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Author: Richthofen80 CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 126962  
Subject: Re: Thinking About Buying... Date: 6/25/2008 3:36 PM
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Why is that? All I've heard for the last 6 months is it's a buyers market. I can't see how borrowing against your home can cause forclosure.


If you borrow against your home and fail to pay the second note, you will be foreclosed on. End of story. 100% of foreclosed homes have mortgages on them. Look it up :)

I don't want to sound mean, but you're in WAY over your head. Take it from me, I bought two years ago and I regret the decision.

If your loans are in forebearance it means you have not managed your financial situation well. In that case, you are much better off living below your means, paying off your debt, and building a large downpayment. Also, are you married? Why buy a house if its just for you? I bought and now I met a wonderful woman and I can't marry her since I'm stuck with a condo that really doesn't suit a wife and family.

Just because its a 'buyers market' doesn't mean YOU'RE a buyer. you should pay off your debts, get a 20% downpayment, have an emergency fund of 6 months of expenses. If you don't have any of those, you're not ready to buy. When they say 'buyers market' they mean that house prices are less. But the fundamentals of getting a loan and being able to repay it are the same: you need to be in good financial standing, and it doesn't sound like you are.

good luck!
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