- This topic has 25 replies, 5 voices, and was last updated 15 years, 1 month ago by
Arty.
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AuthorPosts
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January 31, 2008 at 4:36 PM #11682
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January 31, 2008 at 8:33 PM #146387
EconProf
ParticipantBobS
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January 31, 2008 at 8:38 PM #146392
EconProf
ParticipantBobS
Interesting development.
What should those of us do who were planning to tap into our HELOCs…take the money out in advance? Assuming the bank would be less likely or less able to reduce the HELOC once the money was borrowed, perhaps we should preempt them…stick the money into t-bills or something while waiting.
I have a big chunk of unused HELOC I was hoping to borrow once the market bottomed. Anyone else in this situation?-
January 31, 2008 at 11:07 PM #146437
Eugene
ParticipantCheck your HELOC documents. IIRC the bank may require you to pay off the HELOC if your equity falls below certain level.
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February 6, 2008 at 8:29 PM #149030
temeculaguy
ParticipantI was suprised to see this thread fall with so few comments, maybe it was covered on a different thread and my being away for a few days caused me to miss it. This is actually a pretty significant event for the local economy, this is a credit crunch where the tires meet the pavement.
http://www.nctimes.com/articles/2008/02/02/business/news/19_29_392_1_08.txt
In this article they highlight a local realtor who was using his house as a “payday advance.” While I think a realtor shouldn’t anticipate that the next payday will come at all and the lender is smart to cut off his supply, there are a lot of people in industries who have income that does come in chunks that will be affected. There are also a lot of industries that will see sales drying up as a result of the lack of helocs. The credit crunch was primarily contained to wall street and between financial institutions until now.
Check out the blogger comments at the bottom, it looks like the piggington way of thinking has spread to mainstream crazies and not just confined to us finance and R/E crazies.
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February 6, 2008 at 8:42 PM #149041
Arty
ParticipantWow, does people really think HELOC is the safety net? In theory, your safety net should be your saving or go buy an insurance please :).
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February 6, 2008 at 8:42 PM #149298
Arty
ParticipantWow, does people really think HELOC is the safety net? In theory, your safety net should be your saving or go buy an insurance please :).
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February 6, 2008 at 8:42 PM #149311
Arty
ParticipantWow, does people really think HELOC is the safety net? In theory, your safety net should be your saving or go buy an insurance please :).
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February 6, 2008 at 8:42 PM #149328
Arty
ParticipantWow, does people really think HELOC is the safety net? In theory, your safety net should be your saving or go buy an insurance please :).
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February 6, 2008 at 8:42 PM #149399
Arty
ParticipantWow, does people really think HELOC is the safety net? In theory, your safety net should be your saving or go buy an insurance please :).
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February 6, 2008 at 8:29 PM #149287
temeculaguy
ParticipantI was suprised to see this thread fall with so few comments, maybe it was covered on a different thread and my being away for a few days caused me to miss it. This is actually a pretty significant event for the local economy, this is a credit crunch where the tires meet the pavement.
http://www.nctimes.com/articles/2008/02/02/business/news/19_29_392_1_08.txt
In this article they highlight a local realtor who was using his house as a “payday advance.” While I think a realtor shouldn’t anticipate that the next payday will come at all and the lender is smart to cut off his supply, there are a lot of people in industries who have income that does come in chunks that will be affected. There are also a lot of industries that will see sales drying up as a result of the lack of helocs. The credit crunch was primarily contained to wall street and between financial institutions until now.
Check out the blogger comments at the bottom, it looks like the piggington way of thinking has spread to mainstream crazies and not just confined to us finance and R/E crazies.
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February 6, 2008 at 8:29 PM #149301
temeculaguy
ParticipantI was suprised to see this thread fall with so few comments, maybe it was covered on a different thread and my being away for a few days caused me to miss it. This is actually a pretty significant event for the local economy, this is a credit crunch where the tires meet the pavement.
http://www.nctimes.com/articles/2008/02/02/business/news/19_29_392_1_08.txt
In this article they highlight a local realtor who was using his house as a “payday advance.” While I think a realtor shouldn’t anticipate that the next payday will come at all and the lender is smart to cut off his supply, there are a lot of people in industries who have income that does come in chunks that will be affected. There are also a lot of industries that will see sales drying up as a result of the lack of helocs. The credit crunch was primarily contained to wall street and between financial institutions until now.
Check out the blogger comments at the bottom, it looks like the piggington way of thinking has spread to mainstream crazies and not just confined to us finance and R/E crazies.
