Few home buyers stop to think they could lose their home.  But mistakes happen and many are made when the home was purchased.

Here are fool proof ways without meaning to set yourself up to fail at home ownership:

1. Attending No Money Down Seminars

Armed with trade secrets from the 3 hour sales pitch from books, tapes and CDs go forth and make dozens of low ball offers that get rejected until you find a seller who will carry all the financing at 18% interest with a 3 year balloon payment.

2. Wiping Out Savings

Put every dollar you can scrape together into a down payment for your home.  If you are short on funds, tell yourself you will make it up out of next weeks paycheck or make a cash withdraw on a major credit card to make up any difference.

3. Refusing Professional Advice

Whatever you do do not under any circumstances ask a realtor, mortgage consultant, lawyer or accountant for advice.  What you do not know, you can ask Uncle Joe to explain since he owns a home and you do not.

4. Choose Exotic Financing

You know there is no reason to be concerned with terms such as indexes, margins, caps or negative amortization.  Because you have a low interest rate and low monthly payments you feel confident that whatever happens later you can handle.

5. Passing up a Home Inspection

Everyone knows that home inspections are a waste of money and time.  If a home has 4 walls, a roof and somebody is willing to occupy it, you can fix any minor problems that surface later.

Yes, follow one or all of these steps and you have the ability to lose your home!