Doesn’t seem likely unless he was renting. Even if you miss one mortgage payment, your bank can’t take your house that fast. If he was renting, he might have been threatened with eviction and chose to leave.
Doesn’t seem likely unless he was renting. Even if you miss one mortgage payment, your bank can’t take your house that fast.
If it was posted for sale it likely wasn’t a foreclosure that fast. Perhaps the owner did the math and saw very quickly that they wouldn’t be able to keep up with the mortgage, or no longer had any reason to live in that city because they were there only for the job. With the job gone, the need of the house in that city goes with it. I’m just speculating.
If their whole financial system is built on getting the next paycheck or else, this is quite to be expected. He might even be smart (for a magahead) putting it on the market as early as possible instead of clinging to it.
Man, that’s tragic. I was poor most of my early life, and when I finally started to make enough money to be comfortable, I knew that the thing I couldn’t do was fall into the lifestyle trap. Living well below my means saved me so much hardship when things weren’t going well. I know that many don’t ever get to the point of comfortable, though, and there’s a bit of luck and effort, to that.
Oh for sure. I had one good run with a company that went public. I leveraged that into long term investments rather than buying expensive stuff I didn’t need.
And on top of that for most government workers their paychecks have been remarkably stable. Assuming you’ll always be employed plus easy credit and bad financial habits are a bad combination
It’s kind of scary that 3 weeks is all it took for them to list their home.
Doesn’t seem likely unless he was renting. Even if you miss one mortgage payment, your bank can’t take your house that fast. If he was renting, he might have been threatened with eviction and chose to leave.
If it was posted for sale it likely wasn’t a foreclosure that fast. Perhaps the owner did the math and saw very quickly that they wouldn’t be able to keep up with the mortgage, or no longer had any reason to live in that city because they were there only for the job. With the job gone, the need of the house in that city goes with it. I’m just speculating.
Well if he was renting, his house being up for sale wouldn’t really matter.
Bet he also had a $100k truck parked in front of that home. Bought with a loan with 12% interest
12% is pretty insane for an asset that depreciates as fast as a vehicle does.
If their whole financial system is built on getting the next paycheck or else, this is quite to be expected. He might even be smart (for a magahead) putting it on the market as early as possible instead of clinging to it.
The neighbor is part of the (in 2019) 51%.
“Most Working Americans Would Face Economic Hardship If They Missed More than One Paycheck”
source
Man, that’s tragic. I was poor most of my early life, and when I finally started to make enough money to be comfortable, I knew that the thing I couldn’t do was fall into the lifestyle trap. Living well below my means saved me so much hardship when things weren’t going well. I know that many don’t ever get to the point of comfortable, though, and there’s a bit of luck and effort, to that.
I wish we could do that. Renting and buying houses today makes it incredibly difficult to live very far below your means.
Oh for sure. I had one good run with a company that went public. I leveraged that into long term investments rather than buying expensive stuff I didn’t need.
And on top of that for most government workers their paychecks have been remarkably stable. Assuming you’ll always be employed plus easy credit and bad financial habits are a bad combination