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08-05-2008, 05:15 PM
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Senior Member
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Join Date: Feb 2008
Location: Charlotte, NC
1,495 posts, read 774,623 times
Reputation: 627
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Ugh I can't believe people did this. Getting free cars, boats, vacations, etc. I remember watching HGTV and this family wanted to know how much their house was worth, so they could pull the equity out to go on vacation. Their house ended up not appraising for very much so they couldn't go on vacation. I couldnt believe that people did this!!! It's like how about trying to actually save up some money in a bank account and THEN go on vacation!!!
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08-05-2008, 05:26 PM
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Senior Member
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Join Date: May 2008
315 posts, read 75,225 times
Reputation: 54
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So many families did this in California during the last 5 years. What I called serial cash out refinancers. To me it was always obvious who was 'living off the equity' The facts spoke for themselves: 600k home, new escalade, plasmas for the kids, Disney cruises, all on a 55k yearly budget from daddy as a construction worker? Yeah right! LOL!!!
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08-05-2008, 06:24 PM
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Senior Member
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Join Date: Jul 2007
Location: Marietta, GA
4,008 posts, read 2,138,685 times
Reputation: 1240
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Quote:
Originally Posted by Mike Peterson
My home equity was high and I used it all.
Got a new boat, another car, took a cruise.
It just felt so right.
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That's your business. Just please don't be one of these folks who is now whining and lobbying the government to bail them out of their negative equity or bad loan. Then it becomes our business. |
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08-05-2008, 07:35 PM
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Senior Member
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Join Date: Feb 2008
318 posts, read 190,153 times
Reputation: 231
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Quote:
Originally Posted by neil0311
That's your business. Just please don't be one of these folks who is now whining and lobbying the government to bail them out of their negative equity or bad loan. Then it becomes our business.
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Absolutely - you hit the nail perfectly!!! |
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08-05-2008, 07:45 PM
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Senior Member
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Join Date: Feb 2008
Location: Charlotte, NC
1,495 posts, read 774,623 times
Reputation: 627
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I believe he was being sarcastic.  |
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08-05-2008, 10:34 PM
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Senior Member
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Join Date: Jan 2007
Location: San Diego CA
221 posts, read 239,093 times
Reputation: 68
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Such a weird deal for us, we sold a home in 2004, and had 156K in hand...
So we "moved up" bought the cheapest Divorce Sale and another home in AZ....
We are fine financially, current on both underwater homes, and learning from this...never again!!!
Also nice to be Dinks and to have stable jobs...but still a lesson well learned forever!!!  |
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