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No, lenders usually won't go above value of home for primary or equity home loans. Usually lenders will allow up to 85% of home equity to be borrowed as a loan or HELOC.
However none of that matters if you've pulled out all you can from the value of house (home equity line of credit), and cannot pay it back, and or having difficulties doing so.
Remember after the major tax overhaul back in 1980's (IIRC) the deduction for credit card interest was eliminated. However under certain circumstances you still can deduct home equity loans or lines of credit.. So people pulled money out of their homes to pay for all sorts of things.
True, if you have no equity in the house, it doesn't make sense to sell it--better to try to stay in the house as long as possible and go through the foreclosure process.
I didn't know that credit card debt used to be tax deductible. Yeah, doesn't seem like a good idea.
True, if you have no equity in the house, it doesn't make sense to sell it--better to try to stay in the house as long as possible and go through the foreclosure process.
I didn't know that credit card debt used to be tax deductible. Yeah, doesn't seem like a good idea.
Ohhh yes, both credit card and auto loan interest once was tax deductible.
True, if you have no equity in the house, it doesn't make sense to sell it--better to try to stay in the house as long as possible and go through the foreclosure process.
I didn't know that credit card debt used to be tax deductible. Yeah, doesn't seem like a good idea.
If you cannot afford the mortgage payments and don't see things changing for the better anytime soon, then selling the house is probably one of the few good alternatives possible. Trick is doing so at a price that covers the outstanding mortgage (what you paid for the house); that is where so many people got into trouble recently.
Obviously when a home's value goes below the mortgage (under water) it is going to be hard to impossible to sell it for enough to pay off that note. If this happens the homeowner can still be on the hook for any remaining balance. As noted previously best option might be a short sale if the lender/lien holder agrees to accept whatever amount that brings in as total payment for all debts owed.
There is never any guarantee that a property will appreciate. But decreasing value coupled with someone that cannot afford to make debt payments is a recipe for financial disaster.
I don't remember that one, but I have noticed flip flops on different issues throughout the years, although this one strikes me as the biggest. I'm quite sure that if he has a newfound interest in the struggling and rent burdened, it's because he's one of them now.
Then that says a lot about how selfish you are, and says a lot about your character flaws.
I'm certainly not rent burdened.
However as someone who is Black and as someone who grew up in a Latino neighborhood, my friends and relatives were locked up en mass.
The gay bars I patronized were shut down.
So while I wasn't personally affected, to see that level of devastation up front was horrible.
All this was done for the benefit of well off white people to feel comfortable.
You go out of your way to avoid the racial angles in all this and you go out of your way to avoid Giuliani and Bloomberg's war on the gay community.
The only person who ever mentions our previous mayors is you. And your continued attempt to link military service with handouts is simply laughable. Maybe a coping mechanism? I don’t know.
I also think Yodel likes to ignore things he or she finds too unpleasant to deal with.
I said I personally didn't like the majority of straight white suburban people in the NYC region because we are too different in terms of tastes, lifestyles, etc and that we had insufficient things in common to get a long. That has been true my entire life, and I've never hung out in or gotten along with the majority of people from NYC's suburbs or SI.
That's not me saying I hate all white people. The ones I've been close to have been Europeans, gay,urban, or even rural. The kind of white person who yaps about living in a good NY suburb and sending their kids to the best k-12 school has always been someone who I never liked. Because that statement means they want to be an exclusive all white (that's what a good neighborhood means) and quite clearly that's a place where I don't belong.
But of course Yodel, who apparently likes to denial reality, has convinced herself/himself I'm upset because I can't pay the rent. Because if I feel the way I do, that means no amount of money can make someone like someone when they don't. And it's true, there is NO amount of money that could get me to live among or like these people. There are somethings money cannot buy.
Then that says a lot about how selfish you are, and says a lot about your character flaws.
I'm certainly not rent burdened.
However as someone who is Black and as someone who grew up in a Latino neighborhood, my friends and relatives were locked up en mass.
The gay bars I patronized were shut down.
So while I wasn't personally affected, to see that level of devastation up front was horrible.
All this was done for the benefit of well off white people to feel comfortable.
You go out of your way to avoid the racial angles in all this and you go out of your way to avoid Giuliani and Bloomberg's war on the gay community.
Your point is just off balance. I'm pretty much as liberal as they come, and I always have been. And I haven't avoided any racial angles but don't need to always talk about my personal situation. But for your knowledge, almost everyone in my family is black or mixed race -- actually everyone except me, and I'm not wealthy, and I live in a largely latino area, and I have close family members who are gay.
If I remember correctly, poor was one of those words that you used to spell in all caps (something like it's not my problem that they're POOR). Later you started doing this with old (as in why should I give them my seat because they're OLD). You've always struck me as libertarian, and they are not a ton of libertarians who believe in rent regulation, and in fact you've seemed pretty unconcerned until now.
My point is that your views on certain issues have changed recently, and if there is anything you have been consistent about, it's that you are not concerned with the problems or welfare of other people, so it seems reasonable to assume that this change is due to self interest.
I also think Yodel likes to ignore things he or she finds too unpleasant to deal with.
I said I personally didn't like the majority of straight white suburban people in the NYC region because we are too different in terms of tastes, lifestyles, etc and that we had insufficient things in common to get a long. That has been true my entire life, and I've never hung out in or gotten along with the majority of people from NYC's suburbs or SI.
That's not me saying I hate all white people. The ones I've been close to have been Europeans, gay,urban, or even rural. The kind of white person who yaps about living in a good NY suburb and sending their kids to the best k-12 school has always been someone who I never liked. Because that statement means they want to be an exclusive all white (that's what a good neighborhood means) and quite clearly that's a place where I don't belong.
But of course Yodel, who apparently likes to denial reality, has convinced herself/himself I'm upset because I can't pay the rent. Because if I feel the way I do, that means no amount of money can make someone like someone when they don't. And it's true, there is NO amount of money that could get me to live among or like these people. There are somethings money cannot buy.
I never helped anyone scam extra benefits, but I certainly directed them to the resources they needed. And they got what they qualified for. I still do that via various community organizations and activists groups that I'm a part of.
Of course, someone who got the government to pay for his college education (GI Bill) is in no position to accuse others of scamming for extra benefits. For life you have access to very generous benefits from the federal government and not to mention your benefits as NYPD (including pension).
And no, it's not about what happened to me personally. The Giuliani/Bloomberg years killed off the gay bars and much of the gay community in NYC, for starters. And I'm an advocate of people being able to do what they want to do, so if someone wants to do drugs, they have every right. All drugs should be legal. I am against mass incarceration. I'd love to see Rikers closed, the number of police officers reduced, etc.
None of this has to do with me personally, it has to do with how I've seen recent developments in the city destroy entire communities.
Lol@scamming for extra benefits. . I'd say that someone who was very ready to die for your right to post here deserves whatever benefits that where available to him.
Last edited by Above Average Bear; 10-11-2017 at 10:09 AM..
Reason: Added first sentence.
The only person who ever mentions our previous mayors is you. And your continued attempt to link military service with handouts is simply laughable. Maybe a coping mechanism? I don’t know.
Not a coping mechanism. I have no problem in pointing out hypocritical statements. You hate the government, but all your life you've lived off taxpayers. You are in no position to claim someone's on handing outs when you are pocketing considerable amounts of government money, and will do so your entire life.
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