Quote:
Originally Posted by The Yen Man
Are people spread so thin that say a $300 increase in mortgage a month will basically make or break them? If so then they really shouldn't have been approved for the mortgage in the first place. Or cancel your cable. That'll save you probably $100 right there.
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Pretty pathetic isn't it?
Frankly, one couple I know in particular is barely getting by (+/- about 100 bucks each month?), but they followed a slightly different path.
They bought a home that was a little more cash intensive than ideal, but still reasonably affordable. Then they picked up a second car, raising their monthly cash needs even more.
This would have all been livable, but they bought in the "Your home is a piggybank" fantasy, and racked up a (shockingly) large amount of consumer credit over the past few years (Assuming they'd borrow against the house later on.....)
I actually suspect that this is a much more common/frequent chain of events than banks approving people who shouldn't get mortgages in the first place.