You bought a house plopping down the impressive $0 down payment. Your mortgage costs are a stretch but as long as that job you have holds on and your VISA is just this side of the limit all is well.
There is a crisis in the United States. More and more people have lost their homes due to foreclosure. When the magic of no down payment goes away the reality is families can’t afford that lovely huge home they didn’t scrap for.
Foreclosure. It’s a nasty word and yet for some it could be the best thing that ever happened to them.
You live and you learn. After leaving the house of your dreams and moving into a rented property you have to figure out what went wrong. Perhaps this crisis will teach people that credit is the crux of wanting and getting what you can’t afford. It’s a nice start, you have all these shiny new toys that your parents had to wait years for. You are proud of all your things and yet they really aren’t yours. They belong to the BANK. Foreclosure makes a person wake up and smell the power of saving. With saving comes the power of growing up. With growing up comes the power of visualizing a dream. And that dream comes into reach when you have taken the reins into your own hands and applied what your past has taught you about the future.
It may take the government years to figure out that credit is not the answer but you my friend have gotten it by round two.
Sure when you face foreclosure your credit is in the dumpster. Failure though is how success is achieved. The next round in your achievement path will be more realistic. You will know how much you need to have to get your dream. You will understand that a down payment for a home is a good thing. You will know that the most toys isn’t the path to happiness.
In the end you will look back at that foreclosure sign and grin. It may just have been the best gift you ever received.