We may not have a home, but we are looking good – a Metro Detroit foreclosure story

Metro Detroit Home Buyer advice

I just love it…. but don’t you wonder about the people down the street that lost their home to foreclosure but are still driving their expensive cars.   I see it quite a bit being in the real estate and mortgage business.  I knew a Northville couple that had a Land Rover, Mercedes, and a Cadillac Escalade for 2 people.  But they lost their Northville home to foreclosure.

They are still driving all those nice cars around.  They didn’t even have enough people of driving age to drive them all at one time.  One car always seems to sit in the driveway.   Now they rented a house.  It is still a big house in a nice neighborhood.  The flash is still there.  But don’t let flash destroy your financial future.

I’m not going to judge them but I think to myself wouldn’t it have been smarter to have one less expensive car and have the money go to the house payment.  I hear they are still living the high life style…. country club, eating out all the time..  Even though I hear the husband’s business is doing terrible.

It is hard to swallow your pride sometimes.  But if you are in that position you need to make hard choices between “flash” and your financial future.   I too like many people want others to know I’m successful.  In America many times we are judged by the car we drive, or where we live, or what type of house we live in.  If a Realtor drives up in a sub compact many people don’t want to deal with them because they aren’t “successful”.  Never mind that he sells a lot of homes and helps lots of people, image plays a role in many of our lives.

Sure I do understand that sometimes it is much smarter to walk away from a Metro Detroit home than it is to keep it.  Some people won’t agree with that but…..  some people truly can’t afford the house they are in.  They will never be able to keep it no matter what they do.  So sometimes it is better to cut their losses and move on with life.  The sooner you make the hard financial decisions to move on with your life the better off you are.  But just don’t let the house go and not make changes in your spending habits.  Those need to change too.

But living within our means and being able to pay for a place for our family to live should be one of our most important values.  Paying the house payment should be the most important priority we have next to feeding our families.

But I have had heard of renters having all sorts of pets, and pet medical bills but not being able to pay the rent.  Or I went into one house and they had at least a hundred pairs of shoes and a high priced car in the garage but yet they were 2 months behind on the rent.  They were being evicted.

If you are a Metro Detroit MI first time homebuyer set up a budget.  Figure out what you can afford in a house payment and still be able to live a comfortable life.  Honestly the flash of a big home that you truly can’t afford isn’t what you need.  You don’t want to start over again in five years. Having to start to buy a new home and rebuild your credit after a foreclosure is not way you want to start out.

Buy right the first time and you will be starting out right on the financial path

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My quote of the day:

Reduce your plan to writing. The moment you complete this, you will have definitely given concrete form to the intangible desire.

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