Posted on 03/25/2010 3:54:54 PM PDT by tobyhill
Our family spent 30 years paying off a home. Cancer, age and changing employment conditions left me trying to find a job I could do from home so I could take care of mom, (dad passed away from cancer, not I).
I decided to do the right thing and keep paying ALL of the bills as our savings and partial home equity were used up paying down credit card bills and other ongoing monthly bills. I slowly had to let go of my business to take care of dad, including driving him and mom everywhere they needed to go, and staying overnight in hospitals whenever either mom or dad ended up there.
Even though our home has no mortgage and 70% of the full value of the home equity untapped, the bank won’t let us access another penny because I am jobless. I have to find a job I can do from home or only a couple of hours at a time because mom can’t be left alone all day.
The irony is the money that gets taken out for the HELOC just goes right back to the banks, MULTIPLE insurance policies, water and power.
The banks would rather I default on my bills even with 350,000 dollars of available home equity so they can jack up all the penalties, fees, and ding our credit rating and eventually short sell the house.
What was the point of taking 30 years to build up a fully bought home if one can’t even use a REASONABLE percentage of HELOC when it is necessary.
I would NEVER expect a bank to give out money they may never see again, and likewise, I can’t understand a bank refusing to tide someone over when even with a default the bank would be in NO DANGER of losing ANY of their HELOC because the home would be sold within a month at a price that would pay back THE CURRENT HELOC TIMES THREE, with 50 grand to spare.
Another example:
Guy takes out a $150k equity line on his primary residence. He uses it to buy a vacation cabin.
The cabin is mortgage free.
Now his company has eliminated the overtime he counted on to afford his payments. He’s past due on both loans, but he spends a lot more time fishing up at the lake.
If we bail him out, DOES HE GET TO KEEP THE LIEN-FREE CABIN? When he sells it, it will be 100% profit.
To: "Obama readies steps to fight foreclosures, particularly for unemployed"
The feds and Obama & Co. are too inept to have a long term plan let alone any plan that works. Exceptions to the Post office and the pentagon kinda sortof...
What the left wants, knows and sees are separate images of reality. When the stars line up and reality is infocus and their plans and aspirations materialize they KNOW they are on the right path.
It's like dogs following the scent of a raccoon. They know what they are looking for and when they find it it's a glorious day.
Liberals/Progressives are genetically predisposed to mass hysteria. That's all.
You and I get the privilege of paying taxes to fund this irresponsibility...don't you feel proud and honored?
Bush didn’t do that for me in 2001 and 2002 when I was unemployed.
Oh wait. I still own that house.
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