SoOCOwner_IHB
New member
I happened to catch this last night on So Cal Connected. It's about middle class people who ended up homeless.
<a href="http://kcet.org/socal/2009/11/hidden-homeless-mortgage-scams-steve-lopez.html#">Hidden Homeless</a>
The first couple's problems were a typical case of overspending. They moved up to a bigger house they couldn't afford then began pulling money out. At one point he said something that was very honest and I have always known and espoused whenever I'm asked advice. He said that they were never realistic about their situation in life and led more of a "wishful thinking" lifestyle - hoping that things would always work out. He made this realization too late, but at least he finally "got it". Fortunately, his epiphany was something I've known all my life. You have to be realist about your education level, future earning capabilities, lifestyle, etc. before you plunk down big bucks to buy a home that you may not always be able to afford. Do you want to be in your 60's and still paying down a mortgage? What if you purchase a home dependent on two incomes and then your spouse decides to stay home with the kids? What if your high-paying job goes away? So many people do not ask themselves these questions. Humility is not a bad thing.
BTW, I had trouble with this video in IE. Had to use FireFox.
<a href="http://kcet.org/socal/2009/11/hidden-homeless-mortgage-scams-steve-lopez.html#">Hidden Homeless</a>
The first couple's problems were a typical case of overspending. They moved up to a bigger house they couldn't afford then began pulling money out. At one point he said something that was very honest and I have always known and espoused whenever I'm asked advice. He said that they were never realistic about their situation in life and led more of a "wishful thinking" lifestyle - hoping that things would always work out. He made this realization too late, but at least he finally "got it". Fortunately, his epiphany was something I've known all my life. You have to be realist about your education level, future earning capabilities, lifestyle, etc. before you plunk down big bucks to buy a home that you may not always be able to afford. Do you want to be in your 60's and still paying down a mortgage? What if you purchase a home dependent on two incomes and then your spouse decides to stay home with the kids? What if your high-paying job goes away? So many people do not ask themselves these questions. Humility is not a bad thing.
BTW, I had trouble with this video in IE. Had to use FireFox.