Yea, I think the guy might have been embellishing a little, or it was a fluke.
It is not normally that simple.
But it true that Obama and company put the entire national treasury in escrow, and now they are looking for ways to spend it. Maybe? Idunno?
On a HELOC it can be. If the first mortgage is in default, the HELOC is worthless. They’ll settle it for anything. Though, I don’t know why the guy would be crowing about his great credit if the first loan was in default.
Yea and talk to the people who took advantage of the bailout
The Feds monitor their bank account and if it gets too high or too low they yank their loan and take their property.
That is what this administration is after - they want ot confiscate private property.
Then their friends like Soros and Buffet, buy up loans that they know people can’t pay but give to them anyway usually a five year with a balloon, the people make payments for five years and then the balloon comes along and they can’t refi - so Soros and Buffet forclose and sell it to another sucker who does the same thing. They also get to take all kinds of expenses for having to forclose etc etc.