2 ms·
Your whole comment seems insane to me. Do you actually think like this yourself? Or are you just positing that others do? You do realize that foreclosure has
by crazyjncsu 6y ago
Your whole comment seems insane to me.
Do you actually think like this yourself? Or are you just positing that others do?
You do realize that foreclosure has very negative long term consequences?
You do realize there are available forms of housing for every income bracket that allow you to live within your means?
- lotsofpulp 6y agoWhen you apply for a mortgage loan, having a steady income is one of the requirements for getting approved for the loan. Suppose you are planning to move into a home soon. It's worth jumping in ASAP while you still have consistent income to show on your W-2 and loans are still being handed out. You can worry about making ends meet afterward (and doing odd jobs if you have to), but the hardest part is getting qualified for the mortgage. The alternative is you keep renting, and then your income disappears. Now, it's hard to find rental housing because landlords ask for your W-2 and paystubs also, and you have few protections as a renter not paying their rent versus a homeowner not paying their mortgage. And mortgage payments and rental prices are not far off from each other in any market with half decent economic prospects. Also, as history has shown, the US government will always go to bat for asset owners in order to prop up asset prices, and leave non asset owners out to dry.
- anamexis 6y agoTry getting a house that is very much within your means when you happen to be between jobs. It does not matter if you have several years of expenses including mortgage payments saved up - if you don't currently have a job, good luck getting a mortgage.