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February 6, 2008 at 8:29 PM #149318
temeculaguy
ParticipantI was suprised to see this thread fall with so few comments, maybe it was covered on a different thread and my being away for a few days caused me to miss it. This is actually a pretty significant event for the local economy, this is a credit crunch where the tires meet the pavement.
http://www.nctimes.com/articles/2008/02/02/business/news/19_29_392_1_08.txt
In this article they highlight a local realtor who was using his house as a “payday advance.” While I think a realtor shouldn’t anticipate that the next payday will come at all and the lender is smart to cut off his supply, there are a lot of people in industries who have income that does come in chunks that will be affected. There are also a lot of industries that will see sales drying up as a result of the lack of helocs. The credit crunch was primarily contained to wall street and between financial institutions until now.
Check out the blogger comments at the bottom, it looks like the piggington way of thinking has spread to mainstream crazies and not just confined to us finance and R/E crazies.
-
February 6, 2008 at 8:29 PM #149389
temeculaguy
ParticipantI was suprised to see this thread fall with so few comments, maybe it was covered on a different thread and my being away for a few days caused me to miss it. This is actually a pretty significant event for the local economy, this is a credit crunch where the tires meet the pavement.
http://www.nctimes.com/articles/2008/02/02/business/news/19_29_392_1_08.txt
In this article they highlight a local realtor who was using his house as a “payday advance.” While I think a realtor shouldn’t anticipate that the next payday will come at all and the lender is smart to cut off his supply, there are a lot of people in industries who have income that does come in chunks that will be affected. There are also a lot of industries that will see sales drying up as a result of the lack of helocs. The credit crunch was primarily contained to wall street and between financial institutions until now.
Check out the blogger comments at the bottom, it looks like the piggington way of thinking has spread to mainstream crazies and not just confined to us finance and R/E crazies.
-
January 31, 2008 at 11:07 PM #146681
Eugene
ParticipantCheck your HELOC documents. IIRC the bank may require you to pay off the HELOC if your equity falls below certain level.
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January 31, 2008 at 11:07 PM #146708
Eugene
ParticipantCheck your HELOC documents. IIRC the bank may require you to pay off the HELOC if your equity falls below certain level.
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January 31, 2008 at 11:07 PM #146720
Eugene
ParticipantCheck your HELOC documents. IIRC the bank may require you to pay off the HELOC if your equity falls below certain level.
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January 31, 2008 at 11:07 PM #146780
Eugene
ParticipantCheck your HELOC documents. IIRC the bank may require you to pay off the HELOC if your equity falls below certain level.
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January 31, 2008 at 8:38 PM #146636
EconProf
ParticipantBobS
Interesting development.
What should those of us do who were planning to tap into our HELOCs…take the money out in advance? Assuming the bank would be less likely or less able to reduce the HELOC once the money was borrowed, perhaps we should preempt them…stick the money into t-bills or something while waiting.
I have a big chunk of unused HELOC I was hoping to borrow once the market bottomed. Anyone else in this situation? -
January 31, 2008 at 8:38 PM #146663
EconProf
ParticipantBobS
Interesting development.
What should those of us do who were planning to tap into our HELOCs…take the money out in advance? Assuming the bank would be less likely or less able to reduce the HELOC once the money was borrowed, perhaps we should preempt them…stick the money into t-bills or something while waiting.
I have a big chunk of unused HELOC I was hoping to borrow once the market bottomed. Anyone else in this situation? -
January 31, 2008 at 8:38 PM #146675
EconProf
ParticipantBobS
Interesting development.
What should those of us do who were planning to tap into our HELOCs…take the money out in advance? Assuming the bank would be less likely or less able to reduce the HELOC once the money was borrowed, perhaps we should preempt them…stick the money into t-bills or something while waiting.
I have a big chunk of unused HELOC I was hoping to borrow once the market bottomed. Anyone else in this situation? -
January 31, 2008 at 8:38 PM #146734
EconProf
ParticipantBobS
Interesting development.
What should those of us do who were planning to tap into our HELOCs…take the money out in advance? Assuming the bank would be less likely or less able to reduce the HELOC once the money was borrowed, perhaps we should preempt them…stick the money into t-bills or something while waiting.
I have a big chunk of unused HELOC I was hoping to borrow once the market bottomed. Anyone else in this situation?
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January 31, 2008 at 8:33 PM #146631
EconProf
ParticipantBobS
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January 31, 2008 at 8:33 PM #146658
EconProf
ParticipantBobS
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January 31, 2008 at 8:33 PM #146670
EconProf
ParticipantBobS
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January 31, 2008 at 8:33 PM #146729
EconProf
ParticipantBobS
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