My HELOC was just yanked.

[raptorduck]

If I win the debate with my wife on “fixer upper” vs. “turn key” new, we will end up with a fixer upper. My plan for our finalists in that category is a remodel over 5 years. Why, because I will be paying cash for the remodel. The last thing I want to do is put 30% down and then eat away at it in a falling market with a HELOC. We will stage the remodel and use cash for the entire thing.

Mind you, however, I am not above using deferred cash options, such as no interest financing. I did that with the recent remodel of my current home. When the 0% interest term came up for expiration I paid the balance in full and got a 0% interest loan for 12 months paid with cash I put into a CD for that purpose. You pay for current benefit with future money or current money that gets a bit above inflation ROI.

[blackbox]

Thats called a bank/government agency protecting you from yourself.
We certainly don’t want anymore “Gee, if they knew I could not pay it back, why would they lend me the money. Clearly they were setting me up to fail”

Okay, well, consider yourself cutoff!

Got Cash?

geez………….

[blackbox]

Thats called a bank/government agency protecting you from yourself.
We certainly don’t want anymore “Gee, if they knew I could not pay it back, why would they lend me the money. Clearly they were setting me up to fail”

Okay, well, consider yourself cutoff!

Got Cash?

geez………….

[blackbox]

Thats called a bank/government agency protecting you from yourself.
We certainly don’t want anymore “Gee, if they knew I could not pay it back, why would they lend me the money. Clearly they were setting me up to fail”

Okay, well, consider yourself cutoff!

Got Cash?

geez………….

[blackbox]

Thats called a bank/government agency protecting you from yourself.
We certainly don’t want anymore “Gee, if they knew I could not pay it back, why would they lend me the money. Clearly they were setting me up to fail”

Okay, well, consider yourself cutoff!

Got Cash?

geez………….

[blackbox]

Thats called a bank/government agency protecting you from yourself.
We certainly don’t want anymore “Gee, if they knew I could not pay it back, why would they lend me the money. Clearly they were setting me up to fail”

Okay, well, consider yourself cutoff!

Got Cash?

geez………….

[DWCAP]

I just gotta wonder what all this HELOC reduction/freezing is gonna do to housing. How many people had been subsidizing themselves with this kinda money? The economy for all its writedowns and job losses really hasnt been bad. No depression style collapse.
My thought is that alot of the people in the RE related industry have been using this as a safety net. How many people have maxed out the HELOC, borrowed against the 401k, killed whatever little savings they had? All have perfect payment histories and dont show up on any default lists. So they put the house up, but it isnt worth what their loans total too (if it did the HELOC wouldnt be gone) so it sits until they stop putting everything into it OR have nothing left to put into it and lose the house. Maybe a short sale if things are not too bad and they act quickly. Eventually foreclosures keep going up and the calls for a bailout get louder.

The original poster here wanted to use his HELOC to invest in RE. Now that it is gone, he’ll just have to do it like the rest of us poor shlubs. But these people have been using it to subsidize their lifestyle after job loss. We are looking at a recession, with alot more job losses, I just wonder how many of these people are out there.

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022202987.html?ref=patrick.net

BTW, an interesting side note. This couple is using the HELOC to subsidize her lost job. Cept she didnt lose her job, she is now on a contract basis and has only collected 1 paycheck so far this year. Doesnt show up on Unemployment lists, but does the job wrecking her finances just the same.

[DWCAP]

I just gotta wonder what all this HELOC reduction/freezing is gonna do to housing. How many people had been subsidizing themselves with this kinda money? The economy for all its writedowns and job losses really hasnt been bad. No depression style collapse.
My thought is that alot of the people in the RE related industry have been using this as a safety net. How many people have maxed out the HELOC, borrowed against the 401k, killed whatever little savings they had? All have perfect payment histories and dont show up on any default lists. So they put the house up, but it isnt worth what their loans total too (if it did the HELOC wouldnt be gone) so it sits until they stop putting everything into it OR have nothing left to put into it and lose the house. Maybe a short sale if things are not too bad and they act quickly. Eventually foreclosures keep going up and the calls for a bailout get louder.

The original poster here wanted to use his HELOC to invest in RE. Now that it is gone, he’ll just have to do it like the rest of us poor shlubs. But these people have been using it to subsidize their lifestyle after job loss. We are looking at a recession, with alot more job losses, I just wonder how many of these people are out there.

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022202987.html?ref=patrick.net

BTW, an interesting side note. This couple is using the HELOC to subsidize her lost job. Cept she didnt lose her job, she is now on a contract basis and has only collected 1 paycheck so far this year. Doesnt show up on Unemployment lists, but does the job wrecking her finances just the same.

[DWCAP]

I just gotta wonder what all this HELOC reduction/freezing is gonna do to housing. How many people had been subsidizing themselves with this kinda money? The economy for all its writedowns and job losses really hasnt been bad. No depression style collapse.
My thought is that alot of the people in the RE related industry have been using this as a safety net. How many people have maxed out the HELOC, borrowed against the 401k, killed whatever little savings they had? All have perfect payment histories and dont show up on any default lists. So they put the house up, but it isnt worth what their loans total too (if it did the HELOC wouldnt be gone) so it sits until they stop putting everything into it OR have nothing left to put into it and lose the house. Maybe a short sale if things are not too bad and they act quickly. Eventually foreclosures keep going up and the calls for a bailout get louder.

