. My assumption is that this party does not have to end, because of creative financing (this week alone I have gotten three requests for re-financing and one will give me a fixed rate of 2.5% for 5 years). As a side note, I bought my house in 2001 and still have the original 30 year fixed loan on it. My question is, and maybe you can shed some light on the subject, what happens if, when you go to refinance your house, it is appraised at less than your loan amount? By my estimates houses are selling at January 2005 levels and if you bought or took cash out after January 2005 your house has a good chance of being underwater.

Dear Minyan Brent - In my humble opinion, how this question is "answered" by the markets/government may well dictate where and/or how hard our economy lands. It is beyond dispute that there are hundreds of thousands of people who have fooled themselves into believing they are "homeowners," and who will soon come to the realization that what they really own is what they paid for: a "monthly payment," a "pile of debt," and aboslutely no piece of the real estate they live in. That rude awakening will be brought about by precisely what you describe, upside-down mortgages. Under "normal" circumstances, the outcome of this scenario would be relatively straight-forward: either the borrower ponies up fresh equity to bring the loan-to-value ratio back in line or there is no refi and the house gets foreclosed on.

11/27/2006 12:39:00 AM  
Anonymous Anonymous said...

Ding !!! Fries are done!!!!!!!

11/27/2006 12:16:00 PM  
Anonymous Anonymous said...

I must admit I enjoy deep fried turkey! BUT....exercises in common sense and fire prevention must be used. Oil that is heated to 350 degrees which is slightly below it flashpoint? DUHHHHHHH

I must also admit I do enjoy all the REDNECK sports, hunting, fishing, Nascar, snowmobiling, Deep Fying Poultry etc.

11/27/2006 05:06:00 PM  
Anonymous Anonymous said...

Was there a side of chicken wings and a some BBQ ribs thrown in with that poor turkey? Yikes, kiss the homestead goodbye.

11/27/2006 09:05:00 PM  
Anonymous Anonymous said...

Seriously, if you have or plan to get one of those turkey friers, watch the food channel's GOOD EATS program on that subject by ALTON BROWN.

Very good, very funny and a lot of common sense. Really looks at the details and the nuts and bolts of the subject.

The information is probably available on, under
that subject.

Be safe at all times, 3rd degree burns are a bitch.

11/27/2006 09:44:00 PM  

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