Quote:
Originally Posted by AGDee
The latest phenomenon around here. Chrysler white collar workers took their buy out plans which included (on average) $75K and a $25K voucher toward a Chrysler car (because most had company cars). Their plan?
1) Take the buyout
2) Buy a house that's under foreclosure for $40 or $50K
3) Get a car that costs less than $25K thereby eliminating car payment or need for a car loan for a while
4) Move into the house you paid cash for and let your original house go into foreclosure.
5) Become Mr. Mom or a SAHM since you have no mortgage and no car payment for one car, you can now afford to do so.
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Isn't the "foreclosure" portion of this plan a total disaster if you have other assets?