The original poster here wanted to use his HELOC to invest in RE. Now that it is gone, he’ll just have to do it like the rest of us poor shlubs. But these people have been using it to subsidize their lifestyle after job loss. We are looking at a recession, with alot more job losses, I just wonder how many of these people are out there.

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022202987.html?ref=patrick.net

BTW, an interesting side note. This couple is using the HELOC to subsidize her lost job. Cept she didnt lose her job, she is now on a contract basis and has only collected 1 paycheck so far this year. Doesnt show up on Unemployment lists, but does the job wrecking her finances just the same.

[DWCAP]

I just gotta wonder what all this HELOC reduction/freezing is gonna do to housing. How many people had been subsidizing themselves with this kinda money? The economy for all its writedowns and job losses really hasnt been bad. No depression style collapse.
My thought is that alot of the people in the RE related industry have been using this as a safety net. How many people have maxed out the HELOC, borrowed against the 401k, killed whatever little savings they had? All have perfect payment histories and dont show up on any default lists. So they put the house up, but it isnt worth what their loans total too (if it did the HELOC wouldnt be gone) so it sits until they stop putting everything into it OR have nothing left to put into it and lose the house. Maybe a short sale if things are not too bad and they act quickly. Eventually foreclosures keep going up and the calls for a bailout get louder.

The original poster here wanted to use his HELOC to invest in RE. Now that it is gone, he’ll just have to do it like the rest of us poor shlubs. But these people have been using it to subsidize their lifestyle after job loss. We are looking at a recession, with alot more job losses, I just wonder how many of these people are out there.

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022202987.html?ref=patrick.net

BTW, an interesting side note. This couple is using the HELOC to subsidize her lost job. Cept she didnt lose her job, she is now on a contract basis and has only collected 1 paycheck so far this year. Doesnt show up on Unemployment lists, but does the job wrecking her finances just the same.

[DWCAP]

I just gotta wonder what all this HELOC reduction/freezing is gonna do to housing. How many people had been subsidizing themselves with this kinda money? The economy for all its writedowns and job losses really hasnt been bad. No depression style collapse.
My thought is that alot of the people in the RE related industry have been using this as a safety net. How many people have maxed out the HELOC, borrowed against the 401k, killed whatever little savings they had? All have perfect payment histories and dont show up on any default lists. So they put the house up, but it isnt worth what their loans total too (if it did the HELOC wouldnt be gone) so it sits until they stop putting everything into it OR have nothing left to put into it and lose the house. Maybe a short sale if things are not too bad and they act quickly. Eventually foreclosures keep going up and the calls for a bailout get louder.

The original poster here wanted to use his HELOC to invest in RE. Now that it is gone, he’ll just have to do it like the rest of us poor shlubs. But these people have been using it to subsidize their lifestyle after job loss. We are looking at a recession, with alot more job losses, I just wonder how many of these people are out there.

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022202987.html?ref=patrick.net

BTW, an interesting side note. This couple is using the HELOC to subsidize her lost job. Cept she didnt lose her job, she is now on a contract basis and has only collected 1 paycheck so far this year. Doesnt show up on Unemployment lists, but does the job wrecking her finances just the same.

[Wickedheart]

I just gotta wonder what all this HELOC reduction/freezing is gonna do to housing. How many people had been subsidizing themselves with this kinda money?

I guess some folks are just going to have to go back to stealing to support their drug habits.

http://tinyurl.com/2xvg9d

Sales History
01/14/2008: $381,660
10/14/1985: $101,500

I’m guessing the last time it was cleaned was 1985.

[Wickedheart]

I just gotta wonder what all this HELOC reduction/freezing is gonna do to housing. How many people had been subsidizing themselves with this kinda money?

I guess some folks are just going to have to go back to stealing to support their drug habits.

http://tinyurl.com/2xvg9d

Sales History
01/14/2008: $381,660
10/14/1985: $101,500

I’m guessing the last time it was cleaned was 1985.

[Wickedheart]

I just gotta wonder what all this HELOC reduction/freezing is gonna do to housing. How many people had been subsidizing themselves with this kinda money?

I guess some folks are just going to have to go back to stealing to support their drug habits.

http://tinyurl.com/2xvg9d

Sales History
01/14/2008: $381,660
10/14/1985: $101,500

I’m guessing the last time it was cleaned was 1985.

[Wickedheart]

I just gotta wonder what all this HELOC reduction/freezing is gonna do to housing. How many people had been subsidizing themselves with this kinda money?

I guess some folks are just going to have to go back to stealing to support their drug habits.

http://tinyurl.com/2xvg9d

Sales History
01/14/2008: $381,660
10/14/1985: $101,500

I’m guessing the last time it was cleaned was 1985.

[Author]

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