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Discussion Starter · #1 ·
I have a friend who wants to buy a house. Problem is they cant sell theirs. Bad location, owe to much , crappy neighbors.....it wont sell. So they are buying even though they havent sold. Next problem is they are only budgeting 175dollars a week for gas and groceries and any other emergencies for a fam of four that commutes to work. Next problem is that they have thousands in cc debt so if they can swing a sec mortgage then why are they so far in debt? I am just worried they will end up in foreclosure, bankruptcy, or just plain house poor! Did I mention they are getting a loan on their car to finance the 3% down?:ponder:
 

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some people need to fall .. and fall hard .. before they learn .. sounds like your friends are like that to me ... personally I would stay out of it ... and hope they come to their senses .. its hard to watch though :(
 

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Discussion Starter · #4 ·
they dont have a contract yet but they are offering the guy 15000 less than he is asking and they want him to pay closing because they dont have any savings.
 

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their life and their mistake...

they are the ones who will suffer for it...
 

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Discussion Starter · #7 ·
I agree and as much as I want to be happy for them it is hard to sit back and watch. I have learned so much from past financial mistakes and I hate to see others go through stuff like this!
 

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I'm not surprised. I've heard (true cases) that some people bought another house (without selling the one they had) then default on the original one, so that the bank can foreclose that one. The reason, because of nowadays housing market, the second house was bigger & cheaper than what they had.
Maybe your friend is trying to get a house in a better neighbor & cheaper; & let the old house goes into foreclosure.
 

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Holy Cannoli!! Kinda makes you scratch your head and go ???
 

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I've heard (true cases) that some people bought another house (without selling the one they had) then default on the original one, so that the bank can foreclose that one. The reason, because of nowadays housing market, the second house was bigger & cheaper than what they had.Maybe your friend is trying to get a house in a better neighbor & cheaper; & let the old house goes into foreclosure.
^^^This right here.^^

As annoyed as I get with people who do this, I'm even more annoyed with lenders who allow it. :mad:

I would just avoid the subject and try not to get sucked into any of the resulting drama. And, believe me, there will be plenty of it. :rolleyes:
 

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All I can say is wow....If they rent out their first house in an effort to be responsible and pay their debts, fine. It'll become an investment property at that point, which has pretty serious tax ramifications. I'd have a hard time being supportive if they just let the first house foreclose. That's just not right, especially if planned.
 

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Discussion Starter · #12 ·
Well they have mentioned that if they cant pay for everything they would let the first go into foreclosure or try and file chapter 7 and reaffirm the newer property. I have been in a position where we have had to file chapter 7 after DH lost his job because of our sons mounting medical bills. It was never about our house and we did reaffirm and keep our home and one of our cars. I know the emotional impact that has on someone and to hear them throw it around like its an easy button kills me.
 
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