If you lost your job, would you lose your house?

[landrun]

A few years ago I lived in a home that I only had 12 years left on loan.

My wife talked me into selling and buying a bigger home.

The thing is, my old house payments were so low that I could have lost my job and still made the payment. Now, if I were to lose my job, I don't see how I could make the payments.

The new home is really nice. But I sure miss the comfort of knowing that everything would be fine if I were out of work for a while.

I suspect that most people would struggle to make their house payments if they lost their job. But I don't know. So I'm asking the good folks at SO if you lost your job, would you lose your house? :(

[C&CDean]

Your story sounds just like several I've heard from some of my co-workers. Work their *** off for 30-40 years, then all of a sudden, their fat wife wants a new crib. They buy it to keep the peace, then can't retire cause they can't afford it.

Getting a younger/prettier wife is an option during these times. It's cheaper to give the ex half your retirement than it is to keep her in big, fancy cribs.

[Soonerus]

Which house ???

[tcrb]

If my wife or I lost our job, we'd be ok. But if we BOTH lost our jobs, we'd be SOL.

[C&CDean]

Which house ???

Bruce?

[SoonerBorn68]

I was in that situation last year. Luckily we thought ahead, had a few bucks saved up & bought a house that wasn't that expensive. We talked ourselves out of buying a big house in Norman for just that reason.

[IndySooner]

It depends on how long I was out of work. If I'm out of work for more than 9 months, we'd be in some trouble. In my line of work, though, I can't see how that would happen.

I hope I never have to figure that out!

[85sooners]

****

[Turd_Ferguson]

**** BOA! Oblamas gonna make my house payment for me!...

[Soonerus]

Wait, I forgot, I have no job...

[KC//CRIMSON]

Fortunately, no.

[Turd_Ferguson]

Fortunately, no.But, if your momma lost her job, would you lose your house?


:D

[KC//CRIMSON]

But, if your momma lost her job, would you lose your house?


:D

I'll have you know that I own my own home which many people on this board have visited. Mom died years ago, so you can go stick your dick in a hornets nest, mmmkay?


oh, and :D

[Turd_Ferguson]

My mom died many years ago too...can we be friends?

Also, the hornets nest thing isn't gonna work out for me..mmmkay

[KC//CRIMSON]

My mom died many years ago too...can we be friends?

Also, the hornets nest thing isn't gonna work out for me..mmmkay

Oh, I forgot, you have no dick. My bad.

[soonerinkaty]

I'll have you know that I own my own home which many people on this board have visited. Mom died years ago, so you can go stick your dick in a hornets nest, mmmkay?


oh, and :D

Whoa, touchy subject or did I miss something?

[Turd_Ferguson]

Oh, I forgot, you have no dick. My bad.No, it's not that. It's just that when you stick your dick in a hornets nest, they sting it and it swells up where you can't pull it out. Hornets nest and dicks dont mix. mmmkay?

[Soonerus]

More KC// classics...

[Turd_Ferguson]

Whoa, touchy subject or did I miss something?Unless you have never seen KC be his typical dick head self, then no, you haven't missed anything.

[SoCaliSooner]

When we were flipping houses and buying other properties my main strategy was paying down our mortgages. People thought we were stupid for not rolling our profit into bigger homes or buying more ****, but we bought enough **** and our properties are fine for us. We just owe less.

We considered paying off a house or cabin, but I still wanted somewhat of a tax deduction....

[Soonerus]

When we were flipping houses and buying other properties my main strategy was paying down our mortgages. People thought we were stupid for not rolling our profit into bigger homes or buying more ****, but we bought enough **** and our properties are fine for us. We just owe less.

We considered paying off a house or cabin, but I still wanted somewhat of a tax deduction....


Zzzzzzzzzzzzzzzzz...

[soonerinkaty]

Unless you have never seen KC be his typical dick head self, then no, you haven't missed anything.

I need to get out more.

[Turd_Ferguson]

When we were flipping houses and buying other properties my main strategy was paying down our mortgages. People thought we were stupid for not rolling our profit into bigger homes or buying more ****, but we bought enough **** and our properties are fine for us. We just owe less.

