Posted by rengel/CA on 10/16/13 12:28pm
Msg #488335

Will they never learn?

I've been hearing commercials on the radio the last couple of weeks about how home prices are rising again and now is the time to tap into the equity.

And now this little tidbit:

http://realestate.msn.com/how-to-use-your-home-equity

Don't they realize that this is what got them into trouble before??? SMH

My .02

Reply by CJ on 10/16/13 1:12pm
Msg #488343

Good for us. Stupid for anyone who does this. My .02.

Reply by MW/VA on 10/16/13 2:37pm
Msg #488348

That's because the banks are pushing HELOC's again.

Equity--what equity??? Many Americans are under-water or sitting with no equity. I know mine disappeared with the drop in values.

Reply by Notarysigner on 10/16/13 3:53pm
Msg #488359

Re: That's because the banks are pushing HELOC's again.

WOW! Mine has doubled almost back to 2008 high. Speculators have bought up most of the foreclosed properties in my city and renting the homes out at very high rents. Very few homes have for sale signs on them, you just turn the corner one day and there's a new family moving in. Kinda scary.

Reply by TeriW/CA on 10/17/13 7:15am
Msg #488396

Actually, the did learn. If you want to take out equity, they require you still have 20% equity left after you take the money.

Also, the loan brokers were not making borrowers validate income and if they had the means to repay the loans. They are also requiring a full appraisal, which they didn't use to do.

Those commercials are for people just trying to make a living like the rest of us, but with (thankfully) way more constrictions than they used to have