The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Get me off this crazy machine!!!||Date: 6/1/1998 12:25 PM|
|Author: PSUEngineerFool||Number: 1966 of 308045|
<<I asked him that question. He said if you give a mortage company a 50% down payment, wait 5 years past filing, and don't do any more damage, it will be no problem.>>
George (TMFRunkle) responds:
<<It amazes me that your lawyer said this. Even in a low cost area, a decent house can cost $80,000. So, in five years after going bankrupt you would have $40,000 saved for a house? That's pretty difficult to do for most income levels, when you still have to pay rent, car payments, etc. Also, figure in closing costs too. Maybe it's "no problem" for a lawyer to come up with $40,000 or so cash, but for many of us, that's a lot of money.>>
George, you gave a good response to a thread I have followed and you gave me something to think about. If you look at cable666's profile, he is from CA. That $80,000 will only buy him a shack out there. So he may need more than $40,000 to be saved up after 5 years for the downpayment. If he can do this, my question is why does he want or need to declare bankrupcy in the first place.
By the way, I bet $80,000 still buys a decent house in Pittsburgh. I grew up there.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|