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A lot of those people who are losing their houses are losing them because they treated money they had not yet earned as an asset. Unless your employment contrac
by astine 16y ago
A lot of those people who are losing their houses are losing them because they treated money they had not yet earned as an asset. Unless your employment contract says you have tenure, you should act as if it does.
- davidbr02 16y agoThen nobody would ever be able to buy a house with anything less than cash. Nobody has a guaranteed job for the next 30 years
- watmough 16y agoRemember the mortgage is secured on the house, so in a non-recourse state, you can simply hand the house back to the lender and walk-away. This is how commercial real estate works. Can't fill the building? Hand it back to the lender.
- astine 16y ago"Then nobody would ever be able to buy a house with anything less than cash." I've heard worse advice. That would have avoided the mortgage crisis anyway. The fact that the default in so many markets is to 'buy' things with borrowed money is probably for the worse. I'm not saying one should never go into debt, but, plan ahead. Your job is not a given so make sure you have a buffer.
- yummyfajitas 16y agoIf you don't have a guaranteed job, don't take out a mortgage under the assumption you'll never lose your job.