Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: TheStockFairy who wrote (153296)	3/6/2002 7:37:42 PM
From: SpongeBrain	Read Replies (3) of 436258

More reasons why house prices can lag by YEARS and YEARS Before a house is sold "cheap", from financial ruin, you mentioned below a few things that must happen. Here are a few more I can think of: * Borrow from parents, relatives, friends till you get "back on your feet" * Liquidate IRA, 401k * Liquidate all investments * Sell 2nd car, vacation home, Rolex, etc * Rent out part of home to someone else * Declare ch 13 bankrupcy (new payment plan) Bottom line, people's first dollar goes to food. Their 2nd dollar goes to the mortgage. There are many other sectors in this society that will implode long before housing does. Have fun waiting. You are fighting the tape. Events before people go broke: 1) Overleverage or buy a house using 50% of last years post tax paycheck 2) Lose job or bonus from last year 3) Take out all the equity in the house 4) Max out all credit cards 5) Get more credit cards, max them out 6) I'm getting $25k loan offers from Sallie Mae in the mail. Personally, if I were going broke, I'd get one of them 7) Tell your banker you can't pay for the house and ask for an extension (have interest keep building 8) Foreclose on house, declare BK

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