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Should I go into debt to buy a house at this time in our economy?

April 26, 2010 by  

Dear Bob,

I have a question. Would you go into debt to buy a house at this time in our economy? I’m in a tough spot. We took my father out of a nursing home last October due to neglect. Ever since, we have been traveling between two houses to take care of him, but it is getting to be a real strain on our family members who care for him day in and day out. My husband and I are debt-free, renting a house, and my father is renting the house we grew up in as kids (my brother owns it. It is not paid off).  

If we move to a bigger house with my father, we would be relying on his fixed income (pension and social security) to make the payments plus my husband’s modest salary. Neither house we are in at the time is big enough for all of us.

If the county goes into hyperinflation, I don’t think we would be a able to get to my dad’s, who is 12 minutes (4 miles) from our house. I feel the need to get us under one roof for the rough times that are surely ahead. My dad is 89 with Parkinson’s and I am scared I won’t be able to get diapers and medicine and take care of him if there is a crash. He feels very secure when I am with him.

Will people who just have assumed a mortgage have their house repossessed during a crisis or will too many people be in the same boat? I’ve tried to look this question up online and they basically say to rent right now. Maybe we should just get in a bigger rental verses buying?

We rent on a farm in Illinois and have chicken’s, goats, eggs, and big garden. My dad’s home is in a subdivision. If we move, we would buy a small farm, probably in Kentucky. 

Sincerely,
Jill Novak

Dear Jill,

You are in a tough spot, and I feel for you and your predicament. My first suggestion would be that you explore the possibility of adding on to the house you currently live in so that you can make a room for your father. In addition to giving you more room, if it’s done correctly it will increase the value of the house. If that is not possible, then next I would suggest you seek another house to rent. Since you live on a farm with some livestock and a garden you are in good position should the currency collapse that we are expecting occur. I would hate to see you give that up.

I would also hate to see you take on debt if you can avoid it in any way. Please explore all options before making that decision. Purchasing a home and taking on debt will limit the amount of funds you have at your disposal to prepare for the coming collapse buy buying storage food and gold and silver.

Best wishes,
Bob

Bob Livingston

is an ultra-conservative American who has been writing a newsletter since 1969. Bob has devoted much of his life to research and the quest for truth on a variety of subjects. Bob specializes in health issues such as nutritional supplements and alternatives to drugs, as well as issues of privacy (both personal and financial), asset protection and the preservation of freedom.

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  • John Carstens

    With the high crude oil prices from the Mid-East and the problems in the Gulf of Mexico why is no one addressing The following article?
    John

    OIL (not a joke)

    The U. S. Geological Service issued a report in April (’08) that only scientists and oil men knew was coming, but man was it big. It was a revised report ( hadn’t been updated since ’95) on how much oil was in this area of the western 2/3 of North Dakota ; western South Dakota ; and extreme eastern Montana ….. check THIS out:

    The Bakken is the largest domestic oil discovery since Alaska ‘s Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels.. Even if just 10% of the oil is recoverable… at $107 a barrel, we’re looking at a resource base worth more than $5.3 trillion.

    ‘When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.’ says Terry Johnson, the Montana Legislature’s financial analyst.

    ‘This sizable find is now the highest-producing onshore oil field found in the past 56 years.’ reports, The Pittsburgh Post Gazette. It’s a formation known as the Williston Basin , but is more commonly referred to as the ‘Bakken.’ And it stretches from Northern Montana, through North Dakota and into Canada . For years, U. S. oil exploration has been considered a dead end. Even the ‘Big Oil’ companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken’s massive reserves…. and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!

    That’s enough crude to fully fuel the American economy for2041 years straight.

    2. And if THAT didn’t throw you on the floor, then this next one should – because it’s from TWO YEARS AGO!

    U. S. Oil Discovery- Largest Reserve in the World!
    Stansberry Report Online – 4/20/2006

    Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?

    They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:

    – 8-times as much oil as Saudi Arabia
    – 18-times as much oil as Iraq
    – 21-times as much oil as Kuwait
    – 22-times as much oil as Iran
    – 500-times as much oil as Yemen
    – and it’s all right here in the Western United States .

    HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy…..WHY?

    James Bartis, lead researcher with the study says we’ve got more oil in this very compact area than the entire Middle East – more than 2 TRILLION barrels untapped. That’s more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

    Don’t think ‘OPEC’ will drop its price – even with this find? Think again! It’s all about the competitive marketplace, – it has to. Think OPEC just might be funding the environmentalists?
    Got your attention/ire up yet? Hope so! Now, while you’re thinking about it …. and hopefully P.O’d, do this:

    3. Pass this along. If you don’t take a little time to do this, then you should stifle yourself the next time you want to complain about gas prices .. because by doing NOTHING, you’ve forfeited your right to complain.

    Now I just wonder what would happen in this country if every one of you sent this to every one in your address book.

    By the way…this is all true. Check it out at the link below!!!

    GOOGLE it or follow this link. It will blow your mind.

    http://www.usgs.gov/newsroom/article.asp?ID=1911

  • s c

    You need to talk with an impartial, no-nonsense financial planner. Most likely, you’ll be told that unless you think jumping out of a frying pan and into a fire sounds wise, you’d be better off considering another option.
    For now, you’re probably better off renting. I can’t give you a long list of impartial experts who can advise you, but they are out there.

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