We considered paying off a house or cabin, but I still wanted somewhat of a tax deduction....Bruce:confused:

[SoCaliSooner]

I guess my answer would be...No.

I have money. In banks. In harvesting the organs of illegals.

[Turd_Ferguson]

I guess my answer would be...No.

I have money. In banks. In harvesting the organs of illegals.LAS:confused:

[Soonerus]

I guess my answer would be...No.

I have money. In banks. In harvesting the organs of illegals.

ZZZZZZZZZZZZZZZ...

[OUthunder]

Probably not. However, with rates so low I have decided to refinance. What I found out today is that I can take my 30 year mortgage that I'm paying on now, refinance at 15 years for $100 less a month than I pay now. Or...I can refinance at 30 years and save $1000 a month. I was floored when I saw the numbers.

[SunnySooner]

Yet another advantage of military life...job security...peace on earth? ya, right!

[KC//CRIMSON]

I need to get out more.

So does Turd. It's gotta be boring as hell being a lonely middle-aged man on the internet tossing up jabs like a five year old made on his etch-a-sketch.

[Turd_Ferguson]

So does Turd. It's gotta be boring as hell being a lonely middle-aged man on the internet tossing up jabs like a five year old made on his etch-a-sketch.It took me forever to through that **** up on etch-a-sketch...you ain't break'n me, you mak'n me!

[soonerinkaty]

I think he's having a hell of a time giving you **** ;)

[Soonerus]

kC// thrives for sheeat like this...

[landrun]

Probably not. However, with rates so low I have decided to refinance. What I found out today is that I can take my 30 year mortgage that I'm paying on now, refinance at 15 years for $100 less a month than I pay now. Or...I can refinance at 30 years and save $1000 a month. I was floored when I saw the numbers.

WOW. :eek: What's your current interest rate?

[OUthunder]

WOW. :eek: What's your current interest rate?

Bought new in 2008, 6.0%. w/20% down.

[ouflak]

It would seem the answer is no. Had to jobs recently. Was pretty surprised at the demand there is in my field despite the economy. Ofcourse the safety nets they have for you here in the UK give you quite a bit more cushion if you fall.

[Chuck Bao]

Luckily no. My redundancy payout last year was sufficient to completely pay off my mortgage. So I am unemployed and have no income, but I can hang around my condo and I don't owe anyone a damn thing.

[MamaMia]

Nope. We live within our means so we can bail other people out.

[texaspokieokie]

nope, retired.

[Oldnslo]

Lose my job, like, forever? That would have to involve a series of tragedies that I'd rather not think about, since I'm a self-employed lawyer. Anything that would keep me from practicing, say... a head injury, would cause my disability insurance to kick in.

so... I guess not.

[badger]

Our house payments are less than apartment rental payments. We may eventually outgrow our awesome house, but till then, love it, love the low payments.

[sperry]

There are a lot more nice houses in places like Norman, Edmond, Nichols Hills, etc. than there are people who can afford them. Most of those people can barely afford the house their living in with a job, let alone if they lost their jobs. There really aren't that many high paying jobs in OK.

[TheHumanAlphabet]

I bought a house that is way less than I could afford, so I am not house poor. Never believed in the continuous trade up, it is a Realtor's ploy to churn homes and make commissions.

[NormanPride]

Our house payments are less than apartment rental payments. We may eventually outgrow our awesome house, but till then, love it, love the low payments.

Yeah, we'd be good for a few months, but baj's income alone isn't quite enough with living expenses as well. But I could keep us afloat even if I got a McJob.

[pphilfran]

I have no payments, haven't since the mid 90's...

I buy pre owned cars and drive them till their wheels fall off...

Bought homes that cost half of what my loans were approved for...

I keep a 6 month emergency fund...

Saved 25% of my gross each month...

I haven't worked more than 30 hours a week since I was 50...

:D

[TheHumanAlphabet]

I have no payments, haven't since the mid 90's...

I buy pre owned cars and drive them till their wheels fall off...

Bought homes that cost half of what my loans were approved for...

I keep a 6 month emergency fund...

Saved 25% of my gross each month...

I haven't worked more than 30 hours a week since I was 50...

:D

Except for #1 and 6, I'm with you bro...

[stoops the eternal pimp]

No I wouldn't