I was sent this video on YouTube that takes a piece from a film about Hitler and puts English captions about the housing market bust in place of the real dialogue. It’s pretty funny, as long as you aren’t the one in the same situation as Hitler in this clip.
While the topic of foreclosure and short sales is never really funny, because it does impact a lot of people right now, this is a lighthearted reminder of what can happen when people throw away a conservative view of how money should be handled. I’m helping many people right now in trying to get out of this kind of situation – people who didn’t use me and my partner to get into the problems they’re now in. One common thread I’ve seen among many of these folks is that no controls for spending were put in place once they realized they were going to be in default. Many put their head in the sand and acted as though it could be easily fixed and then found out differently.
So, if you are buying today, please take a hard look at the type of loan that you’ll be signing on for and consider saving a little longer for a decent down payment. FHA is working hard to fill the gap for those that want homeownership but who haven’t yet saved larger than 3 – 3.5% for a down payment, but it’s sometimes better to save or see if a family member might be open to an early “gift” of funds for help in making a stronger equity position going in. Once in the house, don’t look at every blank wall as an open invitation to go shopping for “stuff.” There is plenty of stuff out there and chances are that you may not quite need it anyway. I can speak from the experience of helping sellers get all their clutter out of their homes that we Americans have entirely too much stuff to start out with anyway.
Enough soap box! Enjoy the clip…
