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Home » Discuss » Latest Breaking News |
lanlady (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 07:24 AM Original message |
Homeowners losing equity lines |
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WillParkinson (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 07:57 AM Response to Original message |
1. Hrm...we just closed on ours... |
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Tesha (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 12:59 PM Response to Reply #1 |
12. The contract almost certainly said something about "borrowing against existing equity". |
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Gormy Cuss (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 01:51 PM Response to Reply #12 |
14. Yes, and the banks are being prudent to cut off the line when their assessment says it's gone. |
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demnan (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 08:03 AM Response to Original message |
2. I'm asking because I don't know |
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pokercat999 (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 08:22 AM Response to Reply #2 |
3. Used to be that was the case, now they are like credit cards |
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mahatmakanejeeves (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 08:36 AM Response to Reply #2 |
4. home equity loans are used for all sorts of things |
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dysfunctional press (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 09:20 AM Response to Reply #2 |
5. she didn't spend $95,000 on preschool tuition... |
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splat (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 10:56 AM Response to Reply #2 |
6. It's tax-deductible like a mortgage if you use it for home improvement |
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rayofreason (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 11:10 AM Response to Reply #6 |
7. interest on HELOCs is tax deductible period... |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 12:36 PM Response to Reply #7 |
10. Yes, the tax code changed several years ago to allow it |
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AP (1000+ posts) Send PM | Profile | Ignore | Sun Feb-24-08 08:57 AM Response to Reply #2 |
16. ... |
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Xenotime (1000+ posts) Send PM | Profile | Ignore | Sun Feb-24-08 12:40 PM Response to Reply #2 |
19. We used our to take a vacation to Europe |
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hadrons (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 12:09 PM Response to Original message |
8. It looks like she was depending on that line of credit to paid for the preschool tuition .... |
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Xithras (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 12:51 PM Response to Reply #8 |
11. Not really. Lots of people pull loans for education. |
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Xithras (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 12:32 PM Response to Original message |
9. Yep, mine got cut. |
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cap (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 03:17 PM Response to Reply #9 |
15. the law should be changed to abolish HELOC's |
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AP (1000+ posts) Send PM | Profile | Ignore | Sun Feb-24-08 09:06 AM Response to Reply #15 |
18. If credit card debt were deductible again, tax revenue would plummet. |
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AP (1000+ posts) Send PM | Profile | Ignore | Sun Feb-24-08 09:03 AM Response to Reply #9 |
17. Credit card debt isn't secured by anything. Some people would say that you're crazy to take |
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Earth_First (1000+ posts) Send PM | Profile | Ignore | Sat Feb-23-08 01:20 PM Response to Original message |
13. YET ...our property tax assesments continue to rise! |
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Marthe48 (473 posts) Send PM | Profile | Ignore | Sun Feb-24-08 01:06 PM Response to Reply #13 |
20. Our taxes went up also |
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