My thoughts exactly, which is why I want to make sure I understand how this new bill would work.
With respect to buying things using the HELOC, I called my lender and asked them about that and was told it’s a nonrecourse loan tied to the house. Of course the people speak to are wrong all the time. Before I do anything I’ll speak with a Real Estate attorney, but the main point of my post was to illustrate how bailing people out is basically wrong because no matter what program they come up with it will be “unfair” to others and in some cases provide an incentive to default.
