My friend Fred has been raising his twins in an older, 1,200-square- foot house. The house is too small, he says, and they feel on top of one another all the time. They tried to sell, but there wasn't any interest. So he and his wife have learned to love what they can about the house, including the neighbors, with whom they've grown quite close. And the house is affordable.
Sometimes our brains need a little tweaking. Investments such as real estate do not always rise in value. It is difficult to find, fix and flip a house and clear $60,000 in a few months, no matter what you see on television infomercials.
If you turn over your property to your lender, it will have a severely negative impact on your credit history and score. If you are foreclosed upon, it may take years before any lender is willing to grant you a mortgage to buy another home.
