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Fasfeed
Joined: 06 Feb 2008
Fasfeed's page
Posts: 87
3252 Magic Points
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Subject: Why kill two birds with one stone???
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Sun Feb 10, 2008 5:55 pm
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| My wife and I decided to keep all of our accounts separate but maintain a budget.The house is in my name only. We always figured if we fell in a major downwind and lost the house we could then buy in her name. If we went on loan together then we both lose. Her credit now is great , but by fault of my own i have some blemishes to clean up. Anyone see a downside to doing it this way. |
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Ism
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Mon Feb 11, 2008 1:37 pm
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The only downside I can see is later on you might have problems qualifying for a large enough mortgage if only 1 of you is applying. Other than that, just the mental mindset of preparing to fail seems a tad morbid and negative  |
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Fasfeed
Joined: 06 Feb 2008
Fasfeed's page
Posts: 87
3252 Magic Points
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Tue Feb 12, 2008 12:36 am
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| I never set my mind up for failure, I see it as preparing for the worst. I didn't set my mind to be sitting here airing out all my issues but so are you ,but guess what my wife is not. My income at time of purchase was sufficient enough to buy a beautiful house. Forclosure rate is at an all time high from people trying to buy to much house. not wanting to be in number was probably thinking negative to you to. Did you allow yourself to think a tad morbid to get you here are did the reality of life changing experiences do it , The same as I. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3996
1079 Magic Points
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Tue Feb 12, 2008 2:44 am
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I think you two are brilliant for thinking this way, I have never heard of a couple actually working something so methodically planned out like this, the only thing that I would caution you on is to have good insurances in place for each other so that the loan is paid off just in case the worst should happen. Also do a will.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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Laura
Joined: 21 Jun 2007
Laura's page
Posts: 1400
34731 Magic Points
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Tue Feb 12, 2008 8:29 am
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I think preparing a plan B is a sign of a clever man. Great job here Fasfeed. I think both of you are doing a commendable job.
There are certain drawbacks which I recommend you to Google and find out but otherwise the plan seems okay to me.
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Regards,
Laura. |
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Wed Feb 13, 2008 1:19 am
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| THANK YOU GOODNATURE AND LAURA for the positve feed back . I will take you guys advise to heart. I'm always open to good suggestions. |
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Polly
Joined: 06 Jul 2006
Polly's page
Posts: 62
3035 Magic Points
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Wed Feb 13, 2008 5:27 am
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I am sure they are of good help to you. Saving for the rainy day and preparing for the worst are the same. All the best but always do the required groundwork before you take a leap.
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Here Comes POLLY
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goodnatured
Joined: 03 Nov 2007
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Posts: 3996
1079 Magic Points
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Fri Feb 15, 2008 5:46 pm
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I think that this is awesome that you two work this out like this, good for you for thinking this way.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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