The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Rutgers who wrote (27869)	3/8/2005 9:10:56 AM
From: RealityNotFantasy	Read Replies (1) of 306849

Buy a house & consolidate debts all at the same time :) You wrote: "Other youngsters w/o support from their parents are stuck making that $2000/mnth college-grad school loan repayments and $500/mnth car payment, which, taken together, could have been applied toward a monthly mortgage payment..." IMHO... Well, it appears they can afford it because all they have to do is consolidate their credit card, student & car loans into their home purchase. What they don't know is that they're spreading these debts over 30 years and that's why it "seems" cheaper NOW but may not be the case LATER ;) I personally know of people who did this and their LTV is something like 120%. They're so happy with their equity run-up of 20% since then when they've already spent it...LOL. Another way it seems that they've been able to keep these properties even with job losses or financial set backs is to keep on doing refinancing. Delinquency & foreclosure rates are low NOW but who knows what they could be LATER with these risk factors. Frankly, people should have more education (or common sense) when it comes to their finances. Just my two cents...

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