Re: More bucks than brains

Goomba <Goomba38@xxxxxxxxxxx> wrote in
news:6fic51Fbkgl7U1@xxxxxxxxxxxxxxxxxx:

Steve Pope wrote:

That's going a little far. In most lines of work, you cannot
predict your income from year to year. Maybe some have ultra
secure jobs, say in the public sector, but that is a small
fraction of people in general. The credit risk of an
individual is not an exact calculation, it is just a range of
probability. Buyers and lenders both take a calculated risk.

Steve

if you're buying a McMansion and can't reasonably afford the
payment (say if one person in the couple lost their job or
quit to stay home and raise kids) and have committed 50% of
their net income to a mortgage payment, they're over extended.
Are they keeping up with the Joneses or just hoping to turn a
profit down the road? Is it an unnaturally high cost of living
area? I dunno?... but IMO, one still needs to be able to live
within their means and not at the extent of some other
financial area.

Exactly. Me and my husband lost both our jobs the month we
purchased the house I live in now. Talk about sweating it!!!
You have to be realistic in what you can afford if there might be a
family problem down the road. How the heck can you make payments
for 6 months or so?!!
.

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