Q: My wife and I want to purchase a home but won't be able to afford it unless we stop paying rent and pay down debt
My question is, if we miss a couple of months of rent and pay off all of our debt (credit cards, etc) will this effect our home purchasing options? I don't want to not pay rent or not work with them, but this seems like the only way for us to be able to get our credit to a good enough standing.
A: Your idea makes as much sense as shooting yourself in the head! Sorry to be harsh, but that will lower your credit rating and make you a bad risk to a prospective lender. The real estate market is overdue for a crash and when it does crash it is widely believed that it will be at least 6 years before it bottoms out. The reality here is that you cannot afford a house and this is the worst possible time to try to buy one. You do what you are saying and you will be evicted.
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