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I think it also needs to take into acct how much someone makes.
Having 50k in negative equity in a house is not bad if you make 150k a year. But its worse if you make 50k a year...
My debt would be pretty bad for a lot of people, yet my total monthly bills are only 30% of my take home pay, and my total debt (mortgage, truck, student loans) are about equivalent to what I make in a year...
You can date him. Don't marry him. Because after that it's shared negative equity and goes on your credit situation too. Law of the land, mom!
This might sound cynical, but it's sound reasoning. If the relationship is on the level of cohabitation (even if implicitly permanent) with a strictly-delineated understanding that finances are to be kept separate, then it would take evidence of extreme profligacy or uncontrollable debt before the relationship is irreparably compromised. For marriage, however, the criteria would be much more stringent, since most governments regard for marital purposes the two partners to be one financial entity.
I'd like to know other people's opinion on something and if they had personal experiences on this.
Was any of you bothered with knowing that the guy you're dating has huge debt to pay on the house that he (or she) lives in and will be paying it of for a long time? I'm saying this because it most probably means that he actually has nothing other than a huge debt, or having a house with so-called "negative equity".
How much would this affect your opinion about this person as your potential spouse or their seriousness/standing in life? Let's just say you know this person for two weeks and this person has no parents around to live with them either - meaning that they could be homeless if something goes wrong in the long years of paying off their mortgage.
I'm sorry, I've checked other forums and even this sub-forum and couldn't find a topic that deals with this.
I worry more about what kind of tv shows/movies my date likes.
I don't care about their financial issues.
If the person is able to keep making the payments, how is that a bad thing?
That shouldn't be a deal breaker if a person is paying for his own home lol.
Right.
I'd be way more concerned if the guy was some wannabee real estate guru and got burned on homes he couldn't flip and he's got one last one he hasn't gotten foreclosed on yet.
Maybe I just don't folks obsession with this mortgage mess they got into a few years back. Buy a house to make a home in. Not to flip. So what if he's upside down? I'd be more concerned about being OCD about trying to flip it.
I'd be way more concerned if the guy was some wannabee real estate guru and got burned on homes he couldn't flip and he's got one last one he hasn't gotten foreclosed on yet.
Maybe I just don't folks obsession with this mortgage mess they got into a few years back. Buy a house to make a home in. Not to flip. So what if he's upside down? I'd be more concerned about being OCD about trying to flip it.
I agree. If you buy with the intentions of it being a home or even a long term investment you can still come out ahead even if you are upside down right now. I bought right before the crash and my home value went down but prices are going back up, in the meantime I have made improvements and even refinanced to lower payments and fewer years.
Affordable mortgage debt would not be a red flag to me. Even if the property now had negative equity. That happened to a lot of people, particularly in certain regions, through the past recession.
Now, patterns of taking on unaffordable debt is a problem for me. However, that is usually revealed more in credit cards and similar debt, and not through the mortgage of a primary residence.
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