[quote=bearishgurl][quote=flu]BG, I don’t get it. If you think taking a $250k heloc out of your home and then strategically defaulting will move you further ahead, then what’s to stop you right now from doing it?
Seems to me, that the only difference between you and your said neighbors/acquaintances that you seem to envy for doing so, is that they did it in 2007. You can do it in 2012.. What’s the difference if you think it works out better this way?[/quote]
flu, you must be aware that a current appraisal will not support taking $250K out of my home, even if I COULD qualify for it. I may not be able to qualify for a refi, let alone any “cash-out” at all![/quote]
Well let me rephrase this… If you really think you would be better off if you did this, are you at least going to try?
In all seriousness, I don’t think you would. Simply because I believe you probably have some self-respect and find what others can do (even if they could get away with it) disgusting. I mean I hate my neighbor. Because I know that they were one of those people that got liar loans, overbid on a place, then refinanced over and over again and heloc’ed the hell out of their home, and then got a loan mod, and then still knee deep in debt, now with a NOD (well, it wouldn’t be the first time) and behind on property tax payment. And yet the wifey still comes back with gobs of shopping bags each weekend….I look at them, and think it’s pretty pathetic. I don’t envy them at all. I wouldn’t want to be in their shoes.
