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rates are up on arms? Were they crazy low teaser rates that no one bothered to read fine print? Mtg crisis is turning out to be a administrative snafu.
ENY, here’s what I mean by lesser exposure/risk. the credit report will be ding’d just the same as if walking away in normal times. but here’s the difference. if one can manage to talk to the loan officer on a future transaction (car loan, home loan,…), you have the ability to try to schmooze that person and have some probable odds to sway them to believe it was due to terrible econ and that your recent credit history has been strong,… without this terrible econ excuse, no F’ing shot of schmoozing success
oh whatever. another part of being a grown up is knowing what one can and cannot handle. the hassles of home ownership are beyond my capacity. i think it’s pretty grown up to be up front with myself about that.
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I happen to agree, Rob. I meant it’s grownup to give an honest effort to deal with “headaches” like homeownership as long as you CHOOSE to do so.
It would be silly to believe everyone should, is appropriate to, or even wants to own a home.
BF as with any asset you have to know when to get in and out. However for me I wouldn’t move on putting all my eggs in one basket. They say asset allocation is the most important part of investing, and I’d agree.
Also, I saw the last major real estate debacle in NYC, 73/74, altho I was too young at the time to fully understand what it was going on. Whole office buildings stood empty.
rates are up on arms? Were they crazy low teaser rates that no one bothered to read fine print? Mtg crisis is turning out to be a administrative snafu.
ENY, here’s what I mean by lesser exposure/risk. the credit report will be ding’d just the same as if walking away in normal times. but here’s the difference. if one can manage to talk to the loan officer on a future transaction (car loan, home loan,…), you have the ability to try to schmooze that person and have some probable odds to sway them to believe it was due to terrible econ and that your recent credit history has been strong,… without this terrible econ excuse, no F’ing shot of schmoozing success
I too agree with rob & ENY.
BH went over and shook Jimmy McMillan’s hand today.
See, then I think banks are to blame for jacking up rates on ARMS. people should walk away. good for them.
By Butterfly on October 22, 2010 4:48 PM
quote:
It’s called being a grownup.
oh whatever. another part of being a grown up is knowing what one can and cannot handle. the hassles of home ownership are beyond my capacity. i think it’s pretty grown up to be up front with myself about that.
**
I happen to agree, Rob. I meant it’s grownup to give an honest effort to deal with “headaches” like homeownership as long as you CHOOSE to do so.
It would be silly to believe everyone should, is appropriate to, or even wants to own a home.
BF as with any asset you have to know when to get in and out. However for me I wouldn’t move on putting all my eggs in one basket. They say asset allocation is the most important part of investing, and I’d agree.
Also, I saw the last major real estate debacle in NYC, 73/74, altho I was too young at the time to fully understand what it was going on. Whole office buildings stood empty.
Agree rob@4:48 is perfect. Spot on. Knowing what you can handle and what you can’t is what it is all about.
rob @4:48, perfect!