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Reply to "Is it completely hopeless? Want to buy home, no down payment."
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[quote=Anonymous][quote=Anonymous]You couldn't afford your first house...now you want to buy another one with no down payment. Are you serious? deed-in-lieu[/quote] Oh, we could afford the mortgage payments just fine. The problem was that it was a 700 square foot house and we had two babies faster than expected. That may have been fine for a while, but it became apparent that it would not work in the medium to long term, and we were way just too underwater IN SPITE OF putting 20% down. DH actually considered paying down another 30K to be able to sell it. We got no offers. New construction, and the taxes turned out to be incredible - 6 grand for 1 bedroom, 700 square feet (This was in Metro Chicago, 2007) This made renting it out impossible without a large subsidy. I'm grateful we were able to get out via deed in lieu.[/quote]
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