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Old 10-05-2018, 08:51 PM
 
Location: Las Vegas
3,631 posts, read 7,673,031 times
Reputation: 4373

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Just wondering if people are going back to pulling seconds on their homes en mass for impulse purchases now that homes are actually worth something again?

Asking because lenders seem to be back to cold calling potential targets unless only a select few ended up on a list somehow.
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Old 10-06-2018, 06:26 AM
 
1,326 posts, read 2,582,600 times
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I got a new twist on this in the mail the other day. The company wanted to give me a loan of 45,000 and the hook was that there were no payments to be made--the payment would come due when I sold the home. Sorry not going to bite!
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Old 10-06-2018, 07:50 AM
 
7,275 posts, read 5,286,513 times
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So are people returning to being reckless regarding their home equity again?

Just because. Doesn't matter what the dream is - the house is the easiest bank to get you closer to that dream....after you've already lived the dream of having a house.
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Old 10-06-2018, 09:03 AM
 
Location: Planet Earth Milky Way
1,424 posts, read 1,283,652 times
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And then you have the nightmare of losing it.
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Old 10-06-2018, 11:44 AM
 
755 posts, read 399,946 times
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Reckless? I took one for 50k interest free for 12 months, and am using the money to finance my new keno system. Reckless?
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Old 10-07-2018, 11:26 AM
 
Location: Las Vegas
561 posts, read 681,685 times
Reputation: 617
Quote:
Originally Posted by SoHoVe View Post
Just wondering if people are going back to pulling seconds on their homes en mass for impulse purchases now that homes are actually worth something again?

Asking because lenders seem to be back to cold calling potential targets unless only a select few ended up on a list somehow.
Probably less likely given that the home equity interest is no longer deductible unless it's used to actually improve the house.
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Old 10-07-2018, 01:18 PM
 
Location: Paradise
3,663 posts, read 5,676,018 times
Reputation: 4865
Quote:
Originally Posted by johninvegas View Post
I got a new twist on this in the mail the other day. The company wanted to give me a loan of 45,000 and the hook was that there were no payments to be made--the payment would come due when I sold the home. Sorry not going to bite!
Meanwhile, the interest compounds.

Quote:
Originally Posted by LVAllen View Post
Probably less likely given that the home equity interest is no longer deductible unless it's used to actually improve the house.
I did not know that.
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Old 10-07-2018, 01:32 PM
 
10,114 posts, read 19,409,201 times
Reputation: 17444
Quote:
Originally Posted by johninvegas View Post
I got a new twist on this in the mail the other day. The company wanted to give me a loan of 45,000 and the hook was that there were no payments to be made--the payment would come due when I sold the home. Sorry not going to bite!
You'd be surprised how many do "bite" on such offers
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Old 10-07-2018, 05:53 PM
 
3,109 posts, read 2,973,235 times
Reputation: 2959
I remember getting the calls from the Loan Mod Conmen, on a daily basis. Thing was, I owned free and clear. One time, I played along, and asked how much...3795 up front..I said 37.95?
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Old 10-07-2018, 07:49 PM
 
15,856 posts, read 14,483,585 times
Reputation: 11948
The question is more whether banks are getting reckless in giving HELOCs. If banks stick to there underwriting guns, any problems should be limited